Billionaire Warren Buffett said Saturday that the GOP healthcare plan constitutes a "huge" tax cut for the wealthy.

"It is a huge tax cut for guys like me," Buffett said during the yearly Berkshire Hathaway shareholder gathering, as reported by Business Insider.

Buffett, who endorsed Hillary Clinton Hillary Diane Rodham ClintonBarr criticizes DOJ in speech declaring all agency power 'is invested in the attorney general' Virginia Democrat blasts Trump's 'appalling' remark about COVID-19 deaths in 'blue states' The Hill's Campaign Report: Biden asks if public can trust vaccine from Trump ahead of Election Day | Oklahoma health officials raised red flags before Trump rally MORE before the 2016 Democratic primary, reportedly argued that the GOP’s legislation would help the wealthy through lower taxes.

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"The net effect of that act is that my federal income taxes would have gone down, down 17 percent last year," Buffett said.

Buffett said the legislation will slash taxes for individuals who make more than $250,000 per year.

"That means one of two things: either the deficit goes up, or someone else's taxes do," he said.

The House last week narrowly voted to pass the American Health Care Act, which repeals certain provisions of ObamaCare and includes tax credits to incentivize individuals to purchase insurance.