Berkshire Hathaway Inc Chairman Warren Buffett on Saturday fumed that healthcare costs are eating away at the U.S. economy like “tapeworm” and said the Republican approach to overhaul Obamacare is a tax cut for the rich.
The U.S. House of Representatives on Thursday narrowly approved a bill to repeal and replace Obamacare, a victory for Republican President Donald Trump who has called the 2010 law a “disaster.”
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.”