Buffett says Bush tax cuts favor wealthy

[ringmastery]

http://story.news.yahoo.com/news?tmpl=story&u=/ap/20040308/ap_on_bi_ge/buffett_bush_5

OMAHA, Neb. - Billionaire investor Warren Buffett (news - web sites) accused the Bush administration Saturday of pursuing tax cuts that favor large corporations and wealthy individuals.

"If class warfare is being waged in America, my class is clearly winning," Buffett said in Berkshire Hathaway Inc.'s annual report.

Except for 1983, the percentage of federal tax receipts from corporate income taxes last year was the lowest since data was first published in 1934, Buffett said.

"Tax breaks for corporations (and their investors, particularly large ones) were a major part of the administration's 2002 and 2003 initiatives," Buffett said.

Buffett said many large corporations now pay nothing close to the stated federal tax rate of 35 percent.

[BruinAlum]

1. Well duh!