Warren Buffett: Cut Taxes, But Not for the Rich

(Newser) – Finance wiz Warren Buffett believes taxes should be cut—but not for him or other wealthy Americans. The 80-year-old investor, speaking at the Most Powerful Women summit in Washington, said it's absurd how he pays the lowest rate of tax of anybody in his office, including the cleaning lady, CNN reports. America needs to get more money from somewhere, he said. "The question is, do we get more money from the person that's going to serve me lunch today, or do we get it from me? I think we should get it from me."

"I have no tax shelters, I have no tax accountant, my tax shelter really was the Bush administration,” the billionaire quipped. “They took care of me. They thought, 'Here’s this endangered species, kind of like the bald eagle out in Omaha, and if we don’t take care of this guy they’ll all quit working and we won’t have any arbitrageurs or hedge fund operators." Buffett also slammed the failure to reform Wall Street pay, saying bankers are still encouraged to gamble. In future, he says, bosses of banks that need government help should go broke—and their wives "should go broke, too."