Photo: The Daily Ticker
Media outlets have been reporting that Berkshire Hathaway CEO and Chairman Warren Buffett thought the tax rule written in his name had been “butchered” by politicians.Such reports, he told CNBC this morning, are completely false.
He clarified his earlier statements:
“I said some of the commentary about it has been butchered, but I would not say the rule at all has been butchered. Obviously, if I were writing the bill myself it would be a little different…Everybody would do something a little bit differently but it encompasses the principles that I believe in.”
Specifically, he told CNBC that he might have instituted a more progressive system, where taxpayers with salaries above $1 million would be forced to pay 35 per cent of their income in taxes and those with incomes above $10 million would pay 35 per cent.
That said, he actually wrote a letter to the Congressman who introduced the bill affirming his support for the legislation, saying he was “fine with it.”
He also called critique that the plan did not go far enough on target, but said that the rule had never been an attempt to completely overhaul a flawed tax system. “It is a small improvement in a very bad tax system. It doesn’t cure all revenue problems remotely,” he said.
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