Warren Buffet, chairman of Berkshire Hathaway, was interviewed this evening on the PBS Newshour. He shared his views on the tax cuts in the House passed American Health Care Act. The interview can be found at:
He stated that if the AHCA had been in effect this year he would receive a $679,999 tax cut or over 17% of his tax bill. Some of his friends would have saved as much as $10 million and up. The AHCA tax cut is directed at those with an annual income of $250,000 for married couples or $200,000 for those who are single.
His 2016 tax return shows that he earned $19 million last year and his effective tax rate was 16.5%. Now the Republicans want to cut that.
He also observed that most members of Congress earn $174,000 a year and many of them have additional substantial other income. Thus, they are giving themselves a big tax cut.
The full interview is worth watching.
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