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Detailed text transcripts for TV channel - MSNBC - 20111013:10:12:00

so buffett has hit the ball back over. so buffett went on to point out that, if you look at the statistics that are published by the irs, it shows the 400 highest income americans whose incomes average $227 million each paid 21.4% of federal taxes, 14% below the actual top rate. what was warren buffett paying? about 17%. so warren buffett pays a 17% tax rate. >> good for him, isn't it? >> we've known this for a while. we knew his taxes. he never disclosed his income. from his taxes you could figure out his income. i know you talked a lot about account tantsz and lawyers and all this stuff. this is not complicated. a $100 from pensacola could have done these taxes. >> i'm sorry, was that a jab? >> are you going after my hometown where are you from yankee boy? >> that's a need-to-know basis.

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