Posted by Warm Southern Breeze on Monday, September 19, 2011
As the saying goes, “There’s no news like old news.”
And so, that’s the case with this entry.
I have little doubt that you – indeed that very few Americans – have read the 2003 Report to Shareholders of Berkshire Hathaway.
However, I have – and I read it when it was published in 2004.
In it, one of the world’s wealthiest men opines about corporate practices that have grieved Americans, the excesses of which have outraged many, if not most.
The report is available here, in its entirety, from the Berkshire Hathaway website.
Excerpted here below, for your convenience, are Warren Buffett’s thoughts from his 2003 Report to Shareholders.
I can understand why the Treasury is now frustrated with Corporate America and prone to outbursts. But it should look to Congress and the Administration for redress, not to Berkshire.
Corporate income taxes in fiscal 2003 accounted for 7.4% of all federal tax receipts, down from a post-war peak of 32% in 1952. With one exception (1983), last year’s percentage is the lowest recorded since data was first published in 1934.
Even so, tax breaks for corporations (and their investors, particularly large ones) were a major part of the Administration’s 2002 and 2003 initiatives. If class warfare is being waged in America, my class is clearly winning. Today, many large corporations – run by CEOs whose fiddle-playing talents make your Chairman look like he is all thumbs – pay nothing close to the stated federal tax rate of 35%.
In 1985, Berkshire paid Read the rest of this entry »
Posted in - Faith, Religion, Goodness - What is the Soul of a man?, - Uncategorized II | Tagged: Berkshire, Berkshire Hathaway, business, Chief executive officer, Corporate governance, Investment Company Act of 1940, Investment Company Institute, management, Mutual fund, Todd Combs, United States, Warren Buffett | Leave a Comment »