Billionaire Warren Buffet, supporter of Hillary Clinton, said this past Saturday that the Republican approach to overhaul the health care system is in fact a tax cut for the rich.
The Berkshire Hathaway Chairman and CEO spoke at an annual shareholders meeting while touring the exhibit floor at the CenturyLink Center in Omaha, Nebraska. There it was found that his federal income taxes last year would have gone down 17 percent if the new law had been implemented.
Buffet noted, “So it is a huge tax cut for guys like me. And when there’s a tax cut, either the deficit goes up or they get the taxes from somebody else.”
The bill was barely passed by the House this past week to repeal and replace the current health care system, ObamaCare, which just goes to show how even though the Republicans hold the majority in the House, a good amount of them don’t even believe in the bill.
Republicans have promised that the American Health Care Act (AHCA) would address growing healthcare costs. Buffet has said that these costs have been eating away at the U.S. economy like a “tapeworm.” He also noted that healthcare costs have been on the rise much faster in the U.S. in comparison to the rest of the world, warning that these costs even have the potential to go up a lot more.
“Medical costs are the tapeworm of American economic competitiveness,” he said. “That is a problem this society is having trouble with and is going to have more trouble with.”