Berkshire Meeting Notes Part VI
Tax Rates and Growth
Are taxes the problem? What is the ideal corporate tax rate? Buffett says that corporate profits are not the problem. Berkshire is spending money where they see the opportunity. Not lack of capital nor tax rates holding things back. Corporate rates used to be much higher, economy still performed. Medical costs are the tapeworm of American industry. We are at a huge cost disadvantage to the rest of the world.
Considerable talk of the successor here in the actual shareholder session, Buffett recognizing the importance of it, it’s at the top of the list, assures us it will stay there, that is about all on the issue at this point. A few more housekeeping items and at 3:42 CST the meeting has been adjourned.