in america that pays 35%. they all pay 29% or less. number one. number two, i give warren buffett a lot of credit. he is a patriot for doing. this i notice all the people referring to the iraq war, rich people weren t willing to pay a dime to offset the cost of the war. they re fighting for their bush tax cut. dana said something right. there will be and should be a tax rewrite. i m for the flat tax. a good idea. but that is probably going to be a tough thing to sell. however, the committee that everybody is sort of dumped on, i d use another word but i was told to clean it up a little bit. ones that were peeed on. greg: thank you for that. bob: the select committee of 12 members of the congress, i been listening carefully to what they say. even some of the most conservative, like pat too manyey of pennsylvania open pat toomey of pennsylvania opened the door. there is not a reasonable economist, conservative or liberal that believes you can get a balanced budget without
basically what he is saying is that if you make over $1 million you should pay higher rate of tax, and if you make over $10 million, higher rate of tax. but mr. buffett doesn t point out his company berkshire hathaway only pays 35% on hir money. not the corporate rate. he pays 17% of his income. he wants to pay more money, there are ways to do that. dana: there are ways but the treasury department have a website to go and donate what is it called? eric: gifts to the united states. dana: gifts to the united states government. if you want to give more to the federal government and have it spent, you can. now let me back up. who am i to criticize warren buffett s investments? he has done better than i in that area. i am for wholesale tax reform. it could be that billionaires and millionaires should pay some more but it has to be the wholesale tax reform as well as entitlement reform.
politics. ed henry takes a look. it was a terrible day in iraq. insurgents coordinated attacks at more than a dozen cities. 63 people were killed. mike emanuel tells us what impact it will have on u.s. policy. we re confirmed that china got a look at the remaining stealth helicopter abandoned in the usama bin laden raid in pakistan. catherine herridge tells us what it means for u.s. in national security. special report starts at 6:00 eastern. now back to the five. eric: warren buffett s op-ed in the new york times. welcome back to the five. did you happen to see billionaire warren buffett s of p ed in the new york times yesterday? the oracle of omaha feels like he and his super rich friends have been coddle long enough by the government and time for the tax man to come and
the problem that people hear when they say billionaire should pay more, it starts off that way. when president obama talks about billionaires, is it people that make $1 million or have a million in the bank? there is no definition. greg: not enough. the mess of people he was talking about were 400 people. that article that editorial daps that s how many people read the paper. greg: exactly. the combined for the super rich that make taxable income of $16.9 billion. if you took all of their money it wouldn t amount to enough. eric: right. it s around $90 billion last year. if you bought their number up you d make $15 billion back. the point is this is all written because we have $17 trillion national debt. and growing by $1.5 trillion. why not address spending? why is it always on the left, bob? address taxing. tax more and spend less. bob: if i could correct you. first, it s not a corporation
i agree with that. smart politics. it doesn t mean that the majority of the country is close. coming up, billionaire, eric no, warren buffett. wants to lose money and he is calling on congress to take it away. next, on the five. give me some warren warren buff. ,