"Cisco To Shed 10,000 Jobs While Asking For Giant Corporate Tax Break"
In an attempt to “revive profit,” corporate giant Cisco Systems is expected to announce that it’s laying off 10,000 workers, or 14 percent of its workforce:
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, based in San Jose, Calif., is also providing early-retirement packages to about 3,000 workers who took buyouts, the people said. [...]
Eliminating jobs will help Cisco wring $1 billion in expenses in fiscal 2012, the company said in May.
The news comes at the same time that Cisco is lobbying Congress for a huge corporate tax break in the form of a repatriation holiday, which would allow companies that have stashed money offshore to bring it back to the U.S. at a much lower rate than they would normally pay. As ThinkProgress has reported, Cisco is part of a group of corporations called WinAmerica that continue to lobby for a repatriation holiday, even as the companies already pay extremely low taxes.
Ironically, WinAmerica corporations are pushing for a tax holiday based on the claim that it will allow them to bring funds into the U.S. that they will invest in domestic operations and job creation. However, Congress approved a repatriation holiday in 2004, and data show that the companies that benefited most wound up cutting jobs in subsequent years, laying off tens of thousands of workers. The news that Cisco is laying off 10,000 American workers to boost their bottom line is further proof of just how empty the claim still is.