Has anyone run the numbers and done the thought experiment if we have a simple extension of the 21% corporate tax rate vs. the potential 15% rate (28.5% less)that Trump has mentioned. Even if those changes were in effect for only 4 more years, that change in rates would translate to dozens & dozens of billions more earnings retained over such time frame. The TCJA & 21% was passed for 8 years. I thought it was highly unlikely with a split Congress but if there is a red sweep, it could potentially happen.

I’m not going political, just trying to get my head around what it could mean & what type of value is added to Berkshire’s valuation. Just thinking out loud and I wonder how much Warren & Greg are thinking about this & may justify paying a bit higher price for buybacks.