Warren Buffett said Monday that wealthy people pay lower taxes when compared to the rest of the United States population.

“The wealthy are definitely undertaxed relative to the general population,” Buffett told CNBC’s Becky Quick on “Squawk Box.”

Buffett’s comments come after Berkshire Hathaway released its fourth-quarter earnings and after Buffett put out his annual letter to shareholders. In the letter, Buffett said he hoped to make an “elephant-size” purchase, but added that current prices are “sky-high.”

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