Apple Plans to Contribute $350 Billion to US Economy

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To support the American economy and its workforce, Apple plans to make a new set of investments in various segments.

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Though Apple has already supported 2 million jobs across the United States, in an announcement made yesterday the tech giant made it clear about its plans to more create jobs by “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”.

The company is going to contribute more than $350 billion to the US economy over the next five years and an estimated amount of $55 billion in 2018. However, the total contribution doesn’t include “Apple’s ongoing tax payments, the tax revenues generated from employees’ wages and the sale of Apple products”.

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In the announcement, Apple said it will make about $38 billion in one-time tax payments on its overseas cash, one of the largest corporate spending plans announced since the passage of a tax cut signed by U.S. President Donald Trump. And it will be investing about $30 billion in capital expenditures in the US.

In the future, the company is going to open a new campus and create over 20,000 new jobs through hiring. However, the when, where details of the new campus aren’t mentioned yet.

We all know about how Apple thinks when it comes to programming and education. In the announcement, the company also mentioned about the programming language it created called Swift which is created to “address the coding skills gap and help prepare more people for jobs in software development”.

“Apple created a powerful yet easy-to-learn coding language called Swift, the free Swift Playgrounds app and a free curriculum, App Development with Swift, which are available to anyone and are already being used by millions of students at K-12 schools, summer camps and leading community colleges across the country. Over 100,000 students and teachers have also attended coding classes at Apple retail stores.”

 

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