Warren Buffett’s Rule: Give Big to Get Obama Re-Elected

Warren Buffett, the billionaire businessman and high-profile supporter of President Obama’s effort to increase taxes on the wealthy, will host a campaign fundraiser for the president in Chicago next month.

The event, scheduled for Oct. 27, will take place at the private North Shore home of Byron Trott, a former Goldman Sachs executive whom Buffett calls his “favorite investment banker.”

Guests will primarily include financial supporters of the president’s 2008 campaign, an Obama aide said.


Obama is not expected to attend.  It’s unclear whether any other senior members of the administration will appear on his behalf.

The ticket price for the Buffett event will be $35,800, the legal maximum an individual can contribute to both Obama for America ($5,000) and the Democratic National Committee ($30,800), a campaign official said.

Buffett, the chairman and CEO of Berkshire Hathaway, is the third richest man in the world, according to Forbes Magazine. He’s also the recipient of the Presidential Medal of Freedom — the nation’s highest civilian honor — which Obama awarded him in 2010.

Buffett’s public call for a new minimum tax rate for millionaires and billionaires has become a key feature of Obama’s recently unveiled deficit-reduction plan. The president named the provision the “Buffett Rule.”

 ABC News’ Chris Bury contributed to this report.