Bloomberg Troubled by Obama Class Warfare

New York City Mayor and billionaire Mike Bloomberg is challenging the president's attempts to create class hostilities.

And I think it's not fair to say that wealthy people don't pay their fair share. They pay a much higher percentage of their income. They have a higher rate than people who make less.

The Buffett thing is just theatrics. If Warren Buffett made his money from ordinary income rather than capital gains, his tax rate would be a lot higher than his secretary's. And, in fact, a very small percentage of people in this country pay a big chunk on their taxes.

If you're going to raise taxes, you're going to have to raise taxes on everybody. I would suggest 2 or 3 percent on everybody. For the average person that's 150 bucks. For the wealthy, it's a lot of money.