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Wednesday, January 17, 2018

Apple to create 20,000 jobs, and give Uncle Sam $38 billion

The key to the Tax Cuts and Jobs Act of 2017 was cutting the corporate tax rate from 35% -- the heaviest tax burden in the industrial world -- to 21% which is just over the European Union average of 20.9%.

But almost as important is the Repatriation Tax, which allows corporations to bring overseas profits into the USA by paying a 15.5% tax instead of the 21% tax.



This is found money -- money that companies would not have brought home at the 35% tax rate.

With the new 15.5% rate, they will repatriate the money, and invest in jobs here.

Apple CEO Tim Cook knows a good deal when he sees it. Today he announced Apple will bring back money from overseas, investing it in the USA, which will create jobs and taxes for America.

From Apple:
Apple today announced a new set of investments to build on its commitment to support the American economy and its workforce, concentrated in three areas where Apple has had the greatest impact on job creation: direct employment by Apple, spending and investment with Apple’s domestic suppliers and manufacturers, and fueling the fast-growing app economy which Apple created with iPhone and the App Store. Apple is already responsible for creating and supporting over 2 million jobs across the United States and expects to generate even more jobs as a result of the initiatives being announced today.
Combining new investments and Apple’s current pace of spending with domestic suppliers and manufacturers — an estimated $55 billion for 2018 — Apple’s direct contribution to the US economy will be more than $350 billion over the next five years, not including Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products.
Planned capital expenditures in the US, investments in American manufacturing over five years and a record tax payment upon repatriation of overseas profits will account for approximately $75 billion of Apple’s direct contribution.
“Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy,” said Tim Cook, Apple’s CEO. “We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible.”
Apple, already the largest US taxpayer, anticipates repatriation tax payments of approximately $38 billion as required by recent changes to the tax law. A payment of that size would likely be the largest of its kind ever made.
Not a single Democrat voted for this. Not Manchin. Not a damned one of them.

They opposed the 20,000 new jobs Apple plans.

They opposed the $38 billion in new taxes.

They opposed the return of American greatness.

By the way, Apple CEO Tim Cook raised money for Hillary Clinton and opposed Trump's election.

Apple stock is up 49% since we elected Trump president.

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10 comments:

  1. "By the way, Apple CEO Tim Cook raised money for Hillary Clinton and opposed Trump's election."

    And once Trump fixes the problems created by Obamao, Cook will continue to support Democrats over their socialist policies. Trump will get no credit from committed swamp creatures like Cook for doing what needed to be done to return America to its true greatness. In this age of identity politics, people like Cook vote with their genitals.

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  2. "American greatness" doesn't fit the Democratic Party's business model, which is to make citizens dependent on government. So, yes, of course they opposed all this.

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    1. Yeah, Lee, I agree, but Joe Manchin? I'll probably have gone through a couple of flat screens by November because of all the shit I'll be throwing at the TV screen whenever his ads come on.

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    2. he'll probably run a few ads with him shooting a long gun and get 60% of the vote, am I right?

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  3. Years ago in the January after Clinton and the Demcocrats raised taxes on everything , a nice middle aged woman who lived in Queens was standing next to me studying her paycheck. She asked me why it was suddenly so light. I told her it was because she voted for Bubba. Her face drooped a little, then she said brightly, "But he is so handsome!".
    if the average person understands why he is doing better Trump will do well. But most people have no idea why economic things happen. So he may not do well. In fact people in general are more likely to vote against someone than for them, reflecting the fact that immediate threats to well being seem more important than distant ones.
    Most Americans deserved the lying misery of Obama's second term, but as far as I can see so far the majority don't deserve Trump at all. He was a gift from a distressed Middle America. 18 will tell if the country as a whole is worthy to keep him and his policies or go back to living as genuflecting slaves of the coastal elite.

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    1. Actuall it was more than middle America,as you put it,Mic,Wi,Oh,,Pen,Fl,any of those ring a bell.And the ticker today is 26,120.

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  4. Americans have been overwhelmingly economically illiterate for 40 years, and now I'm finding that most are historically illiterate as well.

    What candidate Trump proposed in the campaign and followed up in office is textbook basic business. This economy would have taken off on the cutting of ridiculous regulations alone. The tax bill, which includes the repatriation of money held overseas by both corporations and individuals, will bring in what Scott Adams has called a Golden Age. It is nothing more then 'Let The American Economy Be The American Economy'.

    But President Trump is 70, a member of the Post-WWII Baby Boom. As we boomers fade out, it will be up to younger people to keep the ball rolling. The question is how the millennial generation and others will react. A generation that was left straddled with student loans but couldn't find work paying a living wage until President Trump came along. Will they have learned the lessons of basic economics?

    Every generation gets to make their own present and future. Based on the history of my lifetime, next up will be the Bernie Sanders followers pounding their right fist in the air proclaiming, "we're the wealthiest country in the world", and demanding that the wealth be given away to those that elected not to sacrifice and work for it. Will there be enough Americans willing to remember the changes that came about in 2016?

    - Ken

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  5. Dems hate employment. Too many deplorables get hired.

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  6. Is it true that 50% of the population is below average? /s

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