Apple announced 20000 new jobs investing $30 billion over forthcoming years

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Wednesday's announcement of $350 billion in us investments comes after Congress recently approved major cuts to corporate taxes.

Apple Inc said it will bring hundreds of billions of overseas dollars back to the USA, pay about $38 billion in taxes on the money and spend tens of billions on domestic jobs, manufacturing and data centers in the coming years. Apple said about $75 billion of its upcoming contributions to the US economy would come from overseas profits brought back into the country.

The Cupertino tech giant has announced about setting up a new campus, somewhere in US.

The announcement led to a modest bump in Apple's shares, which rose 1.7 percent today.

Apple plans to spend more than $10 billion on United States data centres, which play an increasingly important role as the California-based iPhone maker focuses on increasing revenue from services and content based in the internet "cloud".

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Since Apple believes it will get the money back, it wanted to negotiate the terms of the escrow account - likely to ensure that the money will be properly invested so that it sees a decent return on the capital.

"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."

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"Our new data centre in Iowa will help serve millions of people across North America who use Siri, iMessage, Apple Music and other Apple services, all powered by renewable energy", Cook said.

Apple already has data centers in seven states.

Apple currently has around $250 billion sitting offshore and even though it still faces a hefty tax bill bringing some of that money back into the United States, it will still save tens of billions of dollars now, compared to what it would have had to pay in tax, had it repatriated the money in 2017. Additionally, the press release said that "capital expenditures in the U.S., 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".

During the 2016 presidential campaign, Donald Trump criticized Apple for sourcing and manufacturing its products mostly overseas.

The announced payment was roughly in line with expectations, said Cross Research analyst Shannon Cross. But under the new tax law, the company can bring back the money at a reduced rate.

It's not Apple's style to do a public contest - but given that Amazon received 238 different bids from cities, it's safe to say that there are some economic development agencies putting together packages for Cook and Apple. Apple estimated that its direct impact on the American economy would total more than $350 billion over the next five years, but how much that goes beyond what the company would have spent anyway is unclear. "And Apple hasn't historically done big M&A", he said. Amazon finished taking applications from cities in October for its second campus.

Amazon set off a scramble between cities across the nation to host the headquarters, and Apple's announcement stirred broad interest.