(CBS News) "I think when people hear that all these companies are moving overseas because of taxes, they think that doesn't smell right," Stahl said to Swiss tax attorney Thierry Boitelle.
"Yeah, the question is, 'Does a company have a moral obligation to pay its fair share?'" he replied.
"I think many companies in the U.S. would like to keep the jobs in the U.S. if they could, but they also need to keep their shareholders happy. And they are in the U.S. in a corporate tax nightmare because it's the highest tax rate in the world," Boitelle explained.
With Japan slated to lower its rate in April, the U.S. will soon have the highest corporate tax rate in the developed world.
"We are dealing with a tax system that is a dinosaur," Cisco CEO John Chambers told Stahl.
One CEO who would talk to us was Chambers. Cisco is the giant high tech company headquartered in San Jose, Calif. He says our tax rate is insane. It's forcing companies into these maneuvers, especially when many other industrialized countries including Canada are busy lowering their tax rates in order to lure our companies and our jobs away.
"Every other government in the world has realized that the U.S. has it wrong. They're saying, 'I'm going to have lower taxes, period.' That's what you see all across Western Europe, that's what you see in Asia in the developed countries," Chambers said.
When asked if he's judged as a CEO on issues like taxes, Chambers said, "Absolutely."
Economist Martin Sullivan says it's standard operating procedure for companies like Cisco. "U.S. multinationals are shifting their research facilities, shifting their manufacturing facilities, and shifting some regional headquarters into Switzerland and into Ireland. And those are massive numbers of jobs," he told Stahl.
Sullivan says Ireland taxes corporations at just a third of the U.S. rate, so no wonder the outskirts of Dublin look like Silicon Valley. Many well-known companies are all but obliged to go abroad.
"Well, if you have a 35 percent rate in the United States and, for example, a 12.5 percent rate in Ireland, there's a incentive to move your factory to Ireland," he explained.
"Six hundred American companies are in Ireland and they employ 100,000 people," Stahl pointed out. "Those are jobs that aren't here. And they moved to Ireland because of taxes."