Warren Buffett, chairman and CEO of Omaha-based Berkshire Hathaway, said Tuesday that it is unlikely the United States will slip back into a recession if the European economy continues to decline.

Buffett said, though, there should be some worry that the European crisis will affect U.S. markets. Buffett also discussed the so-called “Buffett rule,” a new tax proposed by President Barack Obama that would raise tax rates on people with high incomes.

Buffett has supported increasing taxes on the wealthy, a position for which he has taken heat.”I couldn’t get a disease named after me, so I settled for a tax,” he said, jokingly, according to CNN.