Apple to Pay U.S $38B in Taxes and Add 20,000 Jobs

In a recent development, Apple made a bunch of big promises to the American economy.

The company said Wednesday that it will pay $38 billion in taxes on cash it has been keeping overseas. It also pledged to create 20,000 jobs and invest $30 billion in U.S. facilities over the next five years.

The $38 billion tax payment from bringing home overseas profits "would likely be the largest of its kind ever made," Apple said in a press release.

New U.S. tax rules mean companies like Apple can no longer avoid paying taxes on past international profits by holding the cash outside the United States. They must pay tax whether they bring the money back to the country or not.

Related: U.S. companies will pay billions in tax on offshore cash piles

American companies with global operations are now expected to pay hundreds of billions of dollars on the overseas profits they've amassed in recent decades.

Apple also informed employees worldwide on Wednesday that they would receive a $2,500 stock bonus in response to the new U.S. tax code, according to a source familiar with the matter. Bloomberg, which reported the news earlier, said the bonus would be available to employees below a certain senior level.

Apple employs about 123,000 full-time workers around the world. About 84,000 of those employees are based in the United States - Source: CNN Breaking News