Following President Obama's re-election on Tuesday, CEOs, investors and other business leaders are pushing for Congress and the president to reach a deal on the looming "fiscal cliff" and corporate-tax reform.
On Thursday, ratings agency Standard & Poor's warned there was a 15 percent chance the U.S. could go off the fiscal cliff — when automatic tax hikes and spending cuts kick in at the end of the year. According to estimates from the non-partisan Congressional Budget Office, going off the cliff could take $600 billion out of the economy and cause a recession.
"Maybe that's too much to hope for," he said on Thursday, "but if that happened maybe some of that $16 billion we have offshore can come back home and go to work." Jacobs said that Qualcomm could use some of that cash to invest and create more jobs in the U.S.
(Read More: Obama's To-Do List: What He Plans for a Second Term.)
Grover Norquist, Americans for Tax Reform president, is also calling for lower taxes on businesses.
"The Europeans have a top marginal tax rate of 28 percent on their businesses and we have 35 percent on our businesses," Norquist noted.
Disney's CEO, Robert Iger, said that higher corporate tax rates ake the economy less competitive and constrain economic growth. Iger advocates not only reducing the rate but also closing some of the loopholes.
He called on politicians to "deal with (the fiscal cliff) immediately and deal with it productively. Don't threaten the country and our economy."