Warren Buffet blames federal law for Mitt Romney's 15% tax rate January 23, 2012, 9:11 a.m. Billionaire investor Warren Buffet said he doesn't blame Republican presidential candidate Mitt Romeny for only paying about 15% of his income in taxes, saying it was misguided federal law that allowed the very wealthy to pay a rate less than average Americans. "It is the wrong policy," Buffet told Bloomberg TV. Nothing wrong about him doing that. He will not pay more than the law requires. I do not fault him for that in the least. But I do fault the law that allows him and me, earning enormous sums, to pay over all federal taxes at a rate that is about half what the average person in my office pays.