Apple Expects $38B Tax Hit On Overseas Cash From GOP Bill

Law360, Washington (January 17, 2018, 8:11 PM EST) -- Apple Inc. said Wednesday it expects to pay $38 billion in taxes on repatriated funds brought from overseas as required by the new federal tax overhaul, noting it would likely be the largest payment of its kind ever made.

The tech giant announced that it would directly contribute more than $350 billion to the U.S. economy over the next five years when combining new investments and Apple's current pace of spending with domestic suppliers and manufacturers — with an estimated $55 billion for 2018 alone.

Those figures don't include "Apple's ongoing tax payments, the tax revenues generated from employees' wages and the...

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