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Apple Says It Will 'Contribute' $350 Billion in the US Economy Over the Next 5 Years (cnbc.com)
Apple said on Wednesday it will invest $350 billion in the U.S. economy over the next five years, touting the creation of 20,000 new jobs and a new campus thanks, in part, to the prospect of tax reform. From a report: The company said it expects tax repatriation payments of about $38 billion, indicating that it will bring a portion of its $250 billion overseas cash back to the U.S. As of November, the company had $268.9 billion in cash, both domestically and overseas. The job creation will focus on direct employment, but also suppliers and its app business, which it had already planned to grow substantially. "We have a deep sense of responsibility to give back to our country and the people who help make our success possible," chief executive Tim Cook said in a statement.
...in a positive light?
In debates about Christianity, there are two groups: those looking for answers, and those looking to just ask questions.
They were able to do that due to tax laws duly voted into existence by Congress. Or, by the unintended consequences of tax laws duly voted into existence by Congress.
Means, they did nothing illegal. As most companies who did similar things did nothing illegal.
The new Tax laws lesson the incentive to keep cash overseas. Add to that the Bully Pulpit effect and you have cash coming home and being taxed, albeit at a lower rate than if it were raised here. But to you want 30% of nothing or 10% of something?
When Fascism comes to America, it will call itself Anti-Fascism, and tell you to give up your guns.
Thursday morning, Walmart had a flashy announcement: Thanks to corporate tax cuts, it was giving its employees bonuses of up to $1,000. Walmart and President Trump pointed to the announcement as proof that the corporate tax cuts are really a boon to working-class Americans.
This announcement, as ThinkProgress reported earlier, was much more complicated than it first sounds.
Walmart employees are eligible for the $1,000 bonus only if theyâ(TM)ve worked at the company for 20 years. Most Walmart employees, of course, havenâ(TM)t worked there that long. Those employees will receive a smaller bonus based on seniority. Walmart didnâ(TM)t explain exactly how the sliding scale will work, but said the total value of the bonuses will be $400 million. Walmart has about 2.1 million employees, which works out to be an average bonus of about $190.
The one-time bonus Walmart announced this morning amounts to just over 2 percent of the total value of the tax cut to the company.
In fiscal year 2017, Walmart had pre-tax profits of about $20.5 billion and paid an effective federal tax rate of around 30 percent. With a new corporate tax rate of 21 percent, the corporate tax cut is worth at least $1.85 billion to Walmart every year. Since this cut is permanent, the true benefits to Walmart will grow much larger over time. But itâ(TM)s safe to say that, over 10 years, this corporate tax cut will be worth over $18 billion to Walmart.
But now it appears the announcement was timed carefully to cover for thousands of unannounced layoffs.
Business Insider reports that today, Walmart is abruptly closing numerous Samâ(TM)s Clubs stores across the United States. In some cases âoeemployees were not informed of the closures prior to showing up to work on Thursdayâ and âoelearned that their store would be closing when they found the storeâ(TM)s doors locked and a notice announcing the closure.â
citation provided
There are a few factors.
First there is the multiply by 12 rule. Where every dollar spent, will be Multiplied by 12 benefit to the economy.
So that brings it down to 1.46 Million per person being spent. Then this is over 5 years so we get 292 thousand a year. Roughly 1/3 spent goes to benefits outside of ones salary, so that bring $194 Thousand per year on average per employee in raw salary. Which is still on the high side, and I bet Apple is calculating some other bogus numbers such as community starting businesses such as restaurants and stores to accommodate these people.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
Who cares about "illegal"? This is Apple. They claim to be good global citizens. Meanwhile they are using slave labor to build their products and actively trying to avoid paying taxes. So they need to drop the whole SJW, good company act. Hypocrites.
Slave labor? People aren't forced to work at FoxConn. Surely work conditions suck, but that doesn't mean people are held by chains without pay. They get paid, substantially more than what they would make back at the village, and many actually see it as a opportunity to climb up (which they do) as opposed to the many people we have here that do nothing to learn new skills and keep dreaming about having those level-pulling 9-5 jobs that are forever gone.
These workers are actually not the poorest from their village. Educationally they are the cream top from Rural China, and go there to climb up, not to escape rampant poverty.
I suggest you read "Factory Girls: From Village to City in a Changing China" by Leslie T. Chang. Obviously we want those workers to have better conditions (which they are getting, incrementally). And there is no doubt there is injustice in the system (in particular sexism.)
But to call the slave workers is just idiotic, and it simply demeans the very workers that chose to try their luck in the factory lines.
The first correction - "re-patrriety" (whatever the hell that is) should be "re-patriated".
Secondly, that re-patriation will cause Apple to pay a one-time payment of 38 BILLION dollars in taxes to the U.S. Is that enough to slate your dramatic thirst for Apple's cash?
"There is more worth loving than we have strength to love." - Brian Jay Stanley
Companies have been re-branding existing expansions as the result of Dear Leader since election day.
Why should I now believe this expansion happened because of Trump or the tax law? It's not like Apple was previously short of cash or didn't need to expand their workforce.
I stole this Sig
... upon his turban and predicts:
Swami Anderson knows all, tells all
Suppose you were an idiot and suppose you were a member of Congress
Apparently haver low corporate rates AND low personal rates is the best idea since we flourish while they languish.
False. Europe is flourishing despite having high personal tax rates. Lower debt, higher standard of living. European countries are consistently ranked at the top in worldwide surveys for quality of life and happiness in general, not to mention education. Guess where the U.S. ranks in those categories? Like broadband, not even in the top 10 of the world.
As to the canard of paying more than one has to for taxes, look at Mississippi and Alabama for what happens when people think paying taxes is wrong. Talk about shitholes.
We will bankrupt ourselves in the vain search for absolute security. -- Dwight D. Eisenhower