Buffett: GOP healthcare plan a ‘huge tax cut for guys like me’

Buffett: GOP healthcare plan a ‘huge tax cut for guys like me’
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Billionaire Warren Buffett said Saturday that the GOP healthcare plan constitutes a "huge" tax cut for the wealthy.

"It is a huge tax cut for guys like me," Buffett said during the yearly Berkshire Hathaway shareholder gathering, as reported by Business Insider.

Buffett, who endorsed Hillary ClintonHillary Diane Rodham ClintonFormer presidents, first ladies come together to honor Barbara Bush Romney: Parts of Comey book read 'too much like a novel’ Collins: Comey should have waited to release his memoir MORE before the 2016 Democratic primary, reportedly argued that the GOP’s legislation would help the wealthy through lower taxes. 

"The net effect of that act is that my federal income taxes would have gone down, down 17 percent last year," Buffett said.

Buffett said the legislation will slash taxes for individuals who make more than $250,000 per year.

"That means one of two things: either the deficit goes up, or someone else's taxes do," he said.

The House last week narrowly voted to pass the American Health Care Act, which repeals certain provisions of ObamaCare and includes tax credits to incentivize individuals to purchase insurance.