Taxation & Policy - Corporate income tax is a crucial tool for taxing the wealthiest Americans [1] - This tax is not paid directly by individuals via personal checks [1]

Core Insights - Warren Buffett has significantly reduced his stake in Apple, selling over 615 million shares, which represents a 67% decline, while still holding 300 million shares, making it his largest investment by market value [5][6][10] - Despite selling off a large portion of Apple, Buffett has been actively investing in consumer-facing businesses, particularly Domino's Pizza, which has shown consistent growth and innovation [4][14][18] Investment Activity - Buffett's selling activity has been more pronounced than buying since October 2022, with a total of $174.4 billion more sold than purchased [4][13] - The decision to sell a significant portion of Apple may be influenced by concerns over corporate income tax rates and the company's stagnant growth in physical device sales [6][8][10] Company Performance - Apple's net income has slightly declined from $94.7 billion in fiscal 2021 to $93.7 billion in 2024, with earnings per share (EPS) growth primarily driven by share repurchases rather than revenue growth [9][11] - Domino's Pizza has demonstrated strong performance, achieving 31 consecutive years of same-store sales growth internationally, and has a strategic growth plan focused on innovation and franchisee engagement [15][16][18] Valuation Concerns - Apple's forward price-to-earnings (P/E) ratio is currently at 27, which is considered high given the company's stagnant profit growth, leading to concerns about its valuation [10][11] - Domino's Pizza, while not cheap at 24 times forward-year earnings, is viewed favorably due to its strong brand loyalty and commitment to shareholder returns through dividends and stock repurchases [18]

Core Viewpoint - The article highlights the trend of proactive fiscal spending in the early months of the year, with a significant focus on social welfare and public services, despite a decline in overall fiscal revenue growth. Group 1: Fiscal Revenue and Expenditure - In the first two months, general public budget revenue reached 4.4 trillion yuan, showing a year-on-year decline of 1.6%, which is below the previous year's growth of 1.3% and the budget target of 0.1% [3] - The general public budget expenditure was 4.5 trillion yuan, with a year-on-year growth of 3.4%, slightly lower than the previous year's growth and the target of 4.4% [5] - The broad fiscal deficit reached 621.7 billion yuan, marking a historical high for the same period, indicating significant expenditure pressure amid declining revenue [2] Group 2: Focus on Social Welfare - There was a notable increase in the proportion of expenditure directed towards social welfare, education, and employment, while infrastructure spending saw a decrease [6] - The central government's expenditure growth rose to 8.6%, while local government expenditure growth fell to 2.7% [5] - Personal income tax revenue showed a rebound with a growth rate of 26.7%, reflecting marginal improvements in residents' income [4] Group 3: Government Fund Performance - Government fund revenue growth recorded a decline of 10.7%, falling short of the initial budget target of 0.7% [7] - Government fund expenditure growth decreased to 1.2%, which is below the initial target of 23.1% but higher than the previous year's growth of 0.2% [7]