Warren Buffett clarifies positionon taxing the rich

by Wayne Freedman

WOODSIDE, Calif. (KGO) -- President Obama may have thought he had an ally in billionaire Warren Buffet, who recently admitted to paying only $6,000 in federal taxes, which is a lower rate than his secretary. Buffett had said the rich should pay their fair share, but he clarified his statement on Friday.

"It's not to have the rich pay more taxes, but to have the ultra rich who have low tax rates pay more taxes," Buffett said.

Listen as Obama speaks of Cap and Trade and explains how it will be necessary for the electric suppliers to pass on the the cost of retrofitting to consumers. The upshot is that there is no way to avoid higher electricity costs to consumers if the bill is passed. In this case, I believe that Obama is telling the truth. Ironically I heard about it first from FOX news. But I just thought it was part of their agenda driven programing so I disregarded it. : ) / GB