Tim Cook Neglects to Mention Tax Reform During Investment Speech Tim Cook Neglects to Mention Tax Reform During Investment Speech – NTK Network

Tim Cook Neglects to Mention Tax Reform During Investment Speech

Did the Apple CEO forget to thank President Trump and Republicans or was the omission intentional? You decide.

By NTK Staff | 01.17.2018 @2:49pm

During an event in Reno, Nevada in which Apple CEO Tim Cook announced the tech giant would invest $350 billion in the U.S. economy over 5 years, the company’s top executive failed to thank or even mention the tax reform bill passed by Republicans in late December.

Cook announced Apple would build a second corporate campus and hire 20,000 workers during the next five years. An announcement regarding the location of that second campus is expected later this year.

Apple also intends to repatriate the more than $250 billion parked in overseas accounts. A move like that, which will trigger a $38 billion tax bill for Apple, would have been unthinkable under the previous corporate tax rate of 35 percent. Thanks to Republicans’ efforts, the corporate rate is now about 20 percent.

Apple’s press release regarding the announcement also neglects to mention the recently passed tax reform as a reason for its move Wednesday. The closest Apple gets to thanking Republicans and President Trump for passing tax reform is a brief citation: “recent changes to the tax law” requires Apple to pay $38 billion in repatriation taxes.

Other companies, like AT&T, Boeing, American Airlines, Southwest Airlines, and Wells Fargo all named tax reform as the reason for reinvestment in employees. Apple’s decision not to mention tax reform is notable.

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