Jan 17, 2018

Apple says it will add $350 billion to US economy in next five years

Apple CEO Tim Cook (Photo: Justin Sullivan/Getty Images)

Apple plans to open a second corporate campus as part of a broader plan to "directly contribute" $350 billion to the U.S. economy over the next five years, a figure that doesn't include its regular taxes, tax revenue from the wages it plays employees or the sale of Apple products.

Why it matters: While it manufactures nearly all its products outside the U.S., Apple has been eager to show how much it contributes domestically including all the developers, Apple suppliers and contract manufacturers that are based here.

Here are some of the stats Apple is touting:

  • Apple expects to pay around $38 billion in repatriation taxes thanks to the new law (the largest such payment of its kind).
  • Apple expects to spend more than $30 billion in U.S. capital expenses over the next five years. (Over $10 billion will be in data centers.)
  • Apple is increasing the size of an advanced manufacturing fund to $5 billion from $1 billion.
  • Apple plans to create 20,000 new U.S. jobs on top of its 84,000 existing U.S. workers.

As for the new campus, Apple said it will initially handle technical support, with the location to be announced later this year.

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Trump acknowledges lists of disloyal government officials to oust

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President Trump on Monday acknowledged the existence of assembled lists of government officials that his administration plans to oust and replace with trusted pro-Trump people, which were first reported by Axios' Jonathan Swan.

What he's saying: “I don’t think it's a big problem. I don’t think it's very many people,” Trump said during a press conference in India, adding he wants “people who are good for the country, loyal to the country.”

Coronavirus only part of the story behind the Dow’s drop

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As someone has certainly told you by now, the Dow fell by more than 1,000 points yesterday, its worst day in more than two years, erasing all of 2020's gains. Most news headlines assert that the stock market's momentum was finally broken by "coronavirus fears," but that's not the full story.

What's happening: The novel coronavirus has been infecting and killing scores of people for close to a month and, depending on the day, the market has sold off or risen to record highs.

Bernie's historic Jewish fight

Illustration: Sarah Grillo/Axios

Sen. Bernie Sanders would be the first Jewish presidential nominee of a major American political party — but that history-making possibility is being overshadowed by his conflicts with America's Jewish leaders and Israel's leadership.

The big picture: That's partly because we're all focusing on the implications of Democrats nominating a self-described democratic socialist. It's also because a candidate's religion no longer seems to matter as much to voters or the media, making the potential milestone of a Jewish nominee more of a non-event.