Apple Investing in America

Wow. That’s a big pile of money.

Apple will pay about $38bn (£27.3bn) in tax on the roughly $250bn cash pile it holds outside the US following recent changes to American tax rules.

The sum is expected to be the biggest payment under the reforms, which slash the US corporate tax rate.

The tech giant also plans to build a new campus and create 20,000 new jobs in the US.

Apple said its plans would contribute more than $350bn to the US economy over the next five years.

The company has not said how much of its cash abroad would be brought back to the US.

Chief executive Tim Cook said Apple is “focusing our investments in areas where we can have a direct impact on job creation”.