Buffett says tax cuts provide huge boost to US businesses

OMAHA, Neb. (AP) — Billionaire Warren Buffett says the tax overhaul Congress passed last year will provide a "huge tailwind" for American business.

Buffett's Berkshire Hathaway reported a $29 billion paper gain on far-reaching changes to the U.S. tax code, and the conglomerate will benefit from a lower tax rate going forward.

Buffett appeared on CNBC Monday after releasing his annual letter to Berkshire Hathaway shareholders on Saturday.

But Buffett says he's had a hard time finding acquisitions at reasonable prices so he's sitting on $116 billion cash and short-term bonds.

Buffett says he expects he'll eventually find a good use for a big chunk of that cash, but he may have to wait for a downturn in the economy.

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