well, i don't take tax in isolation to how company pay/not pay...

well, i don't take tax in isolation to how company pay/not pay dividend as it impact bottom line of their investor living the country they operate in my opinion.. ! ... what LIC does in Australia is to pay FF dividend because that is what australian tax system support with more benefit while buffet as fund manager invest in security that pays dividend which he keep investing .... in my opinion... obviously WB being more smart in picking his companies (unlike many LIC here in OZ) for sure which is ultimately creating wealth for their holders in term of capital growth which is more favourable to american tax system ... IMO.

so tax law is important in my opinion but sure you can have different opinion and i won't press "Ignore button" as my eyes are not overed with coloured goggles .... !

the real question that i would love to know what would buffet has done if he was living in australia and running some LIC here