Billionaire Warren Buffett on Saturday criticized the Republican healthcare plan, passed through the House last week, as a “huge tax cut for guys like me” and bad news for the less fortunate.
“When there’s a tax cut, either the deficit goes up or they get the taxes from somebody else,” Buffet told shareholders at Berkshire Hathaway’s annual shareholders’ meeting in Omaha, Neb.
He noted that his federal income taxes last year would have dropped down 17 percent had the bill, which would partially repeal and replace Obamacare, already been law.
Buffet, who is worth over $74 billion according to Forbes, scorned rising healthcare costs as being an economic buzzkill for businesses.
“Medical costs are the tapeworm of American economic competitiveness,” he said, according to Reuters. “That is a problem this society is having trouble with and is going to have more trouble with.”
While the Affordable Care Act is funded in part by steeper taxes on the rich, the GOP bill, which now moves to the Senate, would repeal those tax hikes.
Buffett endorsed Hillary Clinton in the 2016 campaign and has been critical of President Trump and his policies, including his stern stance on immigration.