He argued that the American Health Care Act, which passed the House this past week, amounted to "a huge tax cut for guys like me".
Experts agree that the bill fails to reach the objectives laid forth by Trump, which include affordable coverage for everyone, lower deductibles and healthcare costs and better care.
The next leader of Berkshire is "going to have to allocate maybe $400 billion or something like that, maybe more", Buffett said.
"I personally disagree with the Citizens United decision", Buffett said.
Buffett told Berkshire Hathaway shareholders Saturday that the bank should have done more to correct the problem once it was discovered.
- Buffett also faulted Wells Fargo executives for not acting quickly enough when they found out about problems involving the creation of fake customer accounts at the bank. It's the largest shareholder in businesses including Wells Fargo, Delta Air Lines and Coca-Cola.
Berkshire owns about 10 percent of Wells Fargo's stock, and Buffett's support of current management was a key factor in ensuring that the bank's entire board won re-election last month.
Warren Buffett is considered one of the world's greatest investors, yet even he makes mistakes. The idea underpinned a larger question of succession planning at Berkshire.
Kim Jon-un claims he dodged a $100K US death plot
It said the plot was a "last-ditch effort" by United States "imperialists" and South Korea that had gone "beyond the limits". The allegation itself is impossible to verify, but the statement gave lengthy details about the alleged plot.
Buffett said that the lower rate of healthcare spending in other countries is one of the biggest disadvantages for USA businesses.
Buffett, 86, said: "We've had a lot of (tax cuts) in our lifetimes ... it's certain that some of a lower corporate rate would be competed away, and it's sure that some of it would inure to the benefit of shareholders".
Most of the weekend's other events celebrate shopping at companies owned by Berkshire Hathaway. For only the second time in history this event is being live-streamed for all of the world to see.
Buffett has no plans to leave his job as chairman and CEO of the Berkshire Hathaway conglomerate he built through acquisitions over more than 50 years. At the meeting, Buffett disclosed that, as Kraft Heinz worked on its now-dead takeover bid for the consumer products giant Unilever, Berkshire was prepared to invest $15 billion in the potential deal. Currently, Berkshire has more than $90 billion in cash on hand.
On Monday, Buffett will face more questions during a series of television interviews.
Buffett did lavish much praise on top insurance executive Ajit Jain, who some investors believe could be that successor.
Asked whether Berkshire's decentralized structure could lead to a similar scandal - Berkshire subsidiaries employ some 367,000 people but just 25 work in the main office - Buffett said Berkshire welcomes being alerted to misbehaviour via an internal "hotline" that gets 4,000 calls a year.
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