Well, it apparently has helped the bosses of American tech giants like Google, Oracle, Sun Microsystems and Cisco hoard $40 BILLION in cash reserves.
Only problem is they can’t bring it back to the US without paying a 35 per cent rate in tax (or three times our rate).
So now Cisco CEO John Chambers (above) has called on the US government to allow it to bring its overseas profits back to America at a corporate tax rate of 5 percent claiming it would bring cash “flooding into the country” in quantities potentially “larger than the entire [US] federal stimulus package.”
As Gawker notes:
Cisco is hardly alone among corporations who avoid taxes. Google and Facebook do it, as do many smaller tech companies. But you have to be extraordinarily shameless to defend and call for the institutionalization of tax dodgery, on camera, in the midst of sky high unemployment and a stalled economy — while a loud number of your shareholders are demanding you bring the money home and pay regular 35 percent taxes on it. John Chambers isn’t the embodiment of what voters hate about American corporations. He’s a walking, talking toast to it.
He must love Ireland.
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