Apple to Pay $38 Billion In Repatriation Tax; Plans New U.S. Campus
January 17 2018 - 2:26PM
Dow Jones News
By Imani Moise
Apple Inc. said Wednesday it plans to pay $38 billion in
repatriation taxes on profits and cash held overseas following the
enactment of the new tax law.
As of last September, Apple had $252.3 billion in cash or cash
equivalents abroad.
The consumer technology giant also said it would contribute more
than $350 billion to the U.S. economy over the next five years by
adding new jobs and investing in its domestic suppliers.
Apple plans to spend more than $30 billion over the next five
years to create 20,000 jobs and open a new campus at a U.S.
location to be announced later this year. The company said it would
also ramp up its education programs to help train people for jobs
in software development.
Apple shares rose 0.5% to $177 in afternoon trading. The stock
has risen 48% over the past year.
"Apple is a success story that could only have happened in
America, and we are proud to build on our long history of support
for the U.S. economy, " said Chief Executive Tim Cook.
Write to Imani Moise at imani.moise@wsj.com
(END) Dow Jones Newswires
January 17, 2018 14:11 ET (19:11 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Aug 2024 to Sep 2024
Apple (NASDAQ:AAPL)
Historical Stock Chart
From Sep 2023 to Sep 2024