Warren Buffett Sums Up Trumpcare In 10 Epic Words
Warren Buffett — the third richest man on the Forbes 400 — has some pretty damning words for Republicans’ Obamacare repeal bill.
Buffett’s net worth is $65.5 billion, according to Forbes, and if the American Health Care Act (also known as Trumpcare) was in effect, he would have gotten a 17 percent cut in his federal taxes.
Buffett criticized the Republican healthcare overhaul as part of his remarks at the annual Berkshire Hathaway shareholders’ meeting.
“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.”
Buffett further elaborated on the importance of keeping healthcare costs at a sustainable level, calling them “the tapeworm of American economic competitiveness.”
“That is a problem this society is having trouble with and is going to have more trouble with,” he said at the Omaha meeting.
As many have reported, the current iteration of Trumpcare would eliminate most of the taxes that paid for healthcare subsidies for lower-income Americans under the Affordable Care Act (Obamacare).
Because the taxes scale up based on income, the biggest tax cuts would go to the wealthiest Americans.
As Bernie Sanders has stated, the richest two percent of Americans — those making $250,000 per year or more — would see an average savings of $275 billion in the decade between 2017 and 2026.