Billionaire David Rubenstein, co-founder of private equity titan Carlyle Group, sees fundamental problems with our tax code.

"The tax system is a disgrace," he said at an investment conference in Washington, D.C., Monday, CNNMoney.com reports. "When you have inequity in the system as we do now, it's not good for the country as a whole."

But Rubenstein isn’t too impressed with criticism of private equity executives like himself who are able to pay the 15 percent capital gains tax on much of their income because it is counted as carried interest.

Editor's Note:The IRS’ Worst Nightmare — How to Pay Zero Taxes

"I think it's a little unfair for people to say you're not paying your fair share of taxes," he said. "I'm paying what I'm supposed to pay. Change the law, and I'll pay what I'm supposed to pay."

That doesn’t mean Rubenstein is insensitive to the plight of less wealthy taxpayers.

"The inequities should be dealt with," he said. Carried interest “has gotten a lot of attention, and it's a sore point for people. It's no doubt that Congress will address it in comprehensive tax reform."

President Barack Obama has proposed a tax increase on those earning $1 million or more. But a bill crafted to implement that idea would garner just $31 billion in additional revenue over the next 11 years, according to an estimate by congressional tax analysts obtained by The Associated Press.

That amounts to less than 0.5 percent of the budget deficits forecast for that period.

Editor's Note:The IRS’ Worst Nightmare — How to Pay Zero Taxes