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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The COVID-19 learning cliff

Illustration: Aïda Amer/Axios

Perhaps the most jarring reality of the COVID-19 pandemic for families has been the sudden and dramatic disruption to all levels of education, which is expected to have deep social and economic repercussions for years — if not decades — to come.

Why it matters: As millions of students are about to start the school year virtually, at least in part, experts fear students may fall off an educational cliff — missing key academic milestones, falling behind grade level and in some cases dropping out of the educational system altogether.

Postal slowdown threatens election breakdown

In 24 hours, signs of a pre-election postal slowdown have moved from the shadows to the spotlight, with evidence emerging all over the country that this isn't a just a potential threat, but is happening before our eyes.

Why it matters: If you're the Trump administration, and you're in charge of the federal government, remember that a Pew poll published in April found the Postal Service was viewed favorably by 91% of Americans.

Updated 3 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2 p.m. ET: 21,280,608 — Total deaths: 767,422— Total recoveries: 13,290,879Map.
  2. U.S.: Total confirmed cases as of 2 p.m. ET: 5,335,398 — Total deaths: 168,903 — Total recoveries: 1,796,326 — Total tests: 65,676,624Map.
  3. Health: The coronavirus-connected heart ailment that could lead to sudden death in athletes — Patients grow more open with their health data during pandemic.
  4. States: New York to reopen gyms, bowling alleys, museums.
  5. Podcasts: The rise of learning podsSpecial ed under pressure — Not enough laptops — The loss of learning.