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Cisco's Tax Strategy Saves $7 Billion, Seeks More

June 28, 2011 11:30 AM EDT June 28 (Bloomberg) -- Cisco Systems Inc. cut its income taxes by $7 billion since 2005 by booking roughly half its worldwide profits at a foreign subsidiary, which offers a lower tax rate. Now the company is looking to save more, asking Congress for a tax holiday that would waive most federal taxes due when multinationals repatriate offshore earnings. Megan Hughes reports on Bloomberg Television's "In The Loop." (Source: Bloomberg) (Bloomberg)

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