Apple and Amazon Have Their Reality TV Moment
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Reality television has come to Silicon Valley. Apple Inc. announced this week that it was accelerating “investing and job creation.” The numbers were HUGE. The company promised a $350 billion contribution to the U.S. economy over the next five years. Not only that. Apple pledged 20,000 new jobs in its homeland over that same period. Oh, and it’s going to create a new campus somewhere in the country.
Tucked away after the second or third commercial break was the real news. Apple is going to bring back its vast fortune to the U.S. to take advantage of a new, lower corporate tax rate. It will pay $38 billion in taxes for its massive store of wealth abroad. This suggests Apple will repatriate most of its $250 billion kept offshore.