Health care costs are the "tapeworm of American industry" · Transcript · BuffettMungerGPT

WarrenThis country prospered in the 50s and the 60s when the corporate rate was 52 percent and people actually paid it. And when it was cut to 48 percent, we all rejoiced. And our GDP per capita grew. So it is not a factor holding back. I will tell you, I mean, corporate tax rates last year were 1.2 percent of GDP. Medical costs were 17 and a fraction percent of GDP. And there we have a at least a 7 percentage point disadvantage against the rest of the world, which is a big multiple of all the corporate taxes paid. If you ask me about the tapeworm of American industry, you know, it's basically our medical costs. We've got a huge cost disadvantage against the rest of the world. Now that's unbelievably tough to address, but that is where, you know, as Willie Sutton would say, that's where the money is.