Warren Buffett speaks out on repeal of Obamacare

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Billionaire investor Warren Buffett is speaking out in fierce opposition to the GOP healthcare proposal, which would repeal and replace Obamacare, as he claims it would only provide tax cuts for the rich.

The new plan intends to eliminate an “Obamacare surcharge” on people earning a higher income.

Buffett, of Omaha, Nebraska, said during an interview with Judy Woodruff of PBS last week, that if the GOP bill that passed the House had been in effect this year, he would have saved $679,999, or over 17 percent, on his taxes.

“There’s nothing ambiguous about that. I will be given a 17 percent 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,” Buffett said.

He said the bill should be called “Relief for the Rich Act.”

“The people the bill is directed at are couples with $250,000 or more of income,” Buffett said.

He said members of the House and Senate get $174,000 per year, but “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 voted for this.”

Woodruff also pointed out that Buffett is worth an estimated $77 billion, and his tax return indicates he earned $19 million last year, yet his current tax rate is only 16.3 percent, which is about the same as a married couple would pay on an annual income of $136,000.

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