Buffett: 'Higher Taxes on the Ultra-Rich is Not Going to Solve the Deficit Problem'

Warren Buffett, September 30, 2011, at Business Wire's 50th Anniversary Lunch: "Having higher taxes on the ultra rich is not going to solve the deficit problem but no one act is going to solve it. We are going to need a lot of shared sacrifice in order to get our fiscal situation where it should be for a country like this. We’re going to ask something from everybody including people that are poor and people that are middle class. And getting an extra $20 billion from about 50,000 people out of 310 million in this country, 50,000 people who are enjoying terrific incomes with very low tax rates."