For a guy who stands to keep over half-a-million dollars, Warren Buffett is not too pleased.
In a Monday appearance on CNBC’s “Squawk Box,” the billionaire investor said that if there is “one clear-cut message” from the GOP health care bill, it is: “We are going to cut the hell out of taxes for the rich on investment income.”
“It was huge what they did on cutting taxes for the rich in this,” he said of the American Health Care Act, which passed the House on Thursday and awaits discussion in the Senate.
Buffett even got into specifics, explaining that his personal tax bill would be 17 percent lower under the GOP bill. That amounts to about $680,000 back in his own pocket, the Berkshire Hathaway chairman said.
As it stands, the Republican health care bill would roll back taxes on the wealthy that were created to help pay for aspects of Obamacare. Over the next decade, taxes would be cut by an estimated $765 billion, NPR reported.
Buffett shared some similar thoughts on the bill at the annual Berkshire Hathaway shareholders meeting on Saturday.
“It is a huge tax cut for guys like me,” he told the audience.
Buffett also called rising medical costs the “tapeworm of American economic competitiveness,” claiming it has been health care expenses, as opposed to high corporate taxes, that are holding companies back.