Apple announced Wednesday it would make more than $30 billion in capital expenditures and hire more than 20,000 more people over the next five years, and would help contribute to the U.S. more broadly in part because of the tax reform plan Republicans passed into law last year.

Apple predicted a total $350 billion "contribution" to the economy over the next half-decade, which includes a $38 billion tax payment to the federal government based on the repatriation of $245 billion in overseas income. Under the GOP tax bill, Republicans allowed companies to repatriate cash earned overseas with a 15.5 percent tax, instead of the usual 35 to 40 percent.

The company was already planning on spending $55 billion on domestic U.S. suppliers and manufacturers in 2018.

"Apple is a success story that could only have happened in America, and we are proud to build on our long history of support for the US economy," said Apple CEO Tim Cook. "We believe deeply in the power of American ingenuity, and we are focusing our investments in areas where we can have a direct impact on job creation and job preparedness. We have a deep sense of responsibility to give back to our country and the people who help make our success possible."

The investments will be in direct employment by Apple, enhancing the iPhone and App Store's app world, and spending with Apple’s domestic suppliers and manufacturers.