Warren Buffett touts tax cuts as huge boost for US businesses
In this May 8, 2017, file photo, Berkshire Hathaway Chairman and CEO Warren Buffett speaks during an interview on the Fox Business Network in Omaha, Neb. (Nati Harnik/AP)
OMAHA, Neb. — Billionaire Warren Buffett says the tax overhaul Congress passed last year will provide a “huge tailwind” for American business.
Buffett’s Berkshire Hathaway reported a $29 billion paper gain on far-reaching changes to the U.S. tax code, and the conglomerate will benefit from a lower tax rate going forward.
Buffett appeared on CNBC Monday after releasing his annual letter to Berkshire Hathaway shareholders on Saturday.
But Buffett says he’s had a hard time finding acquisitions at reasonable prices so he’s sitting on $116 billion cash and short-term bonds.
Buffett says he expects he’ll eventually find a good use for a big chunk of that cash, but he may have to wait for a downturn in the economy.
