Cisco CEO: Taxes too high; 'I cannot repatriate' my company's billions

[Newsjock]

Source: CNBC

Network giant Cisco holds nearly $50 billion in profits offshore, but CEO John Chambers said the company is unlikely to repatriate the money back to the U.S.

"I cannot repatriate the $47 billion," Chambers told CNBC, speaking from the sidelines of the St. Petersburg International Economic Forum.

He explained: "The U.S. tax system is broken. We have waited for four years for this almost $50 billion that we have got overseas to come back. We are assuming that is not going to happen. We do not think we are moving with the speed needed."

... He said that Cisco would instead look to make investments in different countries in the coming years, especially in emerging markets and Asia-Pacific.

Read more: http://finance.yahoo.com/news/ciscos-chambers-us-tax-system-084600105.html

[LonePirate]

1. He can easily repatriate those profits. He simply does not want to pay taxes on them.

He is a tax dodger plain and simple'

[Myrina]

3. Yep.

If they 'repatriate' them to use on R&D or building new facilities, it can be written off as capital expenses. They know this.
They just don't want to do it.

[atreides1]

2. I love these "patriots".

They relish all of the protections that the US is able to provide, but yet don't want to pay a fair share to keep it going for future generations.

[Octafish]

4. THAT's the kind of guy who should be in GITMO.

And the rest of the CEOs and board members who do likewise.

Oh, Mr. Clapper? Don't hold back on the torture.

[The Magistrate]

10. Hear Hear, Sir!

[Laurian]

5. He has no trouble using US resources, though......

Transportation, educational systems, security, etc.

Take, take, take and never give back.

[City Lights]

6. Greedy SOB.

Go fuck yourself.

[historylovr]

7. I second that. nt

[Puzzledtraveller]

8. and that's why our nation is crumbling

the money is made somewhere else and it is kept somewhere else all the while enjoying the benefits of doing business in America. And we let them getaway with this, we made it legal.

[Initech]

9. Grrr... another greedy piece of shit.

I swear this type of greed is a disease and it's destroying everything it touches.

[FSogol]

11. Can I bring up my proposed "US should seize the Cayman Islands" program?

Seal Team Six and every accountant we can find in the Treasury Department are air dropped on the Island.

After taking total control, we release the funds owned by foreign citizens and foreign corporations.

All of that illegal cash that has bypassed US taxes can be seized and put in the US Treasury. When the billionaires squawk, jail them on tax evasion.

We rename the island, The Hamiltonian Islands after our first Sec. of the Treasury and it becomes a new US Territory.

Problem solved.