‘Relief For The Rich Act’: Buffet Changes Trumpcare’s Name

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Warren Buffett

On Tuesday, Republican leaders announced that the vote for the GOP’s ObamaCare repeal bill would be removed from the schedule. Republican lawmakers in the Senate have no way of passing the bill as long as nine of their colleagues announced that they would not support the current version of the bill.

America is Against Trumpcare

However, the “Better Care Reconciliation Act” irks not only some GOP senators, but the American people are also opposing it. According to a poll from USA Today, only 12% of Americans back the bill, while according to an NPR poll, 17% of Americans are approving it. Surprisingly, only 35% of Republican voters back the healthcare reform plan.

Billionaire investor Warren Buffett also opposes the plan, even though the new law includes generous tax cuts for the rich like himself. In a PBS interview, Buffett explained why he is against the bill. He thinks that healthcare should be more inclusive and advocate for a single-payer system, in his opinion, is the best there is.

Buffett also highlighted some of the most concerning aspects of the GOP healthcare bill. When PBS’s Judy Woodruff brought up the fact that Trumpcare will eliminate the surcharge on the wealthy, which amounts to a tax cut for people like him, Buffett underlined that he filed his tax returns in April. But if the bill had been turned into law this year, he would have saved $680,000 which represents 17% of taxes.

The Rich Get Hefty Tax Cuts

In other words, the GOP would have awarded Buffett a 17% tax cut. The investor noted that there are many couples that earn more than $250,000 per year so Trumpcare should be named “Relief for the Rich Act” instead.

Buffett also noted that congressmen’s income is around $174,000 per year. However, they have many extra sources of income. So, if the bill passes, lawmakers would give themselves “a big, big tax cut,” Buffett said.

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