Warren Buffett says Berkshire paid way more than $1 million in tax every 20 minutes

Warren Buffett, the chairman and CEO of Berkshire Hathaway, highlighted the $26.8 billion the company paid in taxes to the US government in 2024. This was more than combined tax paid by the company in the preceding five years, according to Edward Jones analyst Jim Shanahan who spoke to Bloomberg.

“Berkshire Hathaway paid far more in corporate income tax than the U.S. government had ever received from any company – even the American tech titans that commanded market values in the trillion,” Buffett said, adding that it was 5% of all taxes paid by corporate America.

Highlighting the fact that the big tech companies don’t pay much in cash taxes may be significant ahead of the proposed tax cuts by US President Donald Trump. “I think the underlying message is: “Don’t lump every multibillion-dollar corporation as even; some pay their fair share of taxes,” Cathy Seifert, an analyst at CFRA, said in an interview to Bloomberg.

“If Berkshire had sent the Treasury a $1 million check every 20 minutes throughout all of 2024 – visualize 366 days and nights because 2024 was a leap year – we still would have owed the federal government a significant sum at year end,” Buffett’s letter on February 22 added.

The comments from the Oracle of Omaha are significant in the wake of rising populism across countries and in the US in particular. Buffett is not known for making political comments often but this time he had an advice for the Trump administration, which took over the White House in January this year.

“Thank you, Uncle Sam. Someday your nieces and nephews at Berkshire hope to send you even larger payments than we did in 2024. Spend it wisely. Take care of the many who, for no fault of their own, get the short straws in life. They deserve better. And never forget that we need you to maintain a stable currency and that result requires both wisdom and vigilance on your part,” Buffett wrote.

In December 2024, Buffett predicted that taxes would rise in  America to bridge the rising deficit. A big part of that is likely to be the tax on the profit from sale of Apple and Bank of America shares, Shanahan added.

Read the full text of Warren Buffett’s latest letter to shareholders here.