Apple will unveil its tax reform plan on Thursday and then deliver a keynote address before the Senate on Tuesday, company CEO Tim Appleby said during a conference call with investors.
“We’re in a good place.
We’re in the process of preparing our presentation,” he said.
The company expects to release its tax plan by the end of this month, and the presentation will take place on the Senate floor on Tuesday.
Appleby, who has been a strong proponent of tax reform, said he expects the bill will make a “big impact” on the American economy.
“I don’t think we’re going to see a return to the bad old days where we’re a very low-tax nation,” he added.
In his keynote address, Cook will be joined by Amazon CEO Jeff Bezos, Microsoft CEO Satya Nadella, IBM’s Satya Hirst and IBM’s Jim Balsillie.
“My hope is that we can build a better economy for future generations, one that has more jobs and a better future for the next generation,” Cook said.
Apple said it plans to provide $10 billion in tax cuts to companies and individuals through the corporate rate cut and the standard deduction, along with a larger credit to help businesses pay for their investments.
It plans to phase out the estate tax, as well as eliminate the estate-tax deduction, which Apple said would allow people to deduct money from their taxes.
Cook said the plan also will give businesses tax incentives to invest and create jobs.
He said it is also in the interest of Apple to invest in research and development.
“If you’re investing in new technology, then you should also be able to deduct the cost of research,” he told the investors.
Apple will also phase out a number of taxes, including the payroll tax and the sales tax, that are now in place.
The Senate is expected to pass the bill this week, and Cook said that the Senate will likely hold a final vote on the legislation on Wednesday.
“This is going to pass,” he predicted.
“It will pass because the Senate leadership has been very consistent, very clear, and very focused on the job creators and the economy.”
Appleby told investors the company will cut its tax rate from 25 percent to 20 percent by 2020, and said the company would also invest $3.4 billion in new plants and other facilities.
The Appleby family, including his father and grandfather, owns about 2.5 million shares of Apple.
Apple’s tax plan will be announced by the company’s chief financial officer, David Tepper, at a press conference Wednesday.