Apple CEO Tim Cook reportedly told President Donald Trump in a meeting in the Oval Office on Wednesday that he loves the Republican tax reform law passed in December.
Larry Kudlow, Trump’s top White House economic adviser, conveyed to CNBC on Thursday it was the first thing the Apple chief said when he and the president met.
“He loves the tax cut and tax reform,” Kudlow said. “He said it’s great for business. And Apple is going to be building plants, campuses, adding jobs, lots of business investment. That was the first point he made to President Trump.”
Cook also offered his thoughts to Trump about trade issues with China, which undoubtedly included the topic of intellectual property theft by the Chinese.
The Tax Cuts and Jobs Act dropped the corporate tax rate from 35 percent — the highest in the industrialized world — to 21 percent, which is below the average.
After passage of the law, Apple announced in January plans to invest $350 billion in the U.S. economy, create 20,000 new jobs and open a new campus over the next five years.
Additionally, the company said it would be bringing virtually all of its $250 billion cash earned overseas back into the U.S.
According to CNBC, Apple is the nation’s largest taxpayer.
In addition to cutting the corporate rate, the tax reform law encouraged corporations to bring cash back to the U.S. by paying a one time repatriation fee of between eight and 15 percent.
The New York Times reported in January that Apple — which had 94 percent of its total cash of $269 billion outside the U.S. — planned to pay a $38 billion tax payment to move its cash back into the country.
Trump took great satisfaction in the move, saying it was exactly what he predicted would happen under the new tax law.
I promised that my policies would allow companies like Apple to bring massive amounts of money back to the United States. Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA! https://t.co/OwXVUyLOb1
— Donald J. Trump (@realDonaldTrump) January 17, 2018
Apple told its employees they would each receive $2,500 worth of stock in the company.
Apple has more than 120,000 employees worldwide.
Cook was among Trump’s guests at the state dinner for French President Emmanuel Macron on Tuesday and was given the honor of sitting at the head table with the two national leaders.
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