PepsiCo Says Cut U.S. Taxes on Foreign Profits to Boost Hiring

U.S. companies might hire more workers if the U.S. were to cut the tax rate on cash that companies bring home from foreign subsidiaries, PepsiCo Inc. Chief Executive Officer Indra Nooyi said.

Some company profits are “trapped in overseas countries because the tax rate to bring them back is extremely high,” Nooyi said in an interview on CNN’s “Fareed Zakaria GPS” program, scheduled for broadcast today. Taxing repatriated cash at 15 percent, compared to the top corporate rate of 35 percent, is “a creative way to address unemployment, without adding to the deficit,” Nooyi said.