Apple is Is Investing $350 Billion into the Economy

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Tech giant Apple is making a $350 billion investment into the U.S. economy over the next five years.

The announcement was made by the company on Wednesday where Apple said it would be making the investment as a “direct contribution.”

Apple also revealed however that the number does not include ongoing tax payments or tax revenge that is generated by wages that are paid to its employees or sales tax on its products.

Apple CEO Tim Cook stated, “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 US economy.”

According to the company, its capital expenditures, a tax payment due to repatriating overseas profits, and investments in manufacturing in the U.S. will total $75 billion of its contributions.

The company also revealed that it will be investing $30 billion into creating new jobs. Apple plans to create 20,000 new jobs at its existing campuses and will open a new campus in the U.S. as well.

Tim Cook also said, “We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”

Disclaimer: We have no position in Apple Inc. (NASDAQ: AAPL) and have not been compensated for this article.