(CNBC) — Apple said on Wednesday it will invest $350 billion in the U.S. economy over the next five years, touting the creation of 20,000 new jobs and a new campus thanks, in part, to the prospect of tax reform.
The announcement raises the bar for the world's most valuable company — now a huge driver of the economy — to continue its dominance and growth in the wake of political pressure on big tech companies.
The company said it expects tax repatriation payments of about $38 billion, indicating that it will bring a portion of its $250 billion overseas cash back to the U.S. As of November, the company had $268.9 billion in cash, both domestically and overseas. Apple Chief Financial Officer Luca Maestri said in an August conference call that 94 percent of the total was outside the U.S.
Advertisement - story continues below