Apple: Get ready for our $350 billion US investment — thanks to tax reform
Crumbs, Nancy Pelosi will say — it’s all crumbs! Twenty thousand American workers over the next five years may disagree. Apple announced today that they plan to invest heavily in their US infrastructure, in large part because of the tax reform bill that Democrats claimed would kill people:
The headline from Apple is that it will “contribute” $350 billion to the U.S. economy over the next five years, although it’s unclear exactly how the company came to that number.
But the company promised to create 20,000 new jobs and a new campus thanks, in part, to the prospect of tax reform.
It anticipates a $38 billion tax bill for repatriated cash, as a result of the new tax bill. This implies it will bring back virtually all of its $250 billion in overseas cash.
Apple also said it would spend over $30 billion in capital expenditures over the next five years. About $10 billion in capital expenditures will be investments in U.S. data centers, the company said.
When companies like Wal-Mart and Target announced bonuses and wage increases, Pelosi and other Democrats had zero compunction about attacking both the benefits and their motives. They sniffed that $2000 was mere “crumbs” and that retailers like Wal-Mart should have paid a “living wage” long before now. Lost in those snobbish and dismissive remarks were any discussion as to what might have been holding back those employers from doing so, of course, and the Left’s long campaign against Wal-Mart made it easy to demonize and dismiss them.
That’s what makes this announcement by Apple particularly golden and delicious. Not only do they have a reputation for wokeness and hipness, they’ve also been more or less hostile to the Trump administration since before it arrived. Remember when CEO Tim Cook sent an emergency message to his employees after Donald Trump won the election? That came just a few months after Apple pulled its donation to the Republican convention over Trump’s remarks on a range of topics. Cook also felt compelled to message his employees over Trump’s remarks about the riot in Charlottesville. It’s been clear that Cook hasn’t much use for Trump, and especially that he wants to be seen as not having much use for Trump.
However, business is business, after all … which was precisely the point that Republicans made in predicting these outcomes from the tax reform package. Cook may not like Trump, but he understands that the bill makes it a lot easier to do business in the US again. And if Apple can put aside its antipathy toward the current administration long enough to prove their point on policy, then a lot of other less-politically-active firms are going to follow suit. That will mean a big economic and job-creation boom, more money, higher wages, and a significant boost to standards of living in the months ahead of the midterm elections.
Crumbs may be all that will be left for Democrats after a few more weeks of this.
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