Apple CEO Tim Cook cites GOP tax reform as driver in $350B US investment

Apple Insider ^ | Wednesday, January 17, 2018, 04:58 pm PT (07:58 pm ET) | Mikey Campbell

[E. Pluribus Unum]

Following Apple's announcement of plans to repatriate a chunk of its overseas cash to infuse some $350 billion into the U.S. economy over the next five years, CEO Tim Cook took part in an interview addressing the company's investment strategy, the iPhone slowdown controversy and more.

Speaking with ABC News' "World News Tonight with David Muir," Cook discussed the intricacies of Apple's forthcoming investment, which will incur a foreign tax bill of $38 billion.

Earlier on Wednesday, Apple foreshadowed a major shift in financial policy when it announced plans to repatriate a portion of its overseas cash hoard, a move that will pump $350 billion into the U.S. economy. That money will in part go toward a new campus and the generation of 20,000 jobs.

The company expects to pay $38 billion in taxes on the repatriated funds, a sum it says is the largest ever of its kind.

In a one-on-one with reporter Rebecca Jarvis, Cook explained that recent U.S. tax policy changes allowed for the huge capital commitment. Still, the executive insists that some changes, perhaps the grant of employee stock bonuses, would have been made "in any situation."

"Let me be clear, there are large parts of this that are a result of the tax reform, and there's large parts of this that we would have done in any situation," Cook said.

Jarvis suggested President Trump's tax bill is a "huge windfall" for Apple, a statement Cook did not directly refute.

[bitt]

MAGA!

[Red Badger]

Jarvis suggested President Trump's tax bill is a "huge windfall" for Apple, a statement Cook did not directly refute./I>

Only a liberal tool/fool could think that being allowed to keep your own money a 'windfall'....................

[Jim W N]

The Left, and a lot of the Right, still don't have it straight.

It's not, "tax reform", it's TAX CUTS.

The Left hates and is still in denial about tax cuts.

[Williams]

But Trump has heart disease and other fake news. Actually DJT has done a great thing for America. And not a single communist Democrat wanted it.

[Paulie]

Seeing as the liberals view us all as cows to be milked, I wonder why they would be so opposed to all of these Trump benefits to the economy and the average Joe’s wallet.

Not only will they benefit personally, but there will be more money in the coffers for them to ‘do good’.

[brianr10]

Would they rather have 11% of something or 100% of nothing?

[neverevergiveup]

To me, so much of this is driven by the politics of resentment. I had this conversation recently about the difference between charity and welfare. My point was that welfare takes away the necessity to be thankful, because the supposition is that the money/resources etc. are not coming from ‘someone’ - but from the government. A comment was made that ‘if I was in that situation I would not want charity and have to thank someone for it’, in part because it would be humiliating. To me, that thinking is wrong. Much better to receive from someones good will, be thankful, and then be motivated to help others and/or pay that person back in some way. I think something is really wrong when people forget that welfare actually is ‘charity’. Just because it's the government writing the check doesn't mean that it didn't come from the efforts of someone else. We should always be thankful, and we should also remember that taxes are from the people and represent the government taking something from them.

[dowcaet]

Don’t you worry the Democrats are gonna go behind the scenes and put pressure on some of these CEOs to not give bonuses or bring jobs back from overseas. A vibrant economy is the last thing the Dems want. These people have to be defeated at every level in politics.

[Jim W N]

Charity is private giving.

Welfare is mostly unconstitutional federal government efforts to create dependency.

[lgjhn23]

“....Welfare is mostly unconstitutional federal government efforts to create dependency....” via of the use of legalized THEFT.

[Huskrrrr]

New jobs = 20,000. But I thought Trickle Down was just a myth?

[pepsionice]

The Democrats might talk about alot of stuff...but for the next two years or so...I think the whole US business climate is on fire.

Apple in five years will likely own Microsoft, have a large amount of technology development for the next twenty years, and will likely get into the TV-on-demand market (wouldn’t surprise me if they buy Netflix), and even get into the banking business.

[Jim W N]

Unfortunately, the 16th Amendment legalized THEFT.

But federal use of those legally stolen funds including welfare, are mostly unconstitutional and illegal.

[FreedomNotSafety]

I thought American revival hinted on keeping out foreign stuff. Why is Apple importing money? All those IPhones are foreign made in China shouldn’t China have all of the money?

[morphing libertarian]

IIRC they had a lot of money in Ireland because of favorable taxes.

[glorgau]

More than enough paid in taxes to pay for The Wall.

[tennmountainman]

Cook just can’t mention Trump as the driving force behind the tax cuts.

[New Jersey Realist]

I’m sure this will be the lead story of every major news telecast tonight. /s/

[minnesota_bound]

Where is obama these days?
Trump gave a good speech today that I heard on Hannity.
He made cracks at obama and Hillary.