If it weren’t for so much corporate greed and fraud, it could be a reality, at least to according to Warren Buffett.
At the 2024 Berkshire Hathaway Annual Meeting, billionaire investor Warren Buffett made headlines with a bold claim about corporate taxes. Noting Berkshire Hathaway’s significant federal tax contributions, Buffett suggested that if 800 other companies matched Berkshire’s federal tax payments, “no other person in the United States would have had to pay a dime of federal taxes-no income taxes, no social security taxes, no estate taxes.”
We don’t mind paying taxes at Berkshire, and we are paying a 21% federal rate. If we send in a check like we did last year, we send in over $5 billion dollars to the US federal government, and if 800 other companies had done the same thing, no other person in the United States would have had to pay a dime of federal taxes, whether income taxes…[applause]…no Social Security taxes, no estate taxes—no, it’s up and down the line!
The math works out: 800 times $5 billion is $4 trilion, which is about what the federal government collected in non-corporate taxes in 2023.
The problem? $4 trillion is 112% of all US corporate profits in 2023. There are not 800 US corporations that have $5 billion in profits.
Seriously, WTF is Buffett even talking about here? Is this just a flex about how profitable Berkshire is and how much it can afford to pay in taxes?
Here is his real aim. Billionaires do not mind skimming off the top; they want to be at the top.
According to Buffett, the federal government essentially owns a percentage of Berkshire’s earnings and can change its share whenever needed. Buffett speculated that the taxes could increase again soon, particularly as the growing fiscal deficit continues.
While Buffett seems to support increased corporate taxes, not everyone agrees that this is the wisest move for the U.S. A videofrom the Tax Foundation suggests that raising corporate taxes may intend to fund helpful government services, but it could actually harm the people those services aim to help. The video claims that increased corporate taxes could reduce wages for younger workers, low-skilled workers and women. The Tax Foundation also states that many economists agree that corporate income tax is "one of the most harmful and least efficient ways to fund our priorities.”
But then black & brown people might get free stuff… our Christian family values wouldn’t want to interrupt their ability to pull themselves up by their bootstraps, you know it is what god would want. Don’t forget to tithe 10%.
Thanks for the link above as well. I was trying to search for information that might support that Buffett claim and of course could not find enough. Buffett’s claim was bullshit to me as well and for the very same claim “Are there even 800 companies as big?”.
This is nothing more than another Loony Lefter spewing misinformation/disinformation because they themselves did not even bother to ask that simple question! It should also be noted that Buffett has been endorsing Dumbocrats for a long time so his “Pearls of Shit” (definitely not wisdom) and his presidential endorsement history tell the story.
We are in for a big surprise: Nesara/Gesara, three letter gov’t agencies gone, gold standard (com this past week-“golden years”), many taxes will be eliminated. This election has global financial influence and ramifications.Pray for this country: 2 Chronicles 7:14.
