Apple, Returning Overseas Cash, to Pay $38 Billion Tax Bill
- Company also plans $30 billion in U.S. capital expenditures
- Apple has largest offshore cash holdings of any U.S. company
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Apple Inc. said it will bring hundreds of billions of overseas dollars back to the U.S., pay about $38 billion in taxes on the money and spend tens of billions on domestic jobs, manufacturing and data centers in the coming years.
The iPhone maker plans capital expenditures of $30 billion in the U.S. over five years and will create 20,000 new jobs at existing sites and a new campus it intends to open. The Cupertino, California-based company’s shares rose 1.7 percent to a record closing price of $179.10.