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