Apple appears to be bringing nearly $245 billion home from overseas

AP

• Apple is paying nearly $38 billion in taxes to the United States under new federal tax laws.
• Apple says it plans to make a "direct contribution" of $30 billion to the US over the next 5 years, and also announced plans for a new campus that will result in the hiring of 20,000 new employees.

Apple will make about $38 billion in tax payments to bring funds kept overseas back to the United States under new federal tax laws, the company said on Wednesday.

Apple said it expected to make a "direct contribution" of more than $350 billion to the U.S. economy over the next five years, and would create 20,000 jobs through hiring at existing campuses and through opening a new campus.

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Based on that figure, at the new repatriation tax rate of 15.5%, Apple is repatriating $245 billion dollars, according to a CNBC estimate, which is nearly all of the overseas cash Apple currently holds.