Buffett: I Should Pay More Taxes

'Oracle of Omaha' says scales have tipped toward the rich

By Kevin Spak,  Newser Staff

Posted Oct 31, 2007 10:41 AM CDT

(Newser) – America’s second-richest man, Warren Buffett, stood up for the little guy last night, telling NBC that he and über-wealthy people like him should pay more taxes. The system has dramatically “tilted toward the rich and away from the middle class,” he said. Surveying his office, Buffett found his 17.7% tax rate was less than anyone—“from the receptionist up.”

Buffett stressed that he used no tax planning or shelters, and attacked hedge fund managers who have spent record sums lobbying to protect tax loopholes. “Who represents the cleaning lady?” Buffett asked. The Chamber of Commerce railed against Buffett, saying the rich provide the lion’s share of tax revenue.

Warren Buffett, chairman of Berkshire Hathaway, is seen following a news conference in Omaha, Neb., in this May 6, 2007 file photo. Berkshire Hathaway Inc. is expected to release quarterly earnings on...   (Associated Press)
Warren Buffett speaks during a news conference in New York in this June 26, 2006, file photo. (AP Photo/Seth Wenig)   (Associated Press)
U.S. billionaire investor Warren Buffett waves his hand after he arrived at Daegu airport to inspect Iscar Korea, a subsidiary of Iscar, the Israeli industrial tool manufacturer he purchased last year...   (Associated Press)
Warren Buffett speaks at a forum/ fundraiser in New York in this June 26, 2007 file photo. (AP Photo/ Louis Lanzano)   (Associated Press)
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