Obama: Billionaires Tell Me They Don’t Want Tax Cuts

"And keep in mind, one of the things about being president, you meet people from all walks of life. You meet folks with very modest incomes, you meet the wealthiest people in the world. 

And let me just say, some of these folks at the very top, the top one, the tenth of one percent are wonderful people. Warren Buffett’s a great friend of mine. They’ve done amazing things, they’ve invested. They’ve created businesses. They deserve great success. 

But they really don’t need a tax cut. (Laughter) And if you talk to them, they’ll tell you, I already got a couple planes, I already got a boat. I already got five or six houses. I’m OK. (Laughter) And the idea that you would do it at the same time as you’re eliminating tax credits for students or working families doesn't make sense."