Warren Buffett Warns Against Eliminating 'Death Tax'

Billionaire investor Warren Buffett said Tuesday that eliminating the estate tax would be a "terrible mistake" that would fail to adequately distribute resources in the U.S.

Buffett's comments come as Congressional Republicans are pushing a tax reform plan that in part calls for eliminating the estate tax, also called the "death tax."

"If they pass the bill they're talking about, I could leave $75 billion to a bunch of children and grandchildren and great-grandchildren," Buffett said on CNBC.