- 버크셔가 배당 대신 자사주 매입과 소각을 선호하는 데는 여러 이유가 있지만 그중 큰 이유 중 하나가 세금 문제임

- 배당은 지급되는 순간 주주가 배당소득세를 부담하게 됨

- 자사주를 사들여 주식 수를 줄이는 방식은 계속 보유하는 주주에게 당장 세금이 붙지 않음

- 주식 수가 줄면서 1주당 가치가 높아져도 주식을 팔기 전까지는 자본이득세가 발생하지 않음

- 세금 납부 시점을 뒤로 미룬 만큼 투자금이 계속 남아 있어 장기적으로 복리 효과를 더 오래 누릴 수 있음