Warren Buffett pushes for higher taxes on the rich

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Story Created: Nov 27, 2012 at 5:11 PM CDT

Story Updated: Nov 28, 2012 at 7:34 PM CDT

Nebraska billionaire Warren Buffett has been very vocal the past few days on the fiscal cliff discussions in Washington. And, he continued Tuesday by pitching for higher taxes on the rich to the "Today" show.

The famed billionaire investor, often called "the Oracle of Omaha" for his business acumen, is part of a push to increase the tax rate on the wealthiest Americans.

He sat down with Matt Lauer to talk about that idea, the atmosphere in Washington, D.C., and the "fiscal cliff".

"I think there's a general feeling among the American public certainly - and even among many in Congress - that the rich, like me, have been getting away with low tax rates and it's time to make the tax rates more progressive," said Buffett.

Buffet disagrees with President Obama on the cut off amount for tax cuts. He would set the cut-off at $500,000 a year, rather than the $250,000 threshold advocated by the president.

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