He was the inspiration for the so-called Buffett Rule, proposed by Obama and backed by Clinton, which would tax incomes exceeding $1 million at a minimum rate of 30 percent. Clinton, a former secretary of state and U.S. senator, has also pledged not to raise taxes on families making less than $250,000 a year.

Buffett, an outspoken critic of the unlimited spending in politics that was set in motion by the Supreme Court’s 2010 Citizens United decision, has helped Clinton raise money but has yet to make a major financial contribution to her presidential campaign. Early in the election season, he donated $25,000 to a political action committee that helped lay the groundwork for Clinton’s run for the nomination and he contributed the $2,700 maximum to her primary campaign in April 2015. Last year he also gave about $50,000 to the Democratic National Committee.

Another prominent billionaire, former New York Mayor Michael Bloomberg, also backed Clinton, endorsing her on stage at the Democratic National Convention.

Bloomberg is the founder and majority owner of Bloomberg LP, the parent company of Bloomberg News. He was elected New York mayor as a Republican in 2001 and 2005, and to a third term as an independent. Bloomberg was a member of the Democratic Party before 2001.

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