On Wednesday, Apple announced it would directly contribute more than $350 billion to the USA economy over the next five years, not including about $38 billion in repatriation tax payments or other taxes.
All told, Apple said its "direct contribution" to the us economy will be more than $350 billion over the next five years.
The company also plans to invest $30 billion in capital expenditures in the US, including establishing a new Apple campus to initially house customer technical support operations.
The new tax law lets USA companies bring overseas cash reserves back home in one year and pay the resulting tax bill over eight years.
Apple said on Wednesday it would make a one-time payment of $38bn to repatriate some of its massive overseas cash holdings.
That $350 billion also includes other investments and spending with domestic suppliers and manufacturers. The location for the facility will be announced later this year. While the tax change could be a boon for Apple (NASDAQ: AAPL), given that over $250 billion of its cash is held overseas, the opportunity to repatriate this cash had many investors wondering exactly what the tech giant would do with it. The company already employs 84,000 people in the US.
It's not clear how many of those 20,000 new employees will be housed in the new campus.
More than $10 million of Apple's investment will be in data centers across the country.
According to Apple, its contribution to the US economy will focus on three key areas that the company said will have "the greatest impact on job creation". For more analysis on Apple, visit the IBD Stock Checkup. That "deferral" provision led companies to stockpile an estimated $3.1 trillion offshore and many were criticised for the moves, including Apple. Apple says it will announce the location of this new facility later this year with a plan to make the building run on 100 percent renewable energy sources. It's expanding the current efforts to support coding and STEAM (Science, Technology, Engineering, Arts and Math) programs and will be adding new programs to help teachers.
In his conversation with Cook, Cramer said the CEO emphasized the need for his company to be a leading corporate citizen and create jobs that will last through technological advances.