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Core growth! Apple announces huge U.S. tax payment, new U.S. investments in plants, jobs

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The world’s leading technology company released plans Wednesday for its U.S.-based growth in the aftermath of President Donald J. Trump’s 2017 tax reform legislation.

“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 Tim Cook, Apple’s CEO.

“We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness,” he said.

(Graphic courtesy of Apple)

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The company also announced Wednesday that it broke ground on a new facility in downtown Reno to complement its existing Nevada facilities.

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Later in 2018, Apple reveals the location of its new Apple campus in a new U.S. location, focused on house technical support for customers.

Apple is already the country’s largest taxpayer and it said the new tax law also led to the company’s decision to make a single $38 billion tax payment as part of Apple’s taking advantage of the law’s generous treatment of repatriation of foreign profits.

Before the tax reform bill became law, overseas profits were taxed at the straight 35 percent business tax rate without any possibility of deductions or other breaks to mitigate the hit. Because of this, U.S. companies, like Apple salted their overseas profits in low tax countries, such as Ireland.

Now, companies such as Apple, with more than $250 billion held overseas may bring these funds into the United States at a one-time 15.5 percent rate and tax-free afterward.

Businesses can then knock down that 15.5 percent further by taking advantage at 100 percent appreciation for capital investments.

Apple said it planned to make capital expenditures and investments in American manufacturing over five years and continued to bring its overseas profits home.

The five-year total for capital expenditures in the U.S. could exceed $30 billion, the company said. These investments could create more than 20,000 new jobs in addition to the Apple’s current workforce of 84,000.

Conservative estimates put the total overseas reserves at $2 trillion,

Cook’s embrace of the new tax law is a stark contrast to the events of May 2013, when the Apple CEO was summoned to testify on Capitol Hill about his company’s avoidance of U.S. business taxes.

“We have a deep sense of responsibility to give back to our country and the people who help make our success possible,” said Cook, the man, who took over the computer and cellphone giant from its co-founder and long-time leader Steve Jobs.

 

Big League Economics

SUCKERS: Unions That Endorsed Biden for President are Already Having Serious Buyer’s Remorse

What were they thinking endorsing Biden?

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Certain unions that endorsed President-imposed Joe Biden prior to his military installation in the White House on Jan. 20 are already having major buyer’s remorse over the Democrat figurehead’s job killing policies.

One of Biden’s policies that has killed jobs is ending the Keystone XL pipeline. This is expected to kill at least 10,000 union jobs, as President Trump’s “America First” agenda is abruptly reversed.

It is estimated that 42,000 union jobs may be eliminated because of Biden’s order.

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The unions are not happy with this immediate betrayal from a Biden administration that had claimed on the campaign trail they were going to build the nation back better.

In revoking this permit, the Biden Administration has chosen to listen to the voices of fringe activists instead of union members and the American consumer on Day 1,” Mark McManus, the president of the United Association of Union Plumbers and Pipefitters, said in a statement Thursday.

Sadly, the Biden Administration has now put thousands of union workers out of work. For the average American family, it means energy costs will go up and communities will no longer see the local investments that come with pipeline construction,” he added.

However, McManus only has himself to blame for these policies with his union backing Biden last year. They sold their country out and now they’re paying the price for their own lack of foresight and patriotism.

Big League Politics reported on Biden’s hostility to the working man on the campaign trail, as he represented foreign interests and the corporate elite with his candidacy:

Today while campaign in a new auto plant in Michigan Joe Biden was met with some criticism concerning his stance on the Second Amendment from one of the local auto union worker.

The unnamed auto worker told the former Vice President and current delegate leader to be the Democrat nominee, “you are actively trying to end our Second Amendment right”, to which Biden responded “You’re full of sh*t”.

After Biden told the union worker that he was “full of sh*t” a female campaign staff member tried to move the former Vice President along, but was met with “no, shhhh, shhh”.

Biden then went on to point his finger in the face of the auto worker telling him that he doesn’t need to own a “AR-14” and that he will slap the auto worker.

The auto worker’s concern over Biden’s Second Amendment policy may be based on Biden’s announcement on March 4th where he said that anti-gun and failed presidential candidate Beto O’Rourke “will be the one who leads” his gun-control effort.

The union bosses took the Democrat blood money and sold their workers out. Union corruption is a big reason why so many American jobs have been sent off shore over the past several decades.

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