>> Apple, about to write a $38 billion check to Uncle Sam. I'm Stephen Nellis with Reuters News in San Francisco. You might not know it, but Apple has amassed about $250 billion in cash in overseas accounts, thanks to profitable products like the iPhone. But it hasn't brought that cash back to the United states, because it would have faced a big tax bill.
The GOP tax plan passed last month brought that rate way down. Apple is gonna pay a one-time tax of $38 billion dollars, and then be able to basically, bring that money back as it pleases.>> On Wednesday, Apple said that it plans to spend about $30 billion in the US to build data centers and a new US campus in addition to its headquarters in Cupertino.
>> Apple hasn't said where that campus will be yet. But it said it plans to create about 20,000 jobs directly in the United States over the next five years. Now, Apple has never publicly announced its spending plans exactly in this way and while the company didn't say that it made the plans, because of tax reform.
I think it's a safe bet to say that the fact that they now know they'll be able to bring the money back means, that they're willing to make commitments to the US economy like this, and while Apple was not likely to make iPhone's directly in the US anymore.
It does spend more than $50 billion a year on suppliers like Corning, like Finisar corporation that are based here in the United States.