Investment guru Bill Gross says that the Trump administration’s recent federal income tax cuts were a mistake.

 “It’s just a giveaway to the rich,” Gross recently told the OCRegister.com.

Gross, once the bond market’s most influential investor, recently retired from Janus Henderson Group Plc in coming weeks, ending attempts to reclaim the stature he enjoyed leading the world’s largest fixed-income investing firm, Reuters reported.

Gross, who turned to investing after serving as U.S. naval officer, co-founded Pacific Investment Management Co in 1971, attaining rock-star status in investing circles as he attracted hundreds of billions of dollars in assets.

Under his watch, Pimco blossomed into a $2 trillion asset-management powerhouse, one so influential that the U.S. Federal Reserve tapped it to help implement its program of emergency bond purchases in the financial crisis in 2008.

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At Janus, however, Gross was unable to repeat his earlier success, with the performance of the fund he managed ranking near the bottom. Gross told Reuters on Friday that low rates are distorting returns.

Meanwhile, Gross doesn’t buy the logic that cutting taxes on the wealthy stimulates the economy enough to make it a “free” tax break.

”‘Let them eat cake’ logic,” he says, referring to words of indifference to societal gaps that led to the French Revolution three centuries ago. “How’d that turn out?”

Gross suggests some sort of guaranteed “permanent income” may be needed to provide for the masses if projections of the harsh job-cutting impacts of artificial intelligence and robotics come true.

“You’ve got to take care of these people,” he says. “It’s common sense.”

Gross isn't alone in his thinking.

Billionaire investor Warren Buffett said last month that wealthy Americans, including himself, are not paying enough taxes, Reuters reported.

"The wealthy are definitely undertaxed relative to the general population," Buffett, chairman of Berkshire Hathaway Inc., told CNBC television on Monday.

"As we get more specialized, the rich will get richer," he continued. "The question is: 'How do you take care of a guy who is a wonderful citizen whose father died in Normandy and just doesn't have market skills?' I think the income tax credit is the best way to address that."

"That probably means more taxes for guys like me, and I'm fine with it," he said.

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