This afternoon, in a CBNC interview, Warren Buffett properly described the “cap and trade” bill, also known as Waxman-Markey as a huge regressive tax. (To be fair, the regressive part is the only good thing about it.)

You can see it starting at 12:45 into the video on this page:
http://www.cnbc.com/id/31526130

Or you can read it in the transcript, about 80% of the way down this page:
http://www.cnbc.com/id/31526815