Warren Buffett takes CBS' Person to Person on a tour of his Omaha headquarters and private office; 'A rising tide has lifted all yachts. ...We have not had an ounce of shared sacrifice from the very rich.'

He said one of his most important principles of investing came from baseball's Hall-of-Fame hitter, Ted Williams: "Wait for the right pitch." Then Charlie Rose got down to brass tacks and asked him: "Explain to us what the Buffett Rule is."

It encompasses the idea that people who are extremely rich, who have benefited enormously from this society, should have a tax rate that's at least as high as the people who work for them, and the people in this office average 36%. My figure was 17%. So clearly something is out of whack and, you know, nobody's going to pay more than is required. If Mitt Romney doesn't, I don't, you know. Incidentally, I don't fault Governor Romney at all. He paid what Congress told him to. We were promised that a rising tide would lift all boats. A rising tide has lifted all yachts. If you're going to talk about shared sacrifice, we have not had an ounce of shared sacrifice from the very rich.