These investments are in addition to what Apple already committed previously and excludes revenues generated through sales taxes paid on its products, the company's own current taxes and taxes that its employees pay on their wages.
Apple's investments will be focused on three areas: direct employment by Apple, spending and investment with Apple's domestic suppliers and manufacturers, and fueling the app economy which Apple created with iPhone and the App Store.
Combining the new investments and current spending with USA suppliers, Apple estimated it would contribute US$350 billion to the U.S. economy over the next five years, the newspaper said. The company already employees 84.000 workers in all 50 states.
Apple hasn't announced where it will build its new campus, but it is expected to house the technical support staff there who speak with customers in the U.S.
This investment would create 20,000 jobs, boosting Apple's overall USA workforce to more than 100,000. Under the new law, that rate is cut to 15.5 percent, saving Apple tens of billions of dollars compared to what it would have paid to bring the cash home in 2017.
Apple plans to increase the Advance Manufacturing fund from $1 billion to $5 billion, which was established to support innovation among American manufacturers. The company listed $252.3 billion in overseas cash in its most recent filing with the SEC. That means the new positions created by Apple are likely to have a more significant political impact than its $38bn tax payment, according to Erik Gordon, a professor at the University of Michigan's Ross School of Business.More news: Wolff's Fire and Fury to be adapted into television series
To date, Apple has already invested billions of dollars in data centers and co-located facilities in seven US states, including North Carolina, Oregon, Nevada, Arizona and a recently announced project in Iowa.
Recent changes to US tax law enable companies to repatriate their foreign cash hoards at a significant discount.
Apple is about to give the U.S. economy a huge boost in the form a $350 billion five year investment.
The new plans for Apple contributions to the U.S. economy were revealed in a press release today. Following in the footsteps of Amazon, it also plans to add a new campus somewhere in the USA this year.
Apple will be paying 15.5 percent in taxes to repatriate its overseas cash, suggesting the company plans to repatriate approximately $245 billion, or almost all of its foreign money. With that initial focus on technical support, however, it should mean that Apple can build it anywhere in the United States and isn't necessarily limited to building in Cupertino.