Buffett said the gain was only partly due to his employees’ efforts. AFP / NICHOLAS KAMM
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Berkshire Hathaway, the holding company of U.S. billionaire investor Warren Buffett, received a stunning $29 billion last year from the U.S. government, thanks to a new tax law that massively lowered corporate tax rates. In his much-anticipated annual letter to shareholders, Buffett explained that the company's net gain of $65.3 billion in 2017 was only partly due to his employees' efforts.The new law, greatly touted by President Donald Trump, lowered the tax rate paid by U.S. corporations from 35 percent to 21 percent, allowing many to undertake major new outlays and others to book significant fiscal gains.The year also saw the company's war chest swell to $116 billion in cash and U.S. Treasury bills, financial manna that Buffett wants to use to make significant new acquisitions.
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