Money
Why Apple is investing $430 billion in America
Apple invests a massive $430 billion dollars over the next five years in the US.
The updated plan will see Apple invest $1 billion to build a new campus in North Carolina, as well as hire around 20,000 new employees.
Apple also plans to invest tens of billions of dollars for next-generation silicon development and 5G innovation across nine US states.
The company will now increase its 2018 to invest heavily in the US after Congress lowered taxes on profits for American firms.
“At this moment of recovery and rebuilding, Apple is doubling down on our commitment to US innovation and manufacturing with a generational investment reaching communities across all 50 states,” said Tim Cook, Apple’s CEO.
This comes as the Biden administration considers increasing the amount tech giants including Apple are taxed for overseas profits.
Biden also plans on raising the corporate tax rate from 28% to 21%.
If after-tax profit streams are stifled, Apple may not be able to invest as much going forward.