Cisco Lobbies For Tax Cuts As It Prepares To Slash Thousands Of Jobs

[Omaha Steve]

http://www.laborradio.org/Channels/Story.aspx?ID=1456836

Cisco is cutting jobs. Jesse Russell reports.

Cisco is considering slashing 14 percent of its workforce according to the Bloomberg News. The company could cut 7,000 of those jobs as soon as the end of August. Meanwhile, as it slashes jobs the company is also lobbying Congress for tax breaks. According to Think Progress Cisco is a member of a group called WinAmerica, which lobbies specifically for a repatriation holiday. According to Tax.com, Cisco already has a tax rate of 19.8 percent while the statutory tax rate in the United States is 30 percent. Data collected after the 2004 repatriation holiday suggests such a measure doesn’t help create jobs. Those companies that benefited from the break still laid of thousands in the following years. Meanwhile, Cisco CEO John Chambers recently earned the distinction of being the ninth highest paid chief executive in the country. His total one-year compensation including stock gains is $37.9 million.

[midnight]

1. Tax breaks don't create jobs.... We know it... They know it...