CNBC Transcript Part 4: Warren Buffett on the 'Buffett Rule'
BECKY: Something along those lines.
BUFFETT: ...that's always going to be the case.
BECKY: Although we get something like number 89, control room. This is a little bit tongue-in-cheek. But is there a tax you don't like? This was a Twitter that came — a tweet that came through. "When did this start and you're aware there's another side of the balance sheet?" What do you say to people like that?
BUFFETT: I don't like any tax. I've got my tax return here from when I was 13 and I paid $7 and I can tell you that I did not like paying the $7 at that time. The — no — but the reality is that we are going to have to raise 18.5 or 19 percent of GDP and revenues and I certainly think that the people who are very wealthy should do more than the people like my cleaning lady. And I'm not going to like it. You know, when I sit down and write the check for whatever it may be I'm not going to like it. But I also like this country and I think that what this country offers is wonderful and I think a very rich country should take care of the people that get the short straws in life. So I believe in things like Social Security, which is paid for by taxes. I believe in a good public school system, which is paid for by taxes. Even people who have no children, I think, should be paying, particularly if they're well to do, I think they should be paying for the — for a good school system for society as a whole. I believe in good medical systems. So, you know, that does not come free. And taxes are what we pay.
BECKY: There are a lot of people who are trying to figure out the economy, and we could talk more about this in a just a minute. But, overall, your view of the economy is that it continues to improve.
BUFFETT: The economy has been getting better since late summer of 2009. I said it was getting better then, and it's been getting better. And we see it in all our — we have 70 plus businesses, and we're seeing it in every place except those related to home construction.
BECKY: OK. Joe, we're going to talk more about that in just a moment, but I figure this is a good time to kind of look at what the economy is seeing and what Mr. Buffett sees in the stock market and other arenas, too.
JOE: All right, sounds good, Beck. A lot more with Warren Buffett right after break.
Let's check on the futures this morning. They've been trading lower most of the session, the market session, a little bit better than they were, down about 50 points.
Now making headlines, US economists seeing more reasons for optimism this year. A new survey from the National Association for Business Economics, that as forecasters have raised their expectations for employment. Also for new home construction and business spending this year. We're going to have more headlines and some stocks to watch coming up in just a bit. SQUAWK BOX with three hours of Warren Buffett will be right back.
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