This month, Apple announced plans to pay a repatriation tax of $38 billion on its overseas cash holdings, as well as invest $30 billion in capital spending in the U.S. over five years that would create more than 20,000 jobs.
Apple CEO, Tim Cook, said that the company directly relates this decision to the tax cuts passed at the end of 2017 saying, “we have a deep sense of responsibility to give back to our country and the people who help make our success possible.”
In fact, this is the largest sum commitment announced in response to the major tax reform bill, the Tax Cuts and Jobs Act. These announcements are crucial to keep the tax reform momentum going. By creating a loop-hole free tax code, Congress provided average Americans the ability to make their own decisions with how their money is spent. The tax cuts, plus greater investments in the country, bonuses, and raises in wages, are absolutely essential to keeping this economy on the growth path it is currently on.
Decisions like Apple’s is just one of many and the beginning of how tax cuts are allowing companies to create jobs, raise American worker wages, and invest back into the U.S. economy. For more information on the effect of tax reform on small businesses and corporations, check out Americans for Tax Reform growing list of announcements.