Chambers again assails tax on overseas profits; endorses Romney for prez
Is Russia better for business and a better place to do business than the US? Cisco CEO John Chambers thinks so.
In an interview with CNN from the World Economic Forum in Davos, Chambers rattled off a handful of countries, including Russia, that are more business friendly than the US. The list even includes China!
Chambers implicates the US tax on repatriated profits as a detriment to doing business in the US. The current tax rate on overseas profits brought back to the US is 33%; Chambers says no other country taxes overseas profits more than 2%.
Cisco has about $43 billion stashed overseas, according to the CNN post.
Chambers also told CNN he’s endorsing Mitt Romney for the Republican presidential nomination, and for president. And even though Romney is taking heat for only paying 15% in taxes on millions in income from investments, Chambers says the capital gains tax rate should stay just about where it is.
But he seems to feel the US rate on overseas profits needs to come down by about 90%. Cisco has been very vocal in the past on this issue, with Chambers even driving the point home on the Sunday night TV newsmagazine “60 Minutes.”
Something’s gotta give — or Cisco may continue to find Russia and China much more appealing places to do business!
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