John Chambers, the top executive at networking giant Cisco (Nasdaq: CSCO), says U.S. tax policy is preventing him from adding more workers to the company’s payroll.
In an interview with the Washington Post, Chambers says he will be lobbying again for lower tax rates on Cisco’s profits overseas. Cisco is one of numerous companies that have “parked” profits outside the U.S. because of taxes that would have to be paid if that money was returned.
“Cisco is one of very few companies that is hiring today, having already added 10 percent to our workforce this past year,” Chambers said. “I’d like to grow our head count another 10 percent in the U.S. if we could repatriate our foreign earnings at a low rate.”
Cisco employs more than 4,000 people at its campus in RTP. That’s the largest concentration of Cisco workers outside of its Silicon Valley headquarters.
Chambers is also delivering a speech to the Northern Virginia Technology Council during his D.C. visit.
For the interview with Chambers,
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