Warren Buffett: GOP bill should be called 'Relief for the Rich Act'

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Warren Buffett, chairman and CEO of Berkshire Hathaway, said during an interview with PBS that he would receive a 17 percent tax cut under the House-approved American Health Care Act, saving him $679,999.

 "There's nothing ambiguous about that. I will be given a 17 percent tax cut," Mr. Buffett, who is worth $77 billion, told PBS' Judy Woodruff. "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."

Mr. Buffett also pointed out that members of Congress earn about $174,000 per year. "But most of them have — if you look at the disclosures, they have substantial other income," he added. "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."

According to Mr. Buffett, the nation's highest earners — "guys like me" — should see their tax rates "go up, allowing others to go down somewhat." He suggested "there ought to be minimum taxes for people that make $10 million a year, and a different one at a million a year, but certainly at $10 million a year."

Read the full interview here.

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