Jan 18, 2018

Tim Cook: Apple investing billions in U.S. thanks to tax cuts

Apple CEO Tim Cook. Photo: Justin Sullivan / Getty Images

Apple CEO Tim Cook told ABC on Wednesday that Apple will now be "paying $38 billion that we would not have paid" under the old tax system, but will be paying less over time, which is "one reason why we can... invest over $350 billion in the United States."

Why it matters: Axios' Ina Fried reported that Apple plans to open its second corporate campus in the U.S. in its plan to add $350 billion to the U.S. economy over the next five years. It also plans to create an additional 20,000 jobs in the United States. Trump reportedly called Cook and thanked him.

Go deeper

Coronavirus could lower GDP by $15.7 trillion

Reproduced from Congressional Budget Office; Chart: Axios Visuals

The CBO released projections on Monday for U.S. nominal GDP to be lower by $15.7 trillion over the next decade than its estimate in January as a result of the coronavirus pandemic.

What they're saying: It predicts that when adjusted for inflation GDP will be $7.9 trillion lower over the next decade and down by $790 billion in the second quarter of this year — a 37.7% quarterly contraction.

17 mins ago - Sports

The sports teams that have issued statements on George Floyd protests

Data: Twitter; Graphic: Andrew Witherspoon/Axios

74 of 123 teams (60%) across the big four American sports leagues issued statements regarding George Floyd's murder and the ensuing nationwide protests as of 12 a.m. ET today.

Why it matters: Teams should be judged by their actions more than their words, but seeing who did and did not acknowledge the biggest story in America gives a sense of what each franchise believes its role — and the role of sports more broadly — should be at a time like this.

Updated 58 mins ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 7 a.m. ET: 6,289,259 — Total deaths: 375,987 — Total recoveries — 2,706,820Map.
  2. U.S.: Total confirmed cases as of 7 a.m. ET: 1,811,277 — Total deaths: 105,147 — Total recoveries: 458,231 — Total tested: 17,340,682Map.
  3. Public health: Nearly 26,000 coronavirus deaths in nursing homes have been reported to federal health officials —Coronavirus looms over George Floyd protests across the country.
  4. Federal government: Trump lashes out at governors, calls for National Guard to "dominate" streets.
  5. World: Former FDA commissioner says "this is not the time" to cut ties with WHO.
  6. 🎧 Podcast: The virus didn't go away.