Warren Buffett. Photo: Lacy O'Toole/CNBC/NBCU Photo Bank via Getty Images

Warren Buffett told CNBC on Monday that the wealthy are "definitely undertaxed" compared to the rest of the U.S. population, advocating an income tax credit as "the best way" to address the issue.

Details: Buffett also admitted that Berkshire Hathaway overpaid for its stake in Kraft Heinz, which saw its stock implode last week after terrible earnings results. He told CNBC, "It's still a wonderful business in that it uses about $7 billion of tangible assets and earns $6 billion pretax on that. But we, and certain predecessors, we paid $100 billion in tangible assets. So for us, it has to earn $107 billion, not just the $7 billion that the business employs."

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Amy Coney Barrett sworn in as Supreme Court justice

Amy Coney Barrett took the constitutional oath to serve as a Supreme Court justice at a White House ceremony Monday night, not long after the Senate voted to confirm her nomination to the high court in a 52-48 vote.

The state of play: Justice Clarence Thomas administered the oath. The Supreme Court wrote in a statement that Barrett will take the judicial oath on Tuesday, at which point she will be able to begin her work on the court.

Gulf Coast braces for Zeta after storm strengthens into hurricane

Hurricane Zeta's forecast path. Photo: National Hurricane Center

Louisiana Gov. John Bel Edwards (D) declared a state of emergency Monday as Zeta strengthened into a hurricane and threatened Mexico's Yucatan Peninsula as it moved towards the U.S. Gulf Coast.

The state of play: Zeta was expected to make landfall on the northern part of the Yucatan Peninsula Monday night, bringing with it a "dangerous storm surge" and "heavy rainfall" as it moved into the Gulf of Mexico, the National Hurricane Service said.

Updated 1 hour ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Politics: The swing states where the pandemic is raging — Pence no longer expected to attend Barrett confirmation vote after COVID exposure.
  2. Health: 13 states set single-day case records last week
  3. Business: Where stimulus is needed most.
  4. Education: The dangerous instability of school re-openings.
  5. World: Restrictions grow across Europe.
  6. Media: Fox News president and several hosts advised to quarantine.