About those 'Job Creators' . . .

Discussion in 'Economy' started by Synthaholic, Jul 13, 2011.

  1. Synthaholic
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    Synthaholic Platinum Member

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    About those 'job creators': Cisco to cut 10,000 jobs while lobbying for tax break


    According to Bloomberg:
    Cisco Systems Inc. (CSCO), the largest networking-equipment company, may cut as many as 10,000 jobs, or about 14 percent of its workforce, to revive profit growth, according to two people familiar with the plans. The cuts include as many as 7,000 jobs that would be eliminated by the end of August, said the people, who asked not to be identified because the plans aren’t final. Cisco is also providing early-retirement packages to about 3,000 workers who accepted buyouts, the people said.
    Cisco's CEO is the ninth highest paid in America, with one-year total compensation of $37.9 million. But by corporate logic, the way to make the company more profitable is to get rid of thousands of workers' jobs without dinging the tens of millions of dollars in pay for the guy who's ultimately in charge.


    The other big mainstay of corporate logic, of course, is that there's nothing some extra tax cuts won't make better, and Cisco is hewing to that as well. ThinkProgress reports that Cisco is part of a group of corporations calling themselves WinAmerica to argue for a corporate repatriation tax holiday, in which corporations would get to bring money they've stashed overseas to the U.S. at a sharply reduced tax rate.


    Cisco has an effective tax rate of 19.8 percent and has avoided $7 billion in taxes since 2005.
     
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  2. xsited1
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    xsited1 Agent P

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    If Cisco has to cut jobs to stay solvent, why can't the Federal government?
     
  3. uscitizen
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    uscitizen Senior Member

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    sure and we should outsource our military to China as well?
    it would save a bunch of money.
     
  4. xsited1
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    xsited1 Agent P

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    We already pay for China's military because the government can't keep spending under control. I guess outsourcing wouldn't be much of a stretch.
     
  5. uscitizen
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    uscitizen Senior Member

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    Let them take their risk on keep ing their money overseas or pay the full sare of tax to bring it back in.
     
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  6. Synthaholic
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    Synthaholic Platinum Member

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    Excellent idea, uscitizen!
     
  7. driveby
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    driveby Gold Member

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    So raise their taxes, that'll show 'em !! ......:cuckoo:


    P.S. Thinkprogress?, seriously?...... :lol:
     
  8. CrusaderFrank
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    CrusaderFrank Diamond Member

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    DO they make bank ATM machines?
     
  9. Synthaholic
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    Synthaholic Platinum Member

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    How about just making them pay their taxes?
     
  10. The Rabbi
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    The Rabbi Diamond Member

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    What taxes are they not paying?

    Instead of blaming corporations for not hiring let's blame the FedGov for creating policies that punish success.
     

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