More good news for American workers following President Trump’s tax cuts.
Multinational technology company Apple Inc. announced plans to award employee bonuses, add more jobs and repatriate hundreds of billions of offshore dollars as a result of the tax cuts.
Apple is planning to give their employees $2,500 bonuses and is expected to add 20,000 jobs and a new campus as part of their $30 billion five-year investment plan in America.
Apple also announced they will repatriate some of its $252.3 billion parked overseas, reportedly the largest cash holdings offshore of any American company. The company is expected to pay about $38 billion in taxes on the overseas cash.
“We are focusing our investments in areas where we can have a direct impact on job creation and job preparedness,” Chief Executive Officer Tim Cook said in a statement Wednesday, which also alluded to unspecified plans by the company to accelerate education programs.
An estimated $2.8 trillion in U.S. corporate profits are parked overseas.
Other big tech companies with cash offshore include Microsoft – $132.1 billion, Alphabet – $60.5 billion, Facebook – $12.89 billion, and Amazon – $8.6 billion.
A growing list of U.S. companies are passing along benefits to their employees and shareholders as a result of Trump’s tax reform.
While Democrats ignore and continue to blast tax cut bonuses and other incentives, hardworking Americans will see the actual results for themselves.
— FOX Business (@FoxBusiness) January 17, 2018