Zell Disagrees With Buffett: Obamacare Repeal Isn’t Gift to Wealthy

Equity Group Investments Chairman Sam Zell disagrees with fellow billionaire Warren Buffett’s contention that the Republican approach to overhaul Obamacare is a tax cut for the rich.

Zell told CNBC the GOP approach to healthcare on taxes isn’t for the rich or the poor. He said the measure balances out the system.

The House of Representatives on Thursday narrowly approved a bill to repeal and replace Obamacare, a victory for Republican President Donald Trump who has called the 2010 law a “disaster,” Reuters reported.

The Republican bill would repeal most of the taxes that paid for the law formally known as the Affordable Care Act. The party’s leadership has promised that the new American Health Care Act, which faces a likely overhaul and uncertain passage in the Senate, would address growing healthcare costs, Reuters reported.

The GOP measure calls for the repeal of Obamacare’s 3.8 percent investment tax, such as capital gains,

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