Cook added that under Obama's tax plan, the $38 billion tax payment the company plans to make as part of repatriating offshore cash would not have been paid. Currently, Apple says that it employs around 84,000 people in the U.S. On the other hand, an October filing with the Securities and Exchange Commission shows that it totals 132,000 full-time employees worldwide, showing that about a third of its employees work overseas.
Apple said it will concentrate its new investments in "three areas where Apple has had the greatest impact on job creation: direct employment by Apple, spending and investment with Apple's domestic suppliers and manufacturers, and fueling the fast-growing app economy which Apple created with iPhone and the App Store".
"I have that faith - that it will be used for great objective for the country", said Cook, "whether that's infrastructure or education, or what have you, that will further supply jobs in the U.S".
"There was an ironclad reason why large-capital tech companies like Apple could not bring (overseas cash) home", said Ives.
Apple, which just spent an estimated $5 billion building a Cupertino, California, headquarters that resembles a giant spaceship, plans to announce the location of a second campus devoted to customer support later this year.
Apple is starting a new facility in downtown Reno in order to support its existing Nevada facilities.
On Wednesday, Cook told ABC News that the company was going to bring back "the vast majority" of its cash.
The group's Park Soon-jang said: "For the sake of its loyal fans, Apple has to take responsibility over the slowing iPhones".
The pledge announced on Wednesday comes less than a month after the US Congress approved a sweeping overhaul of the US tax code championed by US President Donald Trump that would increase corporate profits. However, this is something that Apple doesn't directly say is the sole motivation.
More than $10 billion of Apple's expanded capital expenditures will be investments in data centres across the US. Still, it's important to know that some of this "direct contribution" isn't voluntary and is a deemed repatriation required by law.
The repatriation of cash "is "a major game-changer for Apple", said Daniel Ives, chief strategy officer and head of technology research at GBH Insights". Apple also told employees that it's issuing stock-based bonuses worth $2,500 each following the new United States tax law, according to people familiar with the matter. It's something that Apple CEO Tim Cook promised the company would do if it could avoid being taxed at the 35 percent rate that had been in effect under the previous tax law.