NEW YORK - Warren Buffett, the third richest man in the world, suggested raising taxes on big business and wealthy individuals to U.S. Sen. Hillary Clinton in New York.
The Berkshire Hathaway chairman pointed out to Clinton, D-N.Y., during a question-and-answer session the discrepancy between his own federal income tax rate -- 17.7 percent -- and that of his subordinates, who pay an average of 32.9 percent on considerably less income, CNNMoney.com reported Wednesday.
Buffett singled out private equity firm power brokers as targets for potential new taxes, CNN said.
"The people that earn their living doing that should be subject to taxes that reflect their labors," he said.
Buffett earned loud applause when he challenged members of Congress and the audience to find out what the people who "clean our offices" pay in taxes, The Washington Post reported.
Buffett called for other U.S. citizens in the higher income brackets to do more to help the less fortunate.
"We have the chance in 2008 to repair a lot of damage," Buffett said.
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