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“Berkshire Hathaway paid far more in corporate income tax than the U.S. government had ever received from any company – even the American tech titans that commanded market values in the trillion,” Buffett said, adding that it was 5% of all taxes paid by corporate America.
‘If Berkshire had sent the Treasury a $1 million check every 20 minutes throughout all of 2024 – visualize 366 days and nights because 2024 was a leap year – we still would have owed the federal government a significant sum at year end,” Buffett’s letter on February 22 added.
The comments from the Oracle of Omaha are significant in the wake of rising populism across countries and in the US in particular. Buffett is not known for making political comments often but this time he had an advice for the Donald Trump administration, which took over the White House in January this year.
“Thank you, Uncle Sam. Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024. Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life. They deserve better. And never forget that we need you to maintain a stable currency and that result requires both wisdom and vigilance on your part,” Buffett wrote.
In December 2024, Buffett predicted that taxes would rise in America to bridge the rising deficit.
Read the full text of Warren Buffett’s latest letter to shareholders here.
First Published: Feb 22, 2025 7:21 PM IST
