Berkshire Hathaway CEO Warren Buffett says the Companies profit was boosted $29bn due to tax reform.

Berkshire Hathaway reported record profits after the trump administrations tax reform.

Warren Buffett apposed the plan which saw corporate tax rates cut from 35% to 21%

“A large portion of our gain did not come from anything we accomplished at Berkshire,” he wrote. “Only $36 billion came from Berkshire’s operations. The remaining $29 billion was delivered to us in December when Congress rewrote the US Tax Code.”

Proponents of the plan have said the plan will boost economic activity.

Most taxpayers will experience a reduced tax bill, with the cuts expiring in 2025