Speaking on CNBC Friday morning, billionaire investor Warren Buffett said he doesn’t fully endorse the details of President Obama’s proposed “Buffett Rule” because he hasn’t seen them yet, but not that he rejects it outright.
“Well, the precise program, I don’t know what their program will be,” Buffett said. “My program would be on the very high incomes that are taxed very low — not just high incomes. If you make 50 million appearing on television, that income won’t change, but if they make a lot of money and pay a low tax rate, like me, it would be changed by a minimum tax.”
Asked if that meant he doesn’t support the President’s jobs plan which would enact a tax hike on the wealthy, Buffett demurred, saying that “my program is to have a tax on ultra-rich people who are paying very low tax rates. Not just all the rich people. It probably would apply for 50,000 people.” Story and video to come soon.