Buffett: GOP Health Care Bill a Tax Cut for the Rich

Buffett Says Money Spent on Plumbers Better Than on Hedge Funds

Buffett Says Money Spent on Plumbers Better Than on Hedge Funds

Speaking at Berkshire's annual shareholders' meeting Saturday in Omaha, Buffett said his federal income taxes a year ago would have gone down 17 percent had the new law been in effect, Reuters reported.

Buffett, whose Berkshire Hathaway Inc.is a major shareholder of United and other big US airlines, said Monday, May 8, 2017, that the recent spotlight on poor customer service in the airline industry doesn't change his investment strategy.

Charles Munger, the vice chairman of Warren Buffett's Berkshire Hathaway Inc, said the decision to take on insurance liabilities from American International Group Inc (AIG) offers plenty of risk, and also the chance for a substantial reward. "I think it's absolutely essential to America that we become more productive, because that's the only way we increase consumption per capita".

Ranged against them are sceptics such as the billionaire ex-mayor of New York, Michael Bloomberg, who see the decline as more due to automation and the shift to more easily accessible fossil fuels such as oil and natural gas. Critics of the bill have said it will take away the healthcare benefits of millions of people and allow the rich to get tax breaks, just as mentioned by Buffett.

Buffett also challenged, as he has in previous shareholder meetings, the 2-and-20 compensation model for hedge fund managers. In the past year alone, almost all of Buffett's stocks are up, particularly Apple (aapl), which now happens to be the world's top-paying dividend stock in terms of dollars paid out.

In 2015, Buffett's Berkshire Hathaway (BRK-A) worked with Brazilian private equity firm 3G to merge Heinz with Kraft Foods.

"I can very easily determine the competitive position of Apple now and who is trying to chase them", he said. Aside from not being tech-savvy, Buffett said he always felt Amazon shares always "looked expensive".

But he also said it would be a "terrible mistake" if capital allocation were not the "main talent" of his successor. It's the largest shareholder in businesses including Wells Fargo & Co., Delta Air Lines Inc. and Coca-Cola Co. Berkshire bought the BNSF railroad in 2010.

Buffett noted that many iPhone purchasers are repeat customers who know a new phone will be introduced regularly, or buy them for such occasions as graduations.

He was joined at the traditional newspaper tossing contest by friends including Microsoft Corp (MSFT.O) co-founder and Berkshire director Bill Gates and Miami Dolphins defensive tackle Ndamukong Suh.

Hundreds of shareholders lined up early outside downtown Omaha's CenturyLink Center for the meeting. "So they have gained a 5- or 6-point advantage", he said.

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