Warren Buffett Compares Cost of Healthcare in the U.S. to a Corporate Tax

Warren Buffett was quoted in a recent article as comparing the cost of healthcare in the U.S. to a corporate tax (see:Forget Taxes, Warren Buffett Says. The Real Problem Is Health Care). This line of reasoning is important because many executives are lobbying the administration for a lower corporate tax rate. Buffett thinks that they should more appropriately be seeking a lower cost of healthcare in order to be able to operate more competitive globally. I think that he's right and we need a broader discussion of this topic. Below is an excerpt from the article:“The tax system is not crippling our business around the world.".....Mr. [Warren] Buffett, in a remarkably blunt and pointed remark, implicitly rebuked his fellow chief executives, who have been lobbying the Trump administration and Washington lawmakers to lower corporate taxes.In truth, Mr. Buffett said, a specter much more sinister than corporate taxes is looming over American businesses: health care costs. And chief executives who have been maniacally focused on seeking relief from their tax bills would be smart to shift their attention to these costs, which are swelling and swallowing their profits.....In 1960, corporate taxes in the United States were about 4 percent of G.D.P., which is probably the best way to measure the burden on businesses....Today, it is 1.9 percent. In the meantime, health care costs as a percent of G.D.P...
Source: Lab Soft News - Category: Laboratory Medicine Authors: Tags: Clinical Lab Testing Cost of Healthcare Direct Access Testing (DAT) Healthcare Delivery Healthcare Insurance Lab Industry Trends Lab Regulation Medical Consumerism Medical Research Source Type: blogs