"You can't define what's middle class, what is wealthy, what is poor," Bloomberg said. "Every time you have a jump, people play games to get on one side or another. And 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 then zeroed in on Buffett, the man Forbes says is the second richest American with a treasure worth $39 billion, telling Gregory:

"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. And, in fact, a very small percentage of people in this country pay a big chunk on their taxes."