저자: CharlieMunger&WarrenBuffett관련해설채널출연자 · 외국인
요약 보기
바이든 행정부가 자사주 매입 세율을 4배 인상하겠다고 발표했다는 뉴스를 다루며, 버핏·멍거의 자사주 매입 옹호 입장과 주주환원 효과를 소개한다. 패널(Ben White 등)은 이 정책이 정치적 메시지 성격이 강하고 의회 공화당 장악 하에서는 실현 가능성이 낮다고 본다. 또 석유·가스 기업이 유가 인하 시기에 자사주를 매입한 점이 백악관의 비판 대상이 되었다고 설명한다.
다듬은 글
According to the White House, just hours ago the president was about to call for a fourfold increase in the corporate stock buyback tax. The White House argues that these share buybacks are a way for companies to pass on tax benefits, often to foreign investors or wealthy investors, rather than through dividends, on which investors would have to pay taxes.
I am strongly against it because I believe that in a good culture, many people are good trustees. And it's like stealing–doing something stupid with corporate money when you can get more benefits for your shareholders by buying back your own shares. And I like to encourage morality, decency, honor, etc.
in your dealings with people for whom you are a confidant. The Biden administration is calling for a fourfold increase in the tax on stock buybacks. Both Warren Buffett and Charlie Munger disagree. Who is right? Please watch until the end to find out. If you enjoyed this video, please like, share, and subscribe.
What is a share buyback? And I like to encourage morality, decency, honor, etc. in your dealings with people whose confidants you are. And so I agree with our president on some things, but this is not one of them. Do you strongly disagree? Well, I don't completely disagree, because it's not as bad as cryptocurrency.
Yes. This is a forgivable mistake . But yes, I ...I strongly disagree. I think it's a big mistake to adopt such policies, but you know, I... I sometimes vote Democrat, but I'm a Republican. Another question regarding the stock buyback came from Ed Prendergast of Morristown, New Jersey. He says: “ Berkshire’s share buybacks slowed significantly from $3 billion in the first quarter of 2022 to $1 billion in the second quarter and $1 billion in the third quarter, even as the price has fallen somewhat, as has the overall market.
One would think that buybacks would increase as the share price declines . Is Berkshire adjusting its buyback price based on the intrinsic value of the stock portfolio of approximately $300 or the quoted price? I never pay attention to how they do it. They, they , they, they, are careful and attentive people.
And I... But if you take the amount that's been bought out over the last 3 years, it's... And so I completely approve of what we're doing, and I don't think it's fair that we're being taxed for doing something good for our own shareholders. The President outlined this case today. I think he said something like over 90% of executives are compensated in stock, at least in part.
He said, and maybe it was yesterday when he said it. He said it was unfair. The best way to increase your own compensation is to buy back your shares. So, it helps executives, shareholders, but it doesn't help employees or other constituents. Well, there is no doubt that he is more sympathetic to the workers.
And that's understandable. And a lot of people share the president's views on this issue. And I don't have a clear opinion on how wealth should be distributed in the country. I do n't think I know the answer. I believe that we need a capitalist system if we want to have a productive economy that promotes civilization .
Well, Scott, we know the White House is signaling what the president will talk about in his State of the Union address tomorrow, including a new tax on corporate stock buybacks. The president, the White House said just hours ago, will call for a fourfold increase in the corporate stock buyback tax. The White House argues that these share buybacks are a way for companies to pass on tax benefits, often to foreign investors or wealthy investors, rather than through dividends, on which investors would have to pay taxes.
So they say they're going to raise taxes on it if the president gets his way. In any case, we'll definitely talk about it tomorrow night. Also , regarding this minimum tax for billionaires, the White House has released a statement here saying that the president is going to talk about this minimum tax for billionaires tomorrow night, given that he doesn't think it's fair for billionaires to pay 0% tax or a very low, or even single-digit, tax.
He is also going to offer this minimum. All of these, Scott, you can consider as topics for discussion tomorrow night. Remember, the Republicans just took over the House of Representatives. The president is unlikely to run his wish list of agenda items through Kevin McCarthy and the Republicans who control the House, but he will make it clear where he would go if in power.
Yes, and stay with me. Amon, I want to do more about this. Let's invite Ben White, chief economics correspondent for Politico and contributor to CNBC. Ben, it's good that you joined the conversation. What is your reaction to this, if I may say so, proposal? I think Chevron with 70 billion and Meta with 40 billion, among others, have hit the nail on the head .
Of course, yes, Scott. I spoke to some people in and around the White House after this was released, and I completely agree with Ayman that this is, um, a political message. They are not going to get a four-fold increase in the buyout tax. I mean, if you remember the Inflation Reduction Act that they passed, they wanted 2%, they brought it down to 1%.
Um, you know, relatively minimal. Republicans then complained, well, this opens the way for further growth , but not under these circumstances, not with Republicans controlling the House of Representatives. But it's good policy. I mean, if you look at the polls on this , uh, it's generally popular. Whether it's on Wall Street or whatever.
One could argue that bailouts are used in very beneficial ways, uh, and that there's no need to restrict the flow of capital with higher taxes, but that's a popular political argument right now. So much so that there are some Republicans, like Marco Rubio, who also like to talk about bailouts. Uh, they think it's good policy along with the Buffett tax, the billionaires tax, things that won't happen until 2024, but they like their political stance on it.
You see, Ayman, Ben raises an interesting point that no Republican has discussed this issue, and I'm just curious how Republicans as a whole in Congress would respond to this issue. Because, let's be honest, it's not like the business party has been all that business-friendly over the past few years; Of course, they are willing to discuss some issues that they may not have had in previous years.
Yes, I think that's absolutely correct, Scott, and you can see a universe where there's a kind of populist argument about some of these things. But I think practically, just in the red versus blue team sport that we have in Washington right now , if these ideas come out of Joe Biden's mouth during his State of the Union address, you're not going to find Republican support for them , even though, you know, you can say you see a populist argument for it.
But you were absolutely right, Scott, to point the finger at the oil and gas companies . Here's a line from the White House press release on the matter, released earlier today. It says that last year, oil and gas companies made record profits and invested very little in domestic production, and to keep gas prices low , they instead bought their own shares, giving all of these profits to their CEOs and shareholders.
So oil and gas companies have certainly caught the attention of the White House, and part of that is because at a time when the White House was really trying to lower gas prices, oil and gas companies were n't. They were buying back shares.
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