Connect with us

The Guardians of Democracy

The Guardians of Democracy

Warren Buffett: GOP Healthcare Bill Should Be Called ‘Relief For The Rich Act’

ECONOMY

Warren Buffett: GOP Healthcare Bill Should Be Called ‘Relief For The Rich Act’





Warren Buffett, one of the wealthiest men in the country, is attacking the GOP’s healthcare bills, claiming the bills would provide tax cuts for the rich.

Legislation passed by the House, he said, should be called “Relief for the Rich Act.”

“Well, I brought my tax return along for the last year,” Buffett said in an interview with PBS. “I filed this on April 15. And if the Republican — well, if the bill that passed the House with 217 votes had been in effect this year, I would have saved — I can give you the exact figure. I would have saved $679,999, or over 17% of my tax bill.”

“There’s nothing ambiguous about that,” Buffett said. “I will be given a 17% tax cut. And the people it’s directed at are couples with $250,000 or more of income. You could entitle this, you know, Relief for the Rich Act or something, because it — I have got friends where it would have saved them as much as — it gets into the $10-million-and-up figure.”

The Hill added:

“Buffett made the comments are a question about the GOP plan to do away with an ObamaCare surcharge on people earning a higher income.

Buffett also suggested that the bill would give many lawmakers a tax cut.

The annual salaries for lawmakers are much lower, he noted, at around $174,000 a year.”

“But most of them have — if you look at the disclosures, they have substantial other income,” he said.

“If they get to higher than $250,000, as a married couple, or $200,000 as a single person, they have given themselves a big, big tax cut, if they — if they voted for this.”

Buffett also reiterated his call for a single-payer system for healthcare, which he said would be “more effective.”




The Senate GOP on Tuesday decided to delay their effort to repeal-and-replace Obamacare until after the July 4 recess, following reports that a number of Senate Republicans are opposed to the healthcare bill in its current form.

Comments

More in ECONOMY

To Top