US billionaire Warren Buffett says his conglomerate’s profit has more than quadrupled as it received a $29-billion boost because of a one-time benefit from the enactment of Donald Trump’s new tax law, which he opposed.
In an annual letter to Berkshire’s shareholders on Saturday, Warren Buffett, the company’s chief executive, said the conglomerate recorded the gain because of the tax overhaul that became law in December.
Buffett, one of the richest men in the world who endorsed Hillary Clinton, although in his favor, had opposed Trump’s tax plan. The new law, greatly touted by the US president, lowered the tax rate paid by US corporations from 35% to 21%, allowing many to undertake major new outlays and others to book significant fiscal gains.
In his letter to investors, Buffett said the tax cut accounted for nearly half of the firm’s gain in net worth during 2017.
Buffet emphasized that much of his conglomerate’s profit had…