WATCH: Warren Buffett Talks Sense About Raising Taxes on the Rich

Third-richest person in the world Warren Buffett has always been vocal about how the wealthy (himself included) should pay higher taxes. In an episode of This Weekwith Christiane Amanpour scheduled to air on Thanksgiving, Buffett reiterates his feelings about tax breaks for rich people, in the context of a discussion about the Giving Pledge -- his effort with Bill and Melinda Gates to encourage the world's super-rich to give away most of their fortunes.

Here's some of what he had to say:

If anything, taxes for the lower and middle class and maybe even the upper middle class should even probably be cut further," Buffett said. "But I think that 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.

"They say you have to keep those tax cuts, even on the very wealthy, because that is what energizes business and capitalism," said Amanpour, to which Buffett responded:

The rich are always going to say that, you know, just give us more money and we'll go out and spend more and then it will all trickle down to the rest of you. But that has not worked the last 10 years, and I hope the American public is catching on.


AlterNet / By Lauren Kelley

Posted at November 22, 2010, 5:42am