Apple's $350bn pledge is all smoke and mirrors

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The firm says all of this activity will translate to $350 billion in contributions to the U.S. economy over the five year period, and that amount does not include "the tax revenues generated from employees' wages and the sale of Apple products", or "ongoing tax payments", the company said in the statement.

As for Cook, the CEO admitted in an ABC News interview that aired on Wednesday evening that the new tax system is making it easier for Apple to repatriate its overseas cash.

Analysts say much of any repatriated money may go to paying down the $97bn in debt that it incurred as it rewarded its shareholders in stock buybacks and dividends, and in giving its shareholders even more billions.

Apple's stock closed up 1.65 percent to $179.10 on Wednesday.

Trump called Apple's move a victory for efforts he has made. Overall, Apple will spend $10 billion on building data centers as part of a $30 billion investment in capital expenditures. This basically made Apple the first major USA company to act on the recent tax cuts in a way that directly influenced the country's economy and employment numbers. Apple yesterday said it had just broken ground on a new facility in Reno and also recently announced a new data center project in Iowa. "Let me be clear: There are large parts of this that are a result of the tax reform, and there're large parts of this we would have done in any situation", he said.

Details on where the new campus will be, are expected to be unveiled later in 2018.

Apple already employs 84,000 people in all 50 states in the US.

Elsewhere, Apple's U.S. investment will increase its Advanced Manufacturing Fund from $1 billion to $5 billion.

Apple said that as required by the new law, it will pay $38 billion in taxes from its massive cash holdings overseas.

The $38 billion it must pay in taxes is in addition to US issued debt of $97 billion to pay for previous dividends and share buybacks.

Apple will also increase its commitment to the United States education system.

Apple said it will now use a large chunk of the overseas cash for U.S. investments.

Apple's cash repatriation met an estimate by Goldman Sachs regarding the amount of cash that would be brought back to the United States by all S&P 500 companies as a result of tax reform.

The Trump administration will be no doubt very pleased with Apple´s announcement, which appears to show United States tax reform is having the desired effect.

According to the Institute on Taxation and Economic Policy, a research group in Washington, the company has saved $43 billion in taxes through shifting the money under the new terms that is more than any other American company.