Cisco's Chambers: Business is easier in Russia

DAVOS, Switzerland (CNNMoney) -- Cisco Systems CEO John Chambers said Thursday that doing business in other countries, including Russia, is easier than in the United States.

"Right now, it's a lot easier to do business in the U.K., or Canada, or Russia, which I never thought I would say, or in China," Chambers told CNNMoney's Poppy Harlow.

Cisco is holding $43 billion overseas and not bringing it back to the U.S. because of the tax on repatriated profits. Chambers said this tax is 33% in the United States.

"No other developed country in the world pays more than 2% on their foreign earnings," he said.

Chambers, attending the World Economic Forum in Davos, said the one regulation keeping Cisco (CSCO, Fortune 500), a technology communications based in San Jose, Calif., from hiring more workers is the corporate tax on repatriated profits.

Which candidate paid the most taxes?

He also said the capital gains tax should remain between 15% and 20%.

He acknowledged that Cisco cut thousands of jobs last year because the company "got fat."

When asked if a Republican in the White House would make a meaningful difference for American business, Chambers answered "yes" and said that he endorses businessman and former Massachusetts Gov. Mitt Romney for president.

"He's got the experience of being a prior governor; he's run large operations," said Chambers, who supported another Republican, Sen. John McCain of Arizona, in the 2008 presidential election. "He's a moderate and I think Americans want somebody who would be in the middle road."

When asked about the 14.5% rate that Romney paid in federal taxes, Chambers replied, "I think all of us have to be transparent about what we do."

Romney's real estate

Romney is currently embroiled in the race for the Republican primary. Romney faces a tough fight with former House speaker Newt Gingrich in Florida's primary on Tuesday.

JPMorgan Chase (JPM, Fortune 500) Chief Executive Jamie Dimon told CNN's Richard Quest that he believes Romney will win the GOP nomination, but did not announce support for him.