If those on the left still think President Trump is crazy it’s time to get their own appointment with a psychiatrist post haste. Precisely what the president said would happen is, indeed, happening right before our very eyes as Apple, Inc. announced they plan to pump $350B — that’s B for Billion – into the American economy over the next five years. In doing so, they also will have to fork over $38B to Uncle Sam in taxes.
Trump, crazy? Yeah, like a fox.
In announcing its contribution to the U.S. economy, Apple plans to invest another $30B in capital spending right here in the good old U.S. of A., which will create 20,000 new jobs. Their blueprint for success also includes a new tech support campus, $5B in advanced manufacturing and $10B in data centers spread across the country.
And why do you think Apple has chosen this route? The goodness of their heart? Their love of country? Apple CEO Tim Cook said:
“We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” he said in a statement.
In fact, the Apple Newsroom sounded downright patriotic in their announcement of this new plan. “Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy,” said Cook.
Right. Well. Whatever. How about Tax Reform, Mr. Cook? Could that perchance be the motivating factor? Bingo!
Bring It on Home, Baby
Following an overhaul of the tax code, companies need to fork over 15.5% on “overseas profits held in cash.” Indeed, Apple said a big reason behind these business moves is tax reform. Still, it remains unclear just how much of their $252.3B they have stashed in foreign countries they will bring home.
Not wasting any time (why should he) President Trump crowed about Apple’s moves on Twitter:
I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA! https://t.co/OwXVUyLOb1
— Donald J. Trump (@realDonaldTrump) January 17, 2018
Apple closed 1.65% higher yesterday in trading. That will be nice for stockholders as well as Apple employees. The company announced yesterday that it would be handing out bonuses of $2,500 in restricted stock to them as Apple tags on to the mounting number of companies who plan to spread the wealth since the new tax legislation was signed.
What we see happening with companies like Apple is what the president repeatedly said would happen. Lower the taxes for corporations, bring home the cash and as the money flows into our economy more and more people will be employed. Finally, Congress listened and got the job done. Now, if those on the Hill stop grandstanding and listen a bit more, America will have a robust economy perhaps the likes of which many have never seen in their lifetimes.
