American workers and the U.S. economy continue to experience the benefits of the Republican tax law, with Apple announcing Wednesday that it will create thousands of new jobs, open a new U.S. campus, and give stock bonuses to most of its employees, according to a USA Today report.
Partially as a result of the corporate-friendly tax law, Apple plans to spend $30 billion on its U.S. business over the next five years.
In addition to opening new data centers, Apple will add more than 20,000 jobs at existing campuses and open a new campus, with the location to be determined.
Tens of thousands of Apple employees will receive $2,500 stock bonuses over the next few months.
Bringing the money home
Since the corporate tax rate has been lowered, Apple is in the process of bringing back a large portion of its approximately $252 billion in overseas cash to America, which means the company will be making a $38 billion tax payment on its overseas profits.
“Apple is a success story that could have only happened in America, and we are proud to build on our long history of support for the U.S. economy,” said Apple CEO Tim Cook.
This writer’s perspective: Working as planned
Republicans insisted throughout the tax reform process that the lower corporate tax rate would boost the economy as corporations invested the additional funds into job growth and higher wages.
The overall success or failure of a tax law is difficult to judge in such a short time, but with Apple’s announcement following a recent string of corporations investing in workers and the economy, it’s “so far, so good” for the GOP’s reform.