Apple to pay $38bn in foreign cash taxes and build new U.S. campus
Apple Inc (AAPL.O) will open a new campus as part of a five-year, 30 billion dollars U.S. investment plan and will make about 38 billion dollars in one-time tax payments on its overseas cash. This is one of the largest corporate spending plans announced since the passage of a tax cut signed by U.S. President Donald Trump. The company has been under increasing pressure to make U.S. investments since the 2016 presidential campaign, when Trump targeted the iPhone maker for making products in Asian factories. While Apple has announced no plans to change that practice. Experts say it would be economically impractical to make iPhones in the United States, the company has begun to emphasize its U.S. economic impact, from developers who sell software on its App Store to the tens of billions of dollars per year it spends with U.S. suppliers. Between the spending plan, hiring 20,000 people, tax payments and business with U.S.-based suppliers, Apple on Wednesday estimated it would sp...