Buffett: GOP health bill is tax cut for rich
Berkshire Hathaway Chairman Warren Buffett on Saturday fumed that health-care costs are eating away at the U.S. economy like a “tapeworm” and said the Republican approach to overhaul the Affordable Care Act is a tax cut for the rich.
The House on Thursday narrowly approved a bill to repeal and replace the ACA, also called Obamacare, a victory for President Trump.
Speaking at Berkshire’s annual shareholders’ meeting in Omaha, Buffett said his federal income taxes last year would have gone down 17 percent had the new law been in effect.
“So it is a huge tax cut for guys like me,” he said. “And when there’s a tax cut, either the deficit goes up or they get the taxes from somebody else.”
Buffett said rising health-care costs are crippling U.S. competitiveness.