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Apple Announces New Investments in U.S.

On Wednesday, Apple, Inc. announced that they will contribute over $350 billion to the U.S. economy and create 20,000 new jobs over the next five years. According to their press release, some of the new investments are related to the GOP tax reform legislation, which was passed by Congress in December and signed by President Donald Trump just before Christmas.

Apple CEO Tim Cook, left, and President Trump, right

Apple, Inc.'s new investments will commence immediately, and they estimate that there will be $55 billion in new spending in 2018 alone.

According to Apple, Inc.'s press release on their investments, the new money will be directed to "direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, and fueling the fast-growing app economy which Apple created with iPhone and the App Store."

Apple, Inc. also writes that the "record tax payment upon repatriation of overseas profits will account for approximately $75 billion of Apple’s direct contribution." This opportunity was created by the GOP tax reform legislation, which opened the door for repatriation at a rate of 15%.