7:30 AM -- 60 Minutes ran a story Sunday night about how many large U.S. corporations chop their tax bills by moving parts of their businesses overseas to obscure spots such as Zug, Switzerland.
Among the companies that are benefiting from that kind of strategy is Cisco Systems Inc., which has eight companies in Ireland and estimates it has about US$40 billion "trapped" outside the U.S.
Cisco CEO John Chambers, who played a starring role in the story, wants the U.S. to approve a one-time tax break (in the neighborhood of 5 percent) to help bring that money back, viewing it as a move that could help stimulate the economy.
But he's got a steep hill to climb, as the Obama administration is already opposed to the idea. Plus, companies received this kind of break a few years ago and there's not much evidence that it created any jobs for the U.S. of A.
Chambers told Lesley Stahl he would "absolutely" promise to create jobs if given the break, later insisting that he's not asking for a handout. "All we're asking is -- give us a level playing field. Get us close."
In case you missed it, here's the entire story:
— Jeff Baumgartner, Site Editor, Light Reading Cable