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Buffett: Tax The Rich

NEW YORK ( TheStreet) -- Warren Buffett, the second-wealthiest man in America, wants to pay more taxes.
Warren Buffett

"People at the high end -- people like myself -- should be paying a lot more in taxes. We have it better than we've ever had it," Buffett told ABC News in an interview scheduled to air Nov. 28, according to Bloomberg.

Buffett is Chairman and CEO of Omaha, Neb.-based Berkshire Hathaway (BRK-B) a conglomerate that includes publicly-traded companies like Wells Fargo (WFC - Get Report), Goldman Sachs (GS - Get Report), Coca Cola (KO - Get Report) and American Express (AXP - Get Report), among its vast holdings.

"If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further," Buffett said in the interview.

Top earners paid between 69% and 92% of their income in taxes from 1936 to 1981 but have paid below 40% ever since 1987. The highest tax bracket, defined today as people earning more than about $375, 000, hasn't exceeded $400,000 since 1942.

Buffett is the second richest man in America, according to Forbes, which puts his wealth at $45 billion.

Tax cuts enacted during the George W. Bush presidency, which benefit earners in five different income brackets, are set to expire at the end of the year unless Congress acts.

-- Written by Dan Freed in New York.
Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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AXP $64.26 0.00%
GS $160.07 0.00%
KO $44.98 0.00%
WFC $48.94 0.00%
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