08/31/2011 04:18 pm ET | Updated Oct 31, 2011

Joe Walsh Slams Buffett's Tax Hikes, Appears On Chicago Tonight Wednesday (VIDEO)

U.S. Rep. Joe Walsh's (R-Ill.) scheduled appearance on WTTW's "Chicago Tonight" Wednesday will cover the economy, debt and revelations about his personal finances--and will no doubt mention his inflammatory appearance on the Bloomberg news show "Inside Track" Tuesday where he attacked billionaire businessman Warren Buffett for his recent op-ed calling for a tax hike on the super-rich

Buffett's August 14 article in the New York Times highlighted proportional tax discrepancies that give breaks to America's millionaires and billionaires and volunteered himself, and other "coddled" wealthy businessmen, for higher taxes.

"I think Mr. Buffett needs a day job. He's got too much time on his hands," Walsh said on "Inside Track" Tuesday. (Scroll down for video) "This is ridiculous. He's so disingenuous. He's heating up his rhetoric because his support for the President is so desperate."

The Tea Party politician slammed Buffett's claims that lower- and middle-class Americans pay a larger percentage of their income in taxes than the wealthy, especially in the case of capital gains and dividend "loopholes," arguing that there are too few millionaires and billionaires for a tax increase of that group to make a difference.

When asked if the Tea Party's inexperienced politicians could have impacted the nation's credit downgrade, he insisted that Tea Partiers weren't the problem.

"We lost our credit rating because this country is in debt," Walsh said. "We lost our credit rating because this President has increased the debt $4 trillion in two and a half years. He knows that. Warren Buffett knows that. And that’s what the credit agencies told us. Look, the American people understand that if these troublesome Tea Party Republicans hadn’t gotten here, we’d erase the debt ceiling without even thinking about it. And we’d be spending away our kids’ future every single day."

Walsh will be on "Chicago Tonight" on WTTW Wednesday at 7:00 p.m. CT.

Watch Walsh's rant against Warren Buffett's tax proposal: