Warren Buffet billionaire businessman gets 29 billion dollars profit from Trump's tax reforms

- 2/26/2018
Billionaire Warren Buffett is the Head of Multi Billion Dollar corporation Berkshire Hathaway. A company whose profits are almost legendary like their leader, and whose tax figures usually go through the roof every year.  This past Sunday, the company  reported a record quarterly and annual profit that even outweighed its stellar reputation.
Warren Buffet billionaire businessman
And this huge leap in profit is thanks to non other than President Trump and his tax reforms. It was his recent controversial tax cuts that made it possible.

With the US President spearheading it, the Republican law reform, approved in December, cut the corporate tax rate to 21% from 35%. A very huge cut that is proving beneficial to a good number of Americans so far.

And one of the country's citizens who benefited greatly is Mr Buffett. He is currently one of the richest men in the world, and has been so for several years now. But surprisingly, Buffet who never hides his dislike for whatever Trump stands for, was opposed to the plan which saw his company gain record profits.

Clear and to the point. In his letter to investors, Mr Buffett explained that the tax cut accounted for nearly half of the firm's gain in net worth during 2017.An unprecedented feat for the company for sure. Here is the stock giant explaining the gargantuan profit boost, in his own words:

"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."

But still not thrilled by the reports of these gains, some non-partisan analysts had said the greatest beneficiaries of the tax package would be multinational corporations.
Infact sometime last month, a British bank, Barclays, predicted correctly that Buffett's Berkshire Hathaway would be a major beneficiary of the Trump tax cuts.Claiming that eventually its gains will continue to rise by 12% steadily.

Backing up their decision, Republicans have continued to maintain that the tax reform will be a sure boost to economic growth.

No small achievement. Of course passing the bill through Congress was a major victory for President Trump. The Out spoken Commander in Chief went on to call it "the largest tax cut in the history of our country" and a gift to the nation. Well, Buffets company is certainly feeling the gift and feeling it big, as they count their mammoth quarterly and annual profits.

The new reforms give the vast majority of taxpayers a lower tax bill in the immediate future. But its not forever. These tax cuts are set to expire in 2025.

But Mr Buffett, who has always believed that the rich should pay higher taxes,has admitted that inspite of the profit spike, he would have still preferred a different tax bill.

Employing almost 400,000 people worldwide, His company Berkshire Hathaway has vast holdings in freight rail, major insurance companies, real estate, newspapers and utilities.
Warren Buffet company Berkshire Hathaway
Trump's Tax Reforms gave Buffets company $29 billion profit 

His Vast fortune comes mainly from the super successful company he has headed for over forty years. He is currently worth $87 billion and is the world's third richest person.
Widget is loading comments...