Speaking to nearly 30,000 of his Berkshire Hathaway shareholders Saturday, the second-richest person in the world didn't mince words about Republicans' second attempt at repealing and replacing Obamacare.
"It is a huge tax cut for guys like me," Warren Buffett said at the 52nd annual event known as the "Woodstock of Capitalism." "And when there's a tax cut, either the deficit goes up or they get the taxes from somebody else."
The American Health Care Act, according to the Congressional Budget Office, would leave 24 million more Americans uninsured than under Obama's Affordable Care Act. While pulling $880 billion in funding for Medicaid over 10 years, the proposed bill, which passed the House on Thursday, also cuts taxes on the super-rich by almost $300 billion over the course of 10 years, according to the New York Times.
The current version, which now goes to the Senate for approval, would also be a disaster for women's health, treating rape and Caesarian sections as "pre-existing conditions" for which health care companies can deny coverage. Yet the bill passed the House with almost entirely white and male support.
While Buffett acknowledged that tax cuts would benefit his shareholders — although not all of them — he also called medical costs "the tapeworm of American economic competitiveness."
'That is a problem this society is having trouble with and is going to have more trouble with," added Buffett, who's previously funded Republican candidates but threw his support behind Democratic presidential candidate Hillary Clinton last year.
The annual shareholder meeting in Omaha, Nebraska, attracts investors from all over the world, some of whom own only a single share in Berkshire Hathaway, Buffett's conglomerate holding company, according to the Financial Times. The investors convene each year at the Buffett-fest, filled with small shrines to the companies Berkshire Hathaway invests in and to the man himself, worth almost $75 billion. Known to his followers as "The Oracle of Omaha," Buffett has amassed a cult of reverence around his Midwestern brand of capitalistic wisdom.