Warren Buffett is on CNBC this morning talking about the Buffett tax.

As he's indicated before, what Obama calls the "Buffett Rule" (higher taxes on the rich, basically) differs from his real proposal for such a tax.

His idea is really simple.

He says his tax would require earners making over $1 million to pay 30% of their income in taxes and those making more than $10 million to pay 35%—something he admits most people are already doing.

The difference between the current progressive system, and his idea is that his scheme wouldn't give any breaks to people who get much of their money from capital gains.



Watch to see what he thinks his tax should really do: