updated 10:45 am EST, Thu February 17, 2011
Demands come despite federal budgetary crisis
A variety of technology corporations are among those pressuring the US government to give them a preferential tax break, sources tell Fortune. Apple, Cisco, Pfizer and Duke Energy are specifically named as lobbying politicians for a tax "holiday" in regards to repatriated cash. Whereas the companies would normally be obligated to pay 35 percent, their goal is allegedly to pay just 5 percent.
Apple and Cisco are said to have billions of dollars overseas, giving them special incentive to avoid taxes. Cisco CEO John Chambers is noted to be a particularly outspoken advocate for lower repatriation costs, working on the assumption that they could foster more investment in the US and help deliver dividend payments to investors. The US government is at the same in the middle of a budgetary crisis, and so dropping a significant source of tax revenue could be seen as harmful to the country.