Warren Buffett's Berkshire Hathaway paid $26.8B in taxes last year
What's the story
Warren Buffett, the CEO and Chairman of Berkshire Hathaway, has disclosed that his company paid a mind-boggling $26.8 billion in taxes to the US government in 2024. The amount exceeds the total tax paid by the firm in the last five years, Edward Jones analyst Jim Shanahan told Bloomberg. "Berkshire Hathaway paid far more in corporate income tax than the US government had ever received from any company," Buffett said.
Tax impact
Berkshire's tax contribution: A significant chunk of corporate America's taxes
Buffett stressed Berkshire Hathaway's tax bill accounted for 5% of all taxes paid by corporate America. He said this was even more than what was paid by American tech titans with trillion-dollar market caps. "If Berkshire had sent the Treasury a $1 million check every 20 minutes throughout all of 2024... we still would have owed the federal government a significant sum at year end," Buffett wrote in his February 22 letter.
Corporate responsibility
Message amid proposed tax cuts
Buffett's statement comes at a time when US President Donald Trump is mulling tax cuts for corporates. Cathy Seifert, an analyst at CFRA, hinted Buffett's message could be a subtle reminder about the tax responsibilities of large corporations. "I think the underlying message is: Don't lump every multibillion-dollar corporation as even; some pay their fair share of taxes," Seifert told Bloomberg.
Future expectations
Buffett's advice to Trump administration
Buffett also thanked the US government and hinted at Berkshire's future tax contributions. "Thank you, Uncle Sam. Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024," he wrote. His remarks are considered important amid the rising populism in the US and other countries, particularly since he rarely makes political statements.