Science

Tim Cook says Apple should have been 'clearer' about software update

Tim Cook says Apple should have been 'clearer' about software update

The new campus will house tech support staff.

"Frankly, I think Apple's view of how to generate jobs, how to create wealth away from the shareholder base, is probably a heck of a lot better than anything the government could ever do", Cramer said. Senator John Thune, R-South Dakota, sent Apple CEO Tim Cook a letter with questions about Apple's slowdown feature and its transparency, and requested answers by January 23.

Apple hasn't disclosed specifically what it will do with its cash amount once repatriated, but did say that it expects to pay $38 billion in taxes to bring profits held overseas back to the United States.

Now, with the new USA tax law providing a much lower cost for cash repatriation, Cook and the managements of many other US multinational companies are expected to bring home a sizable chunk of the $1.4 trillion that Moody's Investors Service estimates is held offshore by nonfinancial US companies. Clearly, Apple will be using some of this repatriated cash for share buyback and dividends, but they are trying to spin the PR towards creating jobs and investing in America.




Throughout his campaign, Trump went after Apple and other companies for manufacturing their products overseas. "They're gonna build plants, they're gonna build a big campus, they're really going to town, so we want to thank Apple". Im happy to announce that starting immediately and running through the end of 2018, Apple will match all employee charitable donations, up to $10,000 annually, at a rate of two to one.

That one-time tax must be paid "whether the cash comes back home or not", so there is no longer an incentive for companies to keep the cash offshore as a way of deferring paying taxes on those earnings, said Manal Corwin, principal in charge of global tax policy at the accounting and consulting firm KPMG. "So it sounds like President Trump's tax bill has been a huge windfall for Apple?", Jarvis asked. Apple's statement prompted Trump to gloat: "Great to see Apple follow through as a result of TAX CUTS". In response, Apple announced that iPhone users would be able to purchase a $29 battery replacement for the next year, even if the battery is healthy.

Cook stated that he believed the harsh tax restrictions forced "people to invest elsewhere instead of within the country".

"I hope - I have that faith - that it will be used for great goal for the country, whether that's infrastructure or education, or what have you, that will further supply jobs in the U.S", Apple said about the $38 billion tax payment.


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