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Mayor Bloomberg Speaks Out Against President Obama's 'Buffett Rule'

NEW YORK (CBSNewYork/AP) -- Mayor Michael Bloomberg dismissed President Obama's proposal to raise taxes on people who make more than a million dollars a year.

"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," he said.

"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," Bloomberg added.

LISTEN: 1010 WINS' Terry Sheridan reports


President Obama argues that the richest Americans generally pay a smaller share of taxes on their income because of lower rates on investment earnings.

Republicans call the Buffett Rule "class warfare."

Mr. Obama left the White House Sunday for a Seattle fundraising trip where he told supporters the GOP would cripple America.

Bloomberg also said he thinks President Barack Obama could win re-election next year in spite of the country's high unemployment rate, citing incumbency as one of his advantages.

"If I were the president, I'd go out there and I'd emphasize the things  I have done and I'd say some things haven't worked and I'm sorry about but I'll keep trying and I think the president is a very viable candidate and you're going to have a real horse race here no matter who the Republican nominee is," Bloomberg said.

Bloomberg was also asked if New Jersey Gov. Chris Christie would be a good candidate for the White House.

"I think he would be a credible, formidable candidate," he said. "If you take a look at all the Republican field at the moment, there's a number there who obviously don't have a chance to influence the dialog or to be the nominee, but there are a number who do."

But Bloomberg said that he probably won't endorse a candidate. He didn't make an endorsement in 2008.

(TM and Copyright 2011 CBS Radio Inc. and its relevant subsidiaries. CBS RADIO and EYE Logo TM and Copyright 2011 CBS Broadcasting Inc. Used under license. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed. The Associated Press contributed to this report.)

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