Sunday, September 26, 2010

It's More Than "A Little Obscene"

CNBC TRANSCRIPT: Warren Buffett on Recession, Taxing the Rich, and Capitalism's 'Regenerative Capacity' - CNBC
BUFFETT: Well, I don't think they'll end up being passed for no one. So, I-- I think that-- but Peter did put the argument that way. He-- he didn't say this is the most desirable policy, he just said this is the most politically feasible policy. But-- the-- way the tax system has gotten tilted toward guys like me over the last 20 years is-- as opposed to the middle class, you know, in my view, is a little obscene. So, I-- I think-- I'm not saying $250,000 necessarily. But-- but-- at the-- at the high end-- and-- and the people who are getting their huge incomes through capital gains and-- I just-- I just think that-- when a country needs more income and we do, we're only taking in 15 percent of GDP, I mean, that-- that-- when a country needs more income, they should get it from the people that have it.

BECKY: You think it's okay to raise taxes at a time when the economy's uncertain?

BUFFETT: I think-- sure. On some people. Yeah. I-- I don't want to raise 'em on 90-- you know, 98 percent of the people, but-- but-- no, I think the inequities that have gone into the tax code in the last 20 or 30 years compared to the situation that existed when this country was very prosperous in 1960, 1970, 1980 and so on, I-- I think it's-- I just think it's been tilted toward the rich.

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