Warren Buffett’s Annual Letter Says Berkshire Hathaway Received $29 Billion From New GOP-Trump Tax Code
BUFFET FOR AGAINST IT, BEFORE HE WAS FOR IT …
Warren Buffett, Chairman and CEO of Berkshire Hathaway, stated in his annual letter to Berkshire Hathaway investors that Berkshire Hathaway (BRKB) made a $65.3 billion net gain in 2017, but only $36 billion came from Berkshire’s operations and his brilliance. The other $29 billion came from the Republican-Trump tax cuts. Namely, the reduction in corporate tax rates. Imagine that 55.4% of Berkshire’s net gains came from Buffet’s efforts while 44.6% came from Trump and the Republicans. This from the man who backed Hillary Clinton and condemned the Trump policies on taxes. Oops, looks like the so-called Wizard of Omaha got that one 100% wrong. Every right thinking person without a political bias knew Trump was going to be good for the economy. Even the likes of Warren Buffet were wrong and tainted by their liberal bias.
It would appear that Donald Trump trumped Buffett.
Buffett told investors that Berkshire Hathaway (BRKB)made a $65.3 billion net gain in 2017 — but “only $36 billion came from Berkshire’s operations.”
The rest was a gift from the new U.S. tax code.
“A large portion of our gain did not come from anything we accomplished at Berkshire,” he wrote, adding that about $29 billion of that $65.3 billion gain came from changes to the tax law.
Buffett went on to extol Berkshire’s investing methods. Careful decisions and an aversion to debt and speculation has gotten the firm this far — and that’s the course it’ll stay on, he said.
But remember when Warren Buffet was against the Trump Tax plan? I am certain the Berkshire Hathaway investors are glad Trump went against the wishes of the individual they put all their trust in with their investments. I wonder who the investors of Berkshire Hathaway feel that the individual in charge of their investments cared more about politics than he did his fiduciary responsibility to their monies?
President Donald Trump’s tax reform plan came under new criticism on Tuesday from two towering Wall Street figures, including billionaire investor Warren Buffett, who called into question a Republican drive to slash the U.S. corporate rate.
With the White House and top Republicans in Congress already on the defensive over claims the plan would not cut taxes for many middle-class Americans, Buffett and BlackRock Chief Executive Larry Fink suggested in separate interviews that the corporate rate may not have to be cut as deeply as proposed.
“We have a lot of businesses… I don’t think any of them are non-competitive in the world because of the corporate tax rate,” Buffett, thechairmanand CEO of Berkshire Hathaway, told CNBC.
MAKING AMERICA GREAT AGAIN …
A recent Fox News poll shows that the President Donald Trump economy is being rated positively by voters at its highest rate in nearly two decades. The economic policies that Trump has put in place are working. 40% of Americans stated that the Trump administration has made the economy better. Jobs are being created, the stock market is at record highs, unemployment is down, black unemployment at historic lows, businesses are giving employees bonuses due to the Trump tax cuts and most Americans have not even begun to see the benefits of the Trump tax cuts.
A Fox News Poll conducted at the end of President Trump’s first year in the White House finds more voters rate the economy positively today than have in nearly two decades.
And they give the White House credit for that: nearly twice as many say the Trump administration has made the economy better than made it worse: 40 percent vs. 22 percent. One-third says the administration has not made a difference (34 percent).
Approval of the job the president is doing on the economy is above 50 percent for the first time.
DONALD TRUMP, MAKING THE ECONOMY GREAT AGAIN …
The stock market and the economy is booming because of President Donald Trump’s vision of lower taxes and less business regulation. The Dow Jones was up 31% during President Trump’s first year. There is no dot com bubble, it is not an economy propped up on speculation or by the Fed. Americans are at an all-time high with consumer confidence, and why shouldn’t they? The Dow is at 26,000 and counting. Unemployment continues to go down as black and Hispanic unemployment is at an all-time low. Everyone is benefiting from the Trump economy. All this and the US economy has not even felt the full effects yet of the Trump-GOP tax cuts. It is time to give President Trump his due.
- The 30-stock index has surged more than 31 percent since Trump’s inauguration.
- That marks the index’s best performance during the first year of a president since Franklin Roosevelt.
- “You’ve got lower taxes, less regulation and confidence in the economy is high,” said one investor.
- The S&P 500 has surged 23 percent during Trump’s first year in office.
Donald Trump lifted the Dow Jones industrial average in his first year in office more than any other president since Franklin Roosevelt.
The Dow has surged more than 31 percent since Trump’s inauguration on Jan. 20, 2017. That marks the index’s best performance during a president’s first year since Roosevelt. The Dow skyrocketed 96.5 percent during Roosevelt’s first year in office
“This is all about policy,” said Bruce Bittles, chief investment strategist at Baird. “You’ve got lower taxes, less regulation and confidence in the economy is high. Things are firing on all cylinders.”
Trump quickly moved to cut regulations enacted by previous administrations. He also successfully pushed to overhaul the U.S. tax code. That revamp included slashing the corporate tax rate to 21 percent from 35 percent.
INCREDIBLE … AND THIS HAS EVERYTHING TO DO WITH TRUMP.
Wasn’t it just like last week we were talking about DOW 25,000? In record time, the DOW has reached a record high at 26,115 and has closed over 26K. This is absolutely amazing and millions of Americans are benefiting in it in their 401K’s and stocks. The nay sayers who would love to talk the economy and markets down to damage President Trump say a correction is near. However, at CNBC, hardly a right-wing media outlet, they think Apple and some others could get the DOW to 27,000.
Another day, another record-breaking milestone for the Dow Jones. The blue-chip index went over 26,000 for the first time ever Tuesday, just seven trading days after surpassing 25,000 and less than a year since hitting its monumental 20,000 level.
Now, the question is, how soon will the Dow hit its next 1,000 point marker?
Broad strength in equities should support those gains as we move deeper into the year, according to Rich Ross, head of technical analysis at Evercore ISI.
25,000 AND COUNTING …
Yesterday, the Dow Jones industrial average broke above 25,000 for the first time, tying the fastest 1,000-point move in its history. In the wake of strong jobs reports, the GOP Tax cut passage, strong consumer confidence and a low unemployment rate, the DOW surged 25,000. The nay sayers in the liberal media claimed Trump was going to be terrible for the economy and the stock markets. Guess who was wrong again?
The Dow Jones industrial average broke above 25,000 for the first time on Thursday, tying the fastest 1,000-point move in its history, following the release of stronger-than-expected jobs data.
“The Dow hitting 25,000 was a pretty wild idea even a year ago. And while its symbolically important, the real story is never just a number. It’s the underlying strength that is pushing markets this high,” said Steve Claussen, vice president of trader strategy at ETRADE.
UPDATE I: And its up again today another 86 at this moment.