President Donald Trump’s new tax law is doing great things for Apple employees’ wallets.
Apple told employees today that it plans to give all of them $2,500 worth of restricted stock, thanks to the revised tax law that goes into effect this year.
News of Apple’s payout to employees comes the same day the company revealed it will contribute $350 billion to the U.S. economy over the next five years, building a third campus and adding 20,000 new employees.
Trump applauded Apple’s moves on Twitter, saying “Great to see Apple follow through as a result of TAX CUTS. Huge win for American workers and the USA!”
https://twitter.com/realDonaldTrump/status/953771038114045954
Bonuses for Apple employees
As for the stock grants for existing workers, Apple will issue them in the next few months, according to Bloomberg,
Even with more than 120,000 employees, Apple’s bonus payout will only cost the company a mere $300 million. That’s just a drop in the monstrous bucket of over $250 billion in cash Apple plans to repatriate from overseas thanks to the new tax deal.
Cook emailed employees this afternoon to inform them of the bonus. Apple says it will also match employees’ charitable donations 2 to 1 for amounts up to $10,000 for all of 2018.
Here’s the full email:
Team,
This morning we announced a new set of investments Apple will be making over the next several years, including expanding some of our existing campuses and establishing a new one. We’re also extending our efforts in support of coding education, ConnectED and STEAM programs. I encourage you to read about these announcements on AppleWeb.
I’m excited to let you know that we’re also increasing our investment in our most important resource — our people. You are the heart and soul of Apple and we want you to share in the success made possible through your efforts. Your dedication helps Apple make the best products in the world, surprise and delight our customers, and ultimately make the world a better place.
To show our support for our team and our confidence in Apple’s future, we’ll be issuing a grant of $2,500 in restricted stock units to all individual contributors and management up to and including Senior Managers worldwide. Both full-time and part-time employees across all aspects of Apple’s business are eligible. Details are available on AppleWeb.
We also know how much our employees value giving back to the communities where we all work and live. I’m happy to announce that starting immediately and running through the end of 2018, Apple will match all employee charitable donations, up to $10,000 annually, at a rate of two to one. In addition, Apple will double the amount we match for each hour you donate your time. Last year, your generosity helped people around the world through causes that are important to you. I’m proud that this year we’ll be able to build on that tradition of giving.
Apple’s success comes from our people and I am proud to work alongside each of you. On behalf of the Executive Team, thank you for your hard work and dedication.
Tim
Buster Hein is a freelance writer who lives in Phoenix, Arizona. Twitter: @bst3r.
12 responses to “Apple employees get big bonus thanks to Trump”
Tim Cook’s letter doesn’t cite the tax law or Trump as a reason for their actions, and the Bloomberg article provides no evidence of cause and effect either.
If you don’t believe it is because of the new and excellent tax plan you are an idiot!
that’s true Steve:)
The repatriation of overseas cash is a direct result but that particular feature of the tax law had biparitsan support, and was also included in Obama’s tax plan which would have had a 14% rate for repatriated cash. What I take exception to is baseless claims that Apple otherwise would not invest in markets where they see a growth opportunity or that tax cuts cause companies to pay employees more — notably everybody is getting a one-time bonus although Apple gets to pocket tax savings every year. Supply-side economics is the same voodoo it always was.
Oh please Nem Wan, keep on trying to distort reality.
During EIGHT years of Obama, we never saw anything like this. Trump’s corporate tax rate cut is the engine that is driving all of this. In fact, it’s one of several “Economics 101” philosophical core tenants to increase economic activity.
Trump is a Wharton School graduate despite all the negative press about him. The guy knows how to get business rolling, and that’s exactly what he’s done with the American economy.
Trump is a moron who live-tweets Fox & Friends and he’d sign anything on his desk. Obama took office during the Great Recession when unemployment was heading for 10% and thank god it wasn’t Trump back then. What would Trump’s populist impulses have been when the Bush economy needed a bailout? Let it all burn? Obama presided over a record 75 straight months of job growth and the stock market gained over 200%. Manufacturing output actually did come back, but not manufacturing jobs because people were replaced by robots. All Trump offers there is stirring resentment and false hope.
That’s all complete propaganda with no basis in reality. Obama and GW Bush are both globalist members of the Council on Foreign Relations (CFR) which was behind the crash of the economy and all of the horrible policies that led to export of our manufacturing to China and other countries.
Do you remember when Obama criticized Trump during the lead up to the election, saying that bringing companies back to a America was a total pipedream? It’s right on Youtube.
Trump is the first non-Globalist Republican since probably Teddy Roosevelt.
Most Republicans since then have been fakes and frauds who secretly work with Democrats to push world government and crony capitalism.
So you can say whatever you want, but reality is a cruel mistress to your phony Left-wing propaganda.
When Teddy Roosevelt became president the world had 1.7 billion people, no airplanes, no nuclear weapons, and virtually no pollution. The notion some Trumpists seem to have, that we should revert to obsolete political strategies of 100+ years ago, is as dumb as abandoning modern medicine, and likely as fatal. I am absolutely in favor of globalism — in theory, once all countries are sufficiently advanced to for people to see our common interests as a species. I want a Star Trek type future in which everyone wins and no one is left behind. We have a long way to go and Trump is wasting our time.
The grant has nothing to do tax plan. It isn’t even the first time Apple has done it. They did it in 2016 (announced in 2015).
http://money.cnn.com/2015/10/15/technology/apple-stocks-free-for-all-employees/index.html
Citing CNN does not make you reputable.
According to the CNN article “These awards, known as Restricted Stock Units, are set to be distributed to employees today, with initial grants ranging from $1000 to $2000 worth of shares, according to Apple sources who spoke with 9to5mac.”
So now everyone is getting a full $2500 thanks to Trump’s tax plan. Thanks for reinforcing what we already knew– that the Trump economy is better.
Have a nice day.
Thank you Mr. President!