In the Oscar-winning movie Forrest Gump, there’s a short scene in which Tom Hanks’s character opens a letter of thanks from Apple after his former military colleague and business partner Lieutenant Dan invested some of the profits from the Bubba Gump Shrimp Company in “some kind of fruit company.”
It’s been 25 years since that movie debuted. If Gump was real and if he was still clinging on to his investment today, his investment in the Cupertino company would worth around $28 billion.
Apple is synonymous with the city of Cupertino — and vice versa. But Cupertino still has to offer Apple the right tax deal in order to stay the hometown of choice for the city’s biggest taxpayer.
According to a new report, Cupertino has awarded Apple close to $70 million, taken from sales-tax collections in the past 20 years. Public records also show that this amount has increased dramatically in the last few years.
In this week’s Cult of Mac Magazine: The annual Apple event we’ve all been waiting for is right around the corner.
On September 12, Apple will host a special keynote from the Steve Jobs Theater in Apple Park, where it will reveal all the hardware it has planned for this fall.
We’re expecting a slew of big announcements, including updates for the iPhone, iPad and Apple Watch — all of which will be covered by Cult of Mac. You’ll find that top story and much more. Get your free subscription to Cult of Mac Magazine from iTunes. Or read on for this week’s top stories.
Apple won’t have to pay additional taxes to the city of Cupertino based on the company’s number of local employees, city officials have decided.
Some Cupertino City Council members planned to give voters the opportunity to decide whether Apple, and other large local businesses, should pay a “head tax.” Apple would have paid around $9.4 million annually to the city. However, those plans have now been scrapped.
Apple is the reason why most non-locals know the name Cupertino. Just in case free international advertising wasn’t enough, however, the company just sent a letter to the Cupertino City Council, outlining all the nice things Apple does to benefit its hometown.
Although it doesn’t mention it, the letter conveniently arrives on the eve of a discussion on whether to impose a “head tax” on Apple employees in the area.
Cupertino’s city government decided to ask voters next year whether it should charge businesses a tax on every worker. Apple is the city’s largest employer, so most of the cost would have fallen on the iPhone maker.
The original plan, while vague, was to use the additional revenue to create more affordable housing options and improve Cupertino’s transit system.
Cupertino could introduce a tax that would charge Apple an additional fee based on its number of employees. The city has hired a firm to poll residents asking their thoughts on such a tax, and how it should be spent.
At present, Apple has upwards of 25,000 employees in the Bay Area, although it’s not clear how many of these are specifically based in Cupertino. Apple is Cupertino’s largest employer, and has been for many years.
U.S. Secretary of the Treasury, Steve Mnuchin, paid a visit to Apple’s new spaceship campus in Cupertino today.
Mnuchin got a tour of Apple Park accompanied by Tim Cook. The Ape CEO has a history of both working against and with Donald Trump’s administration, and in the duo’s photo that was tweeted this afternoon, it doesn’t look like Tim is particularily stoked.
Check out the full tweet:
The shuttle buses that ferry Apple’s employees from San Francisco to Cupertino are coming under fire.
Not from anti-gentrification protestors but from some unknown person that keeps shattering bus windows as they’re cruising the freeway.
Apple gave fans an early hands-on preview of the iMac Pro at the Final Cut Pro Creative Summit in Cupertino this weekend.
The new machine is slated to go on sale later this year. Apple demoed the iMac Pro along with Final Cut Pro X 10.4 which packs some big new features.
