| Cuts favor wealhty Original Source Link: (May no longer be active) http://www.wowt.com/news/headlines/634861.htmlhttp://www.wowt.com/news/headlines/634861.html
Buffett Says Tax Cuts Favor Rich Report claims corporations paying less taxes
Billionaire Omaha investor Warren Buffett Saturday accused the Bush administration of pursuing tax cuts that favor business and the wealthy.
Buffett said in his annual report that if class warfare is being waged in America, his class clearly is winning. Buffett said corporate income taxes in fiscal 2003 accounted for 7.4% of all federal tax receipts, down from a postwar peak of 32% in 1952. Buffett said that despite this, tax breaks for corporations and large investors were a major part of the administration's 2002 and 2003 initiatives. Buffett said many large corporations now pay nothing close to the stated federal tax rate of 35%.
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