Tax Cuts Boost Buffett - But He Doesn't Want It

Berkshire Hathaway, the holding company of US billionaire Warren Buffett, saw a stunning US$29 billion rise in profit, because of President Trump's new tax law that massively lowered corporate tax rates.

In his much-anticipated annual letter to shareholders, Buffett explained that the company's net gain of $65.3 billion in 2017 was only partly due to his employees' efforts.

"Only $36 billion came from Berkshire's operations," he wrote. "The remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code."

Buffett has long argued for higher taxes for the rich and has said he would have preferred a different bill.

The new law, heavily touted by Trump, lowered the tax rate paid by US corporations from 35 percent to 21 percent, allowing many to undertake major new outlays and others to book significant fiscal gains.

Berkshire Hathaway wholly owns dozens of companies - from Dairy Queen to Duracell-- and holds significant shares in large and diverse corporations including American Express, Apple, Bank of America, Charter Communications, Coca-Cola, Delta Air Lines, General Motors, Goldman Sachs, Moody's, Wells Fargo and Southwest Airlines. (AFP)