Apple announces $350 billion investment in the US

Cook refused to "take a position" on how the new tax plan will affect individual Americans but commented on the corporate tax saying, "I do believe the corporate side will result in job creation and a faster growing economy".

The iPhone maker said in a statement it plans to use some of its foreign cash stockpile, which qualifies for reduced tax rates under a recent bill, to invest in new projects.

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

President Donald Trump said in a tweet that Apple Inc.'s decision to bring hundreds of billions of overseas dollars back to the U.S.is a "huge win for American workers and the US!"

Revealing the news in a press release entitled 'Apple accelerates U.S. investment and job creation', the scheme will also look to create a brand new campus - powered entirely by "green energy" - to house the 20,000 or so fresh workforce in, all by 2023. "We have a deep sense of responsibility to give back to our country and the people who help make our success possible", Cook said in a press release.

In an interview with ABC News last night, Apple CEO Tim Cook (pictured above) offered carefully worded responses about the tax bill's impact on his company's capital spending plans, noting that it would have made some of the intended investments one way or the other.

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Over the next five years, Apple said it would focus its capital spending on three areas: direct employment, suppliers and manufacturers, and the "fast-growing app economy".

Apple presently has around 84,000 employees in the U.S. and the company is focusing on investing in such areas where direct employment opportunities will be created, Chief executive Tim Cook said.

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

It was revealed late previous year in leaked financial documents known as the Paradise Papers that Apple shifted much of its offshore wealth from Ireland to a tax haven in the British Isles. Instead of the 35 percent tax Apple would have had to pay on any overseas cash it brought back to the USA, the new tax law imposes on one-time, 15.5 percent tax on those funds, whether or not they're repatriated.

The world's most valuable company noted at the time that it has earmarked $36 billion to cover deferred United States taxes.

The documents shared with some media outlets by the US-based International Consortium of Investigative Journalists have exposed tactics the wealthy and powerful have used to avoid taxes.

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