Buffett Says Bush Plan Unfairly Benefits Rich

Warren Buffett told Senate Democrats that President Bush’s proposal to eliminate taxes on dividends would unfairly benefit the rich, senators said after meeting with the billionaire investor.

Getting rid of the dividend tax, the centerpiece of Bush’s $726-billion tax-cut proposal, would slice the Berkshire Hathaway Inc. chairman’s annual federal tax bill by $300 million, and Buffett said that would mean he would pay proportionately less in taxes than his secretary, according to lawmakers at the meeting.