MAGA: Apple Brings $30 Billion To US From Overseas, Will Create Over 20,000 Jobs

One of the more amusing things when it comes to the Left is how they preach about the evils of tax-avoiding Big Business and individuals, yet at the end of the day, leftists and the companies they run do everything in their power to hide their wealth from the tax man. Adding to the irony is that one of the most progressive and beloved companies of the Left is the most guilty when it comes to sheltering billions overseas.

The tech giant Apple has hoarded billions in various countries, all to avoid paying crazy taxes on the sum. However, since Trump took office and started preaching America first and pushing business-friendly policies, companies have been bringing investment back to the US. And now that the corporate tax rate has been significantly reduced, even Apple has been convinced to reinvest in America, rather than rely on practical slave labor in the third world.

As reported at Wall Street Journal, Apple has announced that the hundreds of billions it’s been hiding overseas will be brought home, which will result in around $38 billion in taxes.

The company has promised it will spend tens of billions in the US to create a new campus and beef up its manufacturing and data centers, which will create 20,000 new jobs

As it stands, the five-year plan is to spend $30 billion to make this all happen.

“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 hinted at the companies plans to accelerate its education programs.

Adding to the good news is a direct example of the president’s new tax law in action, as Apple told its employees Wednesday that it’d be issuing stock-based bonuses worth $2,500 each due to the savings the lower tax rate created.

Until December, the US had the highest corporate tax rate in the world. Not only that, unlike over developed nations, the US had a strange and draconian international tax system for corporations. It pushed them to hoard the foreign money they earned overseas, as wherever a US-based company mad money, it got taxed by Uncle Sam, even if taxes were already paid to the nation the money was made in.

But the GOP’s tax bill scrapped that terrible system for a pro-growth one that encourages corporations to invest their profits, both foreign and domestic, in the US.

Now foreign made cash will be taxed at 15.5 percent, less liquid assets at 8 percent, and companies can pay the balance over eight years.

Trump’s criticisms and policies alike have spurred even the most progressive companies to bring their wealth back to the US. When it comes to Apple, a bigger fish doesn’t exist, as the immense image and presence of the company is unmatched.

Which means the new positions created by Apple’s spending will likely have a more significant political impact than its $38 billion tax payment, according to Erik Gordon, a professor at the University of Michigan’s Ross School of Business.

“The thrust here is American jobs, jobs on American soil, build manufacturing here, don’t build everything in China,” Gordon said. “You can’t have an announcement of a million jobs. But you can have companies like Apple saying that we’re going to have 20,000 new jobs here. If other companies say they’re going to have new jobs too, it does add up.”

After Apple’s announcement, Trump took to Twitter to celebrate the move. “I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States,” he wrote. “Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA!”

It’s a satisfying victory for the Trump administration, as the president just got an incredibly powerful, far-left company to clearly tell the country that his policies are working.

Source: Wall Street Journal