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Warren Buffett's thoughts on the GOP healthcare plan

Warren Buffett, chairman and chief executive of Berkshire Hathaway, gave his insights into Republicans' healthcare bill and the state of the industry during Berkshire Hathaway's annual meeting in Omaha, Neb., according to Bloomberg.

Here are four things to know:

1. He said the bill is a "huge tax cut for guys like me. And when there's a tax cut, either the deficit goes up or they get taxes from somebody else."

2.Mr. Buffett said if legislators enacted the bill last year, his federal income tax would have decreased 17 percent.

3. Mr. Buffett said healthcare's high costs put the United States at a disadvantage relative to other countries.

4. The U.S. House of Representatives passed the American Health Care Act in a 217-213 vote mostly along party lines on May 4.

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