Warren Buffett calls Trumpcare 'huge tax cut for guys like me'
By Conor Coyle
Date: Monday 08 May 2017
(ShareCast News) - Famed US investor Warren Buffett referred to the healthcare reforms passed by the House of Representatives last week as a "huge tax cut for guys like me" during a shareholder meeting of his Berkshire Hathaway firm.
In his annual speech to investors of the company, Buffett was critical of the legislation introduced by President Donald Trump, which if passed by the Senate will repeal and replace Obamacare.
"That is in the law that was passed a couple days ago," he added. "Anybody with $250,000 a year of adjusted gross income and a lot of investment income is going to have a huge tax cut."
Republicans in the House pushed through the legislation in an unexpected move, after several lawmakers from the party were convinced to back the bill.
"Medical costs are the tapeworm of American economic competitiveness," Buffett warned Berkshire shareholders."That is a problem this society is having trouble with and is going to have more trouble."
The latest version of the legislation has received a variety of criticism in the US, specifically for its inclusion of a provision which allows healthcare companies to deny certain coverage to those with pre-existing conditions.
Billionaire Buffett added that the Trumpcare bill was likely to benefit many of the shareholders in his company, but not all of them.
He was also critical of the actions of Wells Fargo's executives, one of the US' biggest banks and a long-time investment of the Sage of Omaha. The San Francisco-based bank was forced to pay $185m in fines following a fake account scandal last year.
"The main problem was that they didn't act when they learned about it," he said. "It's bad enough having a bad system, but they didn't act."
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