Apple is moving the majority of its overseas money back to America, according to a report by The New York Times.
Taking advantage of lower taxes abroad, Apple, like a lot of other multi-billion dollar companies, has kept a large amount of money overseas — around $252 billion according to 2017 estimates.
Now, however, Apple has decided to move most of those funds back to the U.S., taking advantage of a new tax cut recently passed in Congress.
At a rate of 15.5 percent, Apple will pay a one time tax of $38 billion. To put this into perspective, under the regular tax rate of 35 percent, Apple would owe an estimate estimated $88 billion, so this deal is saving the company an insane $50 billion
The Cupertino-based company has announced it will use that money to build a new campus in an unannounced location that will create around 20,000 new jobs.
President Trump saw this as a big win for himself and his tax cut, which is a $1.5 trillion cut that mostly benefits large corporations and the wealthy. However, it’s not clear whether Apple's new campus plans are based entirely on the tax cut.
For more details on the story, head to The New York Times piece here.
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