Warren Buffett’s Berkshire Hathaway paid a record $26.8 billion in taxes last year. This amount was about 5% of all corporate income taxes paid in the US in 2024. In his annual letter to shareholders, Buffett urged the government to spend the money wisely.
He said the funds should be used to help those in poverty who deserve better. Buffett warned against overspending or destabilizing the dollar. He said fiscal folly could lead to the devaluation of paper money.
Berkshire’s operating income rose 27% to $47.4 billion in 2024.
Buffett advocates responsible tax use
This was despite earnings declines at over half of its 189 operating businesses.
The company sold a net $134 billion in stocks last year. It bought back only $2.9 billion of its own shares, down from $9.2 billion in 2023. Berkshire’s cash pile grew to $321 billion by the end of 2024.
Buffett praised his planned successor Greg Abel for seizing opportunities decisively. Buffett joked that he has had to rely on equities his whole life. He said he lacks other assets like athletic skills, a great voice, or medical and legal abilities.
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