Everyone knows Berkshire would benefit from a lower corporate tax rate, but would its customers get some of the savings too?
Yes, Mr. Buffett says, especially in the heavily regulated utilities business, where all the company's savings will be passed along to its customers.
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On the other hand, any change to how Berkshire's investment gains are taxed would go directly to the shareholders, Mr. Buffett said.
In the rest of Berkshire's many businesses, "some of it almost certainly gets competed away, and some of it might not be competed away," he says. 'It's very industry- and company-specific in how that plays out."
Then Messrs. Buffett and Munger revisit one of their favorite themes: that Berkshire can weather all market cycles and will be ready to profit during any economic downturn.
"But if that real adversity comes, we're likely to do better in the end," Mr. Munger says.
Click here to see the full live coverage of Warren Buffett at Berkshire Hathaway's annual meeting:
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(END) Dow Jones Newswires
May 06, 2017 12:11 ET (16:11 GMT)