The headline from Apple is that it will make a $350 billion “contribution” to the U.S. economy over the next five years, although it’s unclear exactly how the company came to that number.
The company also promised to create 20,000 new jobs and open a new campus.
It said it expects to pay about $38 billion in taxes for the horde of cash it plans to bring back to the United States. This implies it will repatriate virtually all of its $250 billion in overseas cash.
That’s quite the windfall, for Washington, for American consumers, and for the economy as a whole. And it doesn’t remind me at all of the heady days of the early Obama Administration, when we were told that “business climate” was just a myth.