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CNBC EXCERPTS: BILLIONAIRE INVESTOR WARREN BUFFETT ON CNBC'S "SQUAWK BOX" TODAY

WHEN: TODAY, THURSDAY, JULY 7TH 8AM-9AM ET

WHERE: CNBC'S "SQUAWK BOX"

Following are excerpts from the unofficial transcript of billionaire investor Warren Buffett, Berkshire Hathaway Chairman & CEO, on CNBC's "Squawk Box" today. The full transcript will be available on buffetwatch.cnbc.com.

All references must be sourced to CNBC.

BUFFETT ON THE DOLLAR:

THE DOLLAR'S A DIFFERENT THING- WE PRINTED UP DOLLARS AND DID A LOT OF THINGS TO 'EM IT'S - WE'RE GOING LONG AMERICA. BUT - THE DOLLAR IS GOING TO GET WORTH LESS OVER TIME.

BUFFETT ON THE DEBT CEILING:

WE RAISED THE DEBT CEILING SEVEN TIMES DURING THE BUSH ADMINISTRATION. NOW IN THIS ADMINISTRATION THEY ARE USING IT AS A HOSTAGE. YOU DON'T HAVE ANY BUSINESS BY PLAYING RUSSIAN ROULETTE TO GET YOUR WAY IN SOME OTHER MATTER. WE SHOULD BE MORE GROWN UP THAN THAT.

BUFFETT ON DEBT:

IF THEY DON'T GET AN INCREASE IN THE AUTHORIZATION THEY WILL HAVE TO SPEND $4 BILLION A DAY LESS THAN IS COMING IN. WHO MAKES THAT DECISION AS TO WHAT 4 BILLION DOESN'T GET PAID. I'LL TELL YOU WHEN YOU DON'T SPEND 4 BILLION A DAY THAT YOU PROMISE TO PAY, IT WILL BE NOTICEABLE. AND YOU'LL HAVE ENORMOUS DISRUPTION.

BUFFETT ON HAVING A TAX CODE THAT IS REASONABLY EQUITABLE:

IF YOU WANT TO GET 25% FROM CORPORATIONS, YOU MAKE SURE YOU GOT A CODE THAT GETS CLOSE TO 25% FROM ALL CORPORATIONS AND THAT IT'S NOT BECOMING A GAME ABOUT WHO CAN STICK THESE OBSCURE SENTENCES IN THE TAX CODE THAT BRINGS THEIR RATE DOWN. WE'RE CAPABLE OF HAVING A TAX CODE THAT IS REASONABLY EQUITABLE.

BUFFETT ON EUROPE:

THEYVE GOT REAL PROBLEMS IN EUROPE. THAT DOESN'T MEAN THEY CAN'T SURMOUNT THEM. YESTERDAY WITH PORTUGAL, THEIR SPREAD IS WIDENING OUT A COUPLE HUNDRED BASIS POINTS. WHEN YOU HAVE 17 COUNTRIES WITH THE SAME CURRENCY AND YIELDS ON THEIR BONDS IS DRAMATICALLY DIFFERENT THE SITUATION IS NOT SOLVED.

BUFFETT ON CORPORATE JETS:

WE'RE GOING TO SPEND AT BERKSHIRE $7 BILLION THIS YEAR, PRACTICALLY ALL OF THE UNITED STATES ON PLANT EQUIPMENT, PRODUCTIVE EQUIPMENT. AND WE WILL GET TO WRITE-OFF 100%, A VERY HIGH PERCENTAGE. OVERWHELMINGLY. SO I DON'T REALLY SEE WHERE A BUSINESS AIRCRAFT IS DIFFERENT THAN A BUSINESS LOCOMOTIVE.

BUFFETT ON TAXING THE RICH:

IF YOU GO BACK 15 YEARS THE AVERAGE INCOME OF THE 400 TOP PEOPLE IS AROUND 45 MILLION. THEY PAID ABOUT 27%. NOW IT GREW THE MOST RECENT FIGURES TO 350 MILLION. THAT IS INCREDIBLE. NOTHING THAT'S HAPPENED IN THE REST OF THE WORLD. THE TAX THEN WAS 16.6. THEY GOT UNGODLY RICHER.I WOULD GO AFTER THE VERY RICH.

BUFFETT ON REPATRIATION:

THE ARGUMENT IS MADE IF YOU LET THEM BRING IT BACK THEY WILL MAKE ALL KIND OF INVESTMENTS HERE IN THE UNITED STATES. BUT BY AND LARGE THESE ARE COMPANIES THAT HAVE RELATIVELY LOW CAPITAL INVESTMENTS. THAT'S THE REASON THEY HAVEN'T HAD TO BRING IT BACK. THEY'VE HAD PLENTY OF MONEY IN THE UNITED STATES TO MAKE THOSE INVESTMENTS. AND IF YOU LET THEM BRING IT BACK AT A VERY LOW RATE WHAT'S THEIR INCENTIVE? THEIR INCENTIVE IS TO BUILD MORE PLANTS OVERSEAS BECAUSE THAT'S WHERE THEY WILL GET THE 5 AND 10% TAX RATES AND THEN THEY'LL BE ABLE TO BRING THE MONEY BACK TO THE US.

BUFFETT ON THE TAX LAW:

THE TAX LAW HAS BEEN SHAPED NOT BY LOGIC BUT BY K STREET. OVER TIME THE BEST INVESTMENT MOST COMPANIES CAN MAKE IS NOT IN A BUNCH OF RAILROAD EQUIPMENT OR AIRCRAFT OR A BUNCH OF PLANTS. BEST INVESTMENT WAS LOBBYISTS IN WASHINGTON. WE HAVE A TAX CODE THAT REFLECTS THAT.

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