• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

Social Security unraveling: 7,100 workers sacked, performance metrics retired, disability claims falling

2

Ohio city workers are covering automated license plate readers with trash bags as officials sound the alarm on 'egregious violations' of privacy

3

Erin Brockovich, the activist who defeated a utility giant and inspired a Julia Roberts film, is pushing data centers to be more transparent

1

Social Security unraveling: 7,100 workers sacked, performance metrics retired, disability claims falling

2

Ohio city workers are covering automated license plate readers with trash bags as officials sound the alarm on 'egregious violations' of privacy

3

Erin Brockovich, the activist who defeated a utility giant and inspired a Julia Roberts film, is pushing data centers to be more transparent
MPWMost Powerful Women

Buffett says cut taxes for all but the rich

By
Colin Barr
Colin Barr
Down Arrow Button Icon
By
Colin Barr
Colin Barr
Down Arrow Button Icon
October 5, 2010, 3:02 PM ET

Warren Buffett said it’s time to raise taxes on the ‘very rich’ — and perhaps cut them for the rest of the population.

Buffett, the billionaire investor who runs Berkshire Hathaway , said Tuesday at Fortune’s Most Powerful Women Summit in Washington that the nation’s tax code “has gotten distorted to a huge extent,” by levying higher taxes on secretaries and janitors than on CEOs and private equity whiners.



Tax rates: heading higher?

He called, as he has in the past, for policymakers to redress that iniquity by raising taxes on the rich. Buffett said taxes will have to rise in general in coming years if we want to dig our way out of a giant budget deficit.

“We are not taking in enough money at the federal government level,” he said. He said tax collections (see chart, right) will have to rise back into the 18-20% range from below 15% lately.

But Buffett also added a new twist in an interview after his appearance with CNNMoney.com’s Poppy Harlow: He said it’s time to cut taxes on those outside the top tax brackets.

[cnnmoney-video vid=/video/news/2010/10/05/f_mpw_buffett_taxes.fortune/]

Buffett has been railing for years about the absurdity of the current tax structure – he remarked Tuesday with some disbelief that he pays the lowest rate in his Omaha office — and has accordingly called for higher taxes on those earning large wages, including himself.

But he hasn’t previously pushed for lower taxes on those making less. Asked why not, he said that no one ever asked.

A tax cut for low-income people could boost consumer spending at a time of high unemployment and fading government stimulus funds. But such a shift might not play well with the Tea Party types who have made an issue of the fact that 47% of U.S. households paid no federal income tax last year.

Regardless, Buffett says the tax numbers don’t add up and will have to rise. So why not raise taxes on those who can afford to pay?

“We’re going to need to get more money,” said Buffett. “Why not get it from me instead of the guys who will serve us lunch?”

About the Author
By Colin Barr
See full bioRight Arrow Button Icon

Latest in MPW

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in MPW

pratt
PoliticsElections
‘I hope she’s ready’: Spencer Pratt throws down the gauntlet to Karen Bass
By The Associated PressJune 3, 2026
6 hours ago
ll
PoliticsElections
An Iowa farm has been in his family for a century. He just beat Trump’s pick by running against pesticides and big ag
By Hannah Fingerhut, Ali Swenson and The Associated PressJune 3, 2026
6 hours ago
Mike Bloomberg matches $25 million fundraising effort to educate youths about 9/11 ahead of the 25th anniversary
North AmericaNew York
Mike Bloomberg matches $25 million fundraising effort to educate youths about 9/11 ahead of the 25th anniversary
By James Pollard and The Associated PressJune 3, 2026
11 hours ago
Women run a record 11% of Fortune 500 companies in 2026—but the gain came in a year of high-profile exits
MPWFortune 500
Women run a record 11% of Fortune 500 companies in 2026—but the gain came in a year of high-profile exits
By Sydney LakeJune 3, 2026
16 hours ago
mfg
MPWphilanthropy
Melinda French Gates is done ‘cheering on Seattle from the sidelines’ — she’s buying into the bet to bring the Sonics back
By Andrew Destin and The Associated PressJune 2, 2026
2 days ago
kb
PoliticsElections
LA lost more people than any American county last year and has to choose between the woman who let it burn and Spencer Pratt
By MIchael R. Blood and The Associated PressJune 2, 2026
2 days ago

Most Popular

Social Security unraveling: 7,100 workers sacked, performance metrics retired, disability claims falling
North America
Social Security unraveling: 7,100 workers sacked, performance metrics retired, disability claims falling
By Katie Savin, Callie Freitag, Matthew Borus and The ConversationJune 2, 2026
2 days ago
Ohio city workers are covering automated license plate readers with trash bags as officials sound the alarm on 'egregious violations' of privacy
Cybersecurity
Ohio city workers are covering automated license plate readers with trash bags as officials sound the alarm on 'egregious violations' of privacy
By Sasha RogelbergJune 3, 2026
13 hours ago
Erin Brockovich, the activist who defeated a utility giant and inspired a Julia Roberts film, is pushing data centers to be more transparent
Environment
Erin Brockovich, the activist who defeated a utility giant and inspired a Julia Roberts film, is pushing data centers to be more transparent
By Marco Quiroz-GutierrezJune 1, 2026
2 days ago
Current price of oil as of June 3, 2026
Personal Finance
Current price of oil as of June 3, 2026
By Joseph HostetlerJune 3, 2026
14 hours ago
Southwest exec says the free bag and assigned seating overhaul is already paying off
Travel & Leisure
Southwest exec says the free bag and assigned seating overhaul is already paying off
By Preston ForeJune 2, 2026
1 day ago
Current price of oil as of June 2, 2026
Personal Finance
Current price of oil as of June 2, 2026
By Joseph HostetlerJune 2, 2026
2 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.