As the saying goes, “There’s no news like old news.”
And so, that’s the case with this entry.
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.
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 »