Bloomberg: Buffett tax call is 'theatrics'

New York Mayor Michael Bloomberg Sunday dismissed as "theatrics" calls by fellow billionaire Warren Buffett to increase taxes on the very wealthy and said that only a tax hike at all income levels is possible.

"A very small percentage of the people in this country pay a big chunk of the taxes," Bloomberg told NBC's "Meet the Press." "If you are going to raise taxes, you are going to have to raise taxes on everybody. . . . That is the only way to get something through Congress."

Buffett has gained attention for criticizing a tax structure that places a higher burden on the middle class than on the wealthy because investment income is taxed at a lower rate than wages. He's questioned why he should enjoy a lower tax rate than his secretary.

"The Buffett thing is just theatrics," Bloomberg said. "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."

Bloomberg suggested an across-the-board increase in the tax rate of 2 to 3 percent, saying "for the average person that's $150 bucks; for the wealthy, it's a lot of money."

He said that if tax breaks are taken from the wealthy, then entitlement programs, which include Social Security and Medicare, must also be reduced.

"Unless we do all of these things, it's not going to work," he said. "What's good theater and what's good politics are not necessarily good economic policy."

The mayor also touched on the presidential race, saying he probably would not endorse any candidate and that despite the flagging economy, President Barack Obama could still secure a second term in office.

"The president is a very viable candidate and you are going to have a real horse race here, no matter who the Republican nominee is," Bloomberg said.