Feb 26, 2018

Warren Buffett: Trump tax cuts a "huge tailwind" for businesses

Erica Pandey

Photo: Daniel Zuchnik / WireImage

Business magnate Warren Buffett told CNBC on Monday that his conglomerate Berkshire Hathaway will benefit from the newly-enacted tax law, which cuts the corporate tax rate from 35% to 21%. He called the cuts are a "huge tailwind" for American companies.

Flashback: In October, when the tax plan was initially proposed by President Trump, Buffett opposed the idea, saying, "We have a lot of businesses ... I don't think any of them are non-competitive in the world because of the corporate tax rate."

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Axios

Situational awareness

Photo: Brett Carlsen/Getty Images

Catch up on today's biggest news:

  1. Mike Bloomberg offers to release women from 3 NDAs
  2. Wells Fargo agrees to pay $3 billion to settle consumer abuse charges
  3. Bloomberg campaign says Tennessee vandalism "echoes language" from Bernie supporters
  4. Scoop: New White House personnel chief tells Cabinet liaisons to target Never Trumpers
  5. Nearly half of Republicans support pardoning Roger Stone
Keep ReadingArrowUpdated 14 mins ago - Politics & Policy
Orion Rummler

Wells Fargo agrees to pay $3 billion to settle consumer abuse charges

Clients use an ATM at a Wells Fargo Bank in Los Angeles, Calif. Photo: Ronen Tivony/SOPA Images/LightRocket via Getty Images

Wells Fargo agreed to a pay a combined $3 billion to the Justice Department and the Securities and Exchange Commission on Friday for opening millions of fake customer accounts between 2002 and 2016, the SEC said in a press release.

The big picture: The fine "is among the largest corporate penalties reached during the Trump administration," the Washington Post reports.

Go deeperArrow16 mins ago - Economy & Business
Fadel Allassan

Bloomberg offers to release women from 3 nondisclosure agreements

Mike Bloomberg. Photo: Brett Carlsen/Getty Images

Mike Bloomberg said Friday his company will release women identified to have signed three nondisclosure agreements so they can publicly discuss their allegations against him if they wish.

Why it matters, via Axios' Margaret Talev: Bloomberg’s shift in policy toward NDAs comes as he tries to stanch his loss of female support after the Las Vegas debate. It is an effort to separate the total number of harassment and culture complaints at the large company from those directed at him personally. That could reframe the criticism against him, but also protect the company from legal fallout if all past NDAs were placed in jeopardy.

Go deeperArrow24 mins ago - Politics & Policy