Apple vows to contribute $350 billion to United States economy, create 20000 jobs

Tim Cook chief executive officer of Apple gestures during the Apple Worldwide Developers Conference in San Francisco

In addition to hiring for new positions at its existing campuses, Apple also plans to build a new one.

Apple said it would make about $38 billion in U.S. tax payments on its $252.3 billion in overseas cash.

According to provisions in the tax bill, companies are required to pay a one-time tax on foreign-held income - regardless of whether they choose to bring that money back to the United States or not.

The $30bn in capital expenditures will come as part of $350bn that Apple expects to spend in the U.S. over the next five years. In December, Apple agreed to pay the disputed amount into an escrow account while it appealed the case in court.

Apple CEO Tim Cook speaks during an Apple special event at the Steve Jobs Theatre on the Apple Park campus on September 12, 2017 in Cupertino, California.

Apple will pay about $38bn (£27.3bn) in tax on the roughly $250bn cash pile it holds outside the U.S. following recent changes to American tax rules.

$55 billion is estimated to be spent in 2018 alone with domestic suppliers and manufacturers. This figure does not include Apple's ongoing tax payments, tax revenues generated from employees' wages, or the sale of Apple products.

Apple also told employees Wednesday that it's issuing stock-based bonuses worth $2 500 each following the new U.S. tax law, according to people familiar with the matter.

More than $10 billion of Apple's planned capital expenditures will be investments in data centers across the United States, with Apple breaking ground on a new facility in Reno, Nevada starting today.

The company has data centres in seven states.

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The company, which opened a new headquarters in Cupertino past year, said it also plans to open another site in the US focused initially on employees who provide technical support to Apple product users.

That could increase the size of Apple's workforce by more than 16%. A spokeswoman for Apple was not immediately in a position to comment. You are the heart and soul of Apple and we want you to share in the success made possible through your efforts.

It did not say how much of the capital spending plan is new and how much of its US$252.3 billion in cash overseas, the largest of any U.S. corporation, it will bring home, Reuters reported.

But, not everyone believes that the sole goal of Apple's moves are to help the USA economy.

The Best of Breed (BoB) Conference and CRN are both part of The Channel Company.

Apple still owes Ireland 13 billion euros ($15.4 billion) in back taxes following the European Union's decision to crack down on tax havens. "It shows what corporate America will do".

But these apparent commitments to the USA aren't without controversy.

Apple is already the largest tax payer in the United States, the release said, and this $38 billion tax payment would be the largest of its kind.

Richard Whiting contributed to this article.

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