Warren Buffett is the second wealthiest person in the United States, with his net worth currently being around eighty-sixed billion dollars. Warren Buffett is the chief executive officer of Hathway Berkshire, an investment firm that he holds a seventeen percent interest in.
Even though Buffett is in the top five of the wealthiest people in America, he currently plans he give away at least half his wealth before he dies.
Warren Buffet and Politics
Warren Buffett is a Democrat who voted for Hillary Clinton in the last presidential election in 2016. Even though Hillary did not win, Buffett usually does not make direct comments about the president’s job performance. However, this past January, Buffett did have some comments to make not about Trump’s tax cuts directly; but have made several comments about who is benefitting from Trump’s just implemented tax cuts.
Even though Trump has made comments that this will benefit middle-class taxpayers primarily, in truth, the biggest benefactors of this tax cut are top one percent of the wealthiest taxpayers in America.
How The Recent Tax Cuts Benefits Warren Buffett
Because of changes made in tax codes for business, Berkshire Hathaway will save seventy billion a year in tax savings. Warren Buffett has a seventeen percent personal stake in holdings in Berkshire Hathaway. Currently Buffett stock in Berkshire Hathaway is selling at approximately 300,000 dollars per share.
Because of the new tax cuts, Buffett’s personal income tax bracket drops from 39.6 percent to 35 percent per year. This will amount personally to Warren Buffett an astounding savings of ten of thousands of dollars on his federal income filed for this year!
How Warren Feels About This Tax Cut For Middle-Class Americans
Even though Warren Buffett, along with many other wealthy Ameican taxpayers, has taken a windfall decrease in taxes owed under Trump’s tax cut plan, Buffett feels this is a major disadvantage to middle-class America. As Warren has stated to the press this year, the rich already have enough money and should be paying more in federal taxes, not less.