Buffett: Cut taxes for all but rich

Buffett, the billionaire investor who runs Berkshire Hathaway (BRKA), said Tuesday at Fortune's Most Powerful Women Summit in Washington that the nation's tax code "has gotten distorted to a huge extent," by levying higher taxes on secretaries and janitors than on CEOs and private equity whiners.

He called, as he has in the past, for policymakers to redress that iniquity by raising taxes on the rich. Buffett said taxes will have to rise in general in coming years if we want to dig our way out of a giant budget deficit.

"We are not taking in enough money at the federal government level," he said. He said tax collections (see chart, right) will have to rise back into the 18-20% range from below 15% lately.

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Buffett: Cut taxes for all but rich