"I probably think there's more of a chance of that than most people think," Buffett told FoxBusiness Network's Liz Claman on Wednesday. "I think the Republicans need one and if you don't make it too complicated, try and really change the code in a massive way, I think you probably can get it done."
Buffett added that he would not classify it as merely reform, rather an overall tax cut, but said "that isn't where we started."
"We talked about being revenue neutral originally, but I think that the politics have evolved in such a way that if you're going to get anything done reasonably fast, it can't be a 1986 type massive reform act," Buffett said.
The Berkshire head also touched on the potential stripping away of regulation as it pertains to Dodd-Frank.
"I think the most important thing, and I think this may have gotten watered down a little in Dodd-Frank, is that if there is another crisis and someday there will be, that the Chairman of the Fed can step out in front of a bunch of reporters and say I'm going to do whatever it takes," Buffett said.
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