WASHINGTON, Oct. 4 (Xinhua) -- U.S. President Donald Trump's tax reform plan came under fierce criticism from Warren Buffett, the second richest man in the world and renowned investor, who argued corporate tax cut would make wealthy American companies even wealthier.
Buffett, the chairman and CEO of Berkshire Hathaway Inc. that owns over 60 businesses, told CNBC Tuesday that none of his businesses are "noncompetitive in the world because of the corporate tax rate."
The billionaire noted that American businesses earn "extraordinary" returns compared with other countries.
Trump, together with U.S. Congress Republicans, last week released a unified framework for tax code reform, which would reduce corporate tax rate to 20 percent from the current 35 percent.
Lower corporate tax rate is bound to make American businesses even more profitable, a view Buffett said he would not dispute. He poked fun at the tax cut idea, saying "a negative tax rate for corporations would really be great."
"The wealthy now are so much wealthier than they were 25 years ago," he added.
A study by Tax Policy Center, an independent think tank based in Washington, last week said that the top one percent of U.S. earners would benefit most from Trump's tax plan rather than the middle class.
