2021: What does Buffett think about the new administration’s tax increases?
2021: What does Buffett think about the new administration’s tax increases?
Becky Quick: You got a lot of questions that came in on taxes. So I’ll run through a few of them. We’ll see kind of how many you answered before we get to them? But this one came from Arthur Lewis in Denver. What are your thoughts on the new administration’s capital gains, corporate tax, and stepped up basis tax increases?
Warren Buffett: Well, if Charlie wants that answer that I’ll be glad to have him do it. I, long ago, many times it said that I don’t put my political opinions or anything in a blind trust when I take this job, but I also don’t speak for Berkshire Hathaway. I mean, we’ve got people that have very different views on taxes and I’ve expressed some things in the past. I don’t like to speak on behalf of, when I’m sitting at a Berkshire Hathaway annual meeting, presumably speaking for Berkshire. I don’t really like get into political questions generally.
I don’t really think I should, but I also think if somebody asked me who I voted for the last elections in a personal way, I voted for mine. But I don’t, I’ve never asked a single employee of ours who they voted for, anything of the sort, what religion. It just… And it, I am not authorized to go around signing my name was chairman of Berkshire Hathaway, then to proposals. If I write op ed pieces, I do it as an individual, I try and make it clear. So I don’t think I’ll, I don’t want to use the meeting to give a lot of views about taxes, Charlie.
Charlie Munger: No, but I think it’s probably a mistake to be basically anticapitalist. I think capitalism is what raises GDP for everybody. And so, and I have also a feeling that Benjamin Franklin was right when he said that it’s hard for an empty sack to stand upright, and to some extent, the prosperity of leading American institutions helps them behave better. Now, there are exceptions in promotional financing, so I’m, but by and large Franklin was right. And so I’m a little wary of just constantly getting mad at people because they have a little more money.