Update: 25 February, 2018 12:20 PM
Trump tax reform gives Buffett $29bn boost

Trump tax reform gives Buffett $29bn boost

Warren Buffett backed Hillary Clinton in the 2016 US election: Reuters

US billionaire Warren Buffet says his conglomerate has received a profit boost of $29bn (£20bn) as a result of President Donald Trump's tax reforms, he says.

Berkshire Hathaway reported a record quarterly and annual profit on Saturday.

The Republican law reform, approved in December, cut the corporate tax rate to 21% from 35%.

Mr Buffett, one of the richest men in the world, opposed the plan, reports BBC.

In his letter to investors, Mr Buffett said the tax cut accounted for nearly half of the firm's gain in net worth during 2017.

"A large portion of our gain did not come from anything we accomplished at Berkshire," he wrote. "Only $36 billion came from Berkshire's operations. The remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code."

Non-partisan analysts had said the greatest beneficiaries of the tax package would be multinational corporations.

Last month Barclays, a British bank, predicted that Berkshire Hathaway would be a major beneficiary. It said that after an initial windfall, its earnings could continue to rise by 12% on an ongoing basis.

Republicans have argued that the tax reform will boost economic growth.

Passing the bill through Congress was a major victory for President Trump. He called it "the largest tax cut in the history of our country" and a gift to the nation.

The reforms give the vast majority of taxpayers lower tax bills in the immediate future. However those cuts expire in 2025.

Mr Buffett, who believes in higher taxes for the rich, has said he would have preferred a different tax bill.

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