Trump Tax Reform Creates $29bn Profit Increase For Dem Donor Buffett

Major Democratic Donor and Hillary backer Warren Buffett, otherwise known as the ‘Omaha Oracle’, admitted in his annual letter to shareholders that of the massive $65.3 billion gain in 2017 which his Berkshire Hathaway company made, "only $36 billion came from Berkshire's operations," before stating that "the remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code."

The new tax law has lowered the corporate tax rate for US companies from 35 to 21 percent, allowing them to invest into the US (and thus to book major tax gains) and to pay out bonuses to their employees.

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">BREAKING NEWS: Billionaire investor Warren Buffet touted a $29 billion profit just from President <a href="https://twitter.com/realDonaldTrump?ref_src=twsrc%5Etfw">@realDonaldTrump</a>’s business-friendly tax overhaul that was signed into law in December. <a href="https://t.co/janm3FojSH">https://t.co/janm3FojSH</a></p>&mdash; Fox News (@FoxNews) <a href="https://twitter.com/FoxNews/status/967438811063029761?ref_src=twsrc%5Etfw">February 24, 2018</a></blockquote>

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Asked about Mr Buffett’s preference for Ms Hillary Clinton, financial analysts all agree that it is painful to see that his preferred candidate had no interest whatsoever to help American investors (Berkshire Hathaway stock and Mr Buffett’s annual meeting of shareholders is hugely popular with smaller US investors).

<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">Warren Buffett&#39;s company reported a $29 billion windfall from Trump&#39;s tax bill. <br>That&#39;s about $80,000 per employee.<a href="https://t.co/zb01RufdBK">https://t.co/zb01RufdBK</a></p>&mdash; Steven Dennis (@StevenTDennis) <a href="https://twitter.com/StevenTDennis/status/967403355835457538?ref_src=twsrc%5Etfw">February 24, 2018</a></blockquote>

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Mr Bill Smead, CEO of financial consultant company Smead Capital Management in Seattle said: "Buffett has been quick to say that he thinks that the tax policy changes were going to help Berkshire and be positive overall."

"It is a bit ironic his candidate would not have any interest in this whatsoever."

According to Forbes magazine, Mr Buffett's personal worth stands at some $87 billion.

Source:

https://qz.com/1215110/warren-buffett-says-berkshire-hathaway-gained-29-billion-from-us-tax-reform/