Sunday, 25 February 2018

President Donald Trump's tax reform gives Warren Buffet conglomerate $29bn boost

US billionaire Warren Buffet says his conglomerate has received a profit boost of $29bn (£20bn) as a result of President Donald Trump's tax reforms, he says.

Berkshire Hathaway reported a record quarterly and annual profit on Saturday.

The Republican law reform, approved in December, cut the corporate tax rate to 21% from 35%.

Mr Buffett, one of the richest men in the world, opposed the plan.

In his letter to investors, Mr Buffett said the tax cut accounted for nearly half of the firm's gain in net worth during 2017.
"A large portion of our gain did not come from anything we accomplished at Berkshire," he wrote.

"Only $36 billion came from Berkshire's operations. The remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code."

BBC       News.