Billionaire Warren Buffett said Saturday that the Republican approach to overhaul the health care system is a tax cut for the rich.
The Berkshire Hathaway chairman, speaking at an annual shareholders’ meeting in Omaha, Neb., said his federal income taxes last year would have gone down 17 percent had the new law been enacted.
"So it is a huge tax cut for guys like me," Buffett said. "And when there's a tax cut, either the deficit goes up or they get the taxes from somebody else."
The House narrowly passed a bill to repeal and replace Obamacare, a major victory for President Trump who has railed against Obama’s landmark healthcare bill.
Republicans have promised that the American Health Care Act would address growing healthcare costs, which Buffet said was eating away at the economy like a “tapeworm.” He added that healthcare costs have rose much faster in the U.S. than the rest of the world and warned it will “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."
According to Forbes, Buffett is the fourth-richest man in the world with a net worth of more than $74 billion. He vocally supported Hillary Clinton in the 2016 presidential election.