Buffett plans to show his support for Kerrey's campaign against Republican incumbent Deb Fischer by throwing him a fundraiser, Politico reported.
Buffet has become a polarizing figure recently both for his opposition of super PACs and his criticism of tax cuts for the wealthy.
"I am 100 percent behind Kerrey," Buffet said. "I will not be doing super PACs of any sort. I think allowing unlimited contributions to campaigns is a terrible idea and an important and unfortunate step toward a plutocracy."