Warrren Buffett: The Rich Need to Pay More Taxes

"The richest families in our country pay a lower tax rate than the people who take care of their children, or who teach in their schools, or who would put out a fire if their house were to start to burn," Sperling said.

What about that 55 percent estate tax billionaires pay when they die?

Buffett says repealing the estate tax or the "death tax" as Republican critics call it helps only the rich who don't need the help.

"You would have to attend 200 funerals to be at one where the deceased's estate had to pay that tax," he told senators.

Does the estate tax help level the playing field?

Norman Bartczak from Columbia University says yes. "If you asked most Americans if they could pay their taxes after they die they'd all be happy to do so."

Buffett has promised $1 million to the charity of his or her choice for any billionaire who does the math in his or her office and proves him wrong.

Buffett says three of his close friends have taken him up on the challenge and they all came up with the same results: Ordinary folks are suffering under tax rates nearly twice as high as what billionaires pay.