Billionaire Sam Zell disagrees with Buffett, saying Obamacare repeal is not a gift for the rich

• The tax cut in the GOP's health-care bill should not be viewed as a giveaway for the wealthy, the Equity Group chairman says.
• The Republican measure's repeal of Obamacare taxes balances the system, argues Sam Zell.

The tax cut in the GOP's health-care bill should not be viewed as a giveaway for the wealthy, Equity Group Investments Chairman Sam Zell told CNBC on Tuesday.

Fellow billionaire Warren Buffett told CNBC on Monday the Republican bill to replace Obamacare would "cut the hell out of taxes" for the rich if the measure were to make it through the Senate without any changes.

But Zell said on "Squawk Box" the GOP approach to health care on taxes is not for the rich or the poor. He said the measure, supported by President Donald Trump and passed in the House last week, balances out the system. Zell, a former Democrat, said he's more of a Republican lately — conservative on fiscal matters but liberal on social issues.

The Republican bill as written would eliminate former President Barack Obama's Affordable Care Act taxes imposed on the wealthy that, in part, pays for health-care coverage for Americans.

The GOP measure calls for the repeal of Obamacare's 3.8 percent investment tax, such as capital gains, and a 0.9 percent Medicare payroll tax. Both of those apply to individuals earning $200,000 or more a year and couples earning more than $250,000.

Buffett, who supported Hillary Clinton in the election, said his personal tax bill would be 17 percent lower under the GOP health measure — about $680,000 on his tax bill of a "little less than $4 million."