Some Tax Facts for Donald Trump by Warren Buffett
Editor’s note: This move is highly unusual for Buffett who likes to avoid public spats and is not overtly political like many other wealthy individuals – although he has openly endorsed Hillary Clinton, Buffett is not one to go out there and shove his views down your throat. But this is anything from a normal presidential campaign and Trump has publicly attacked Buffett so it is not surprising that the Oracle Of Omaha has released a statement questioning Trump.
Read the full note below.
H/T Carl Quintanilla
[drizzle]Answering a question last night about his $916 million income tax loss carry forward in 1995, Donald Trump stated that “Warren Buffett took a massive deduction.” Mr. Trump says he knows more about taxes than any other human. He has not seen my income tax returns. But I am happy to give him the facts.
Donald Trump by Gage Skidmore on 2011-02-10 12:47:12
My 2015 return shows adjusted gross income of $11,563,931. My deductions totaled $5,477,694, of which allowable charitable contributions were $3,469,179. All but $36,037 of the remainder was for state income taxes.
The total charitable contributions I made during the year were $2,858,057,970, of which more than $2.85 billion were not taken as deductions and never will be. Tax law properly limits charitable deductions.
My federal income tax for the year was $1,845,557. Returns for previous years are of a similar nature in respect to contributions, deductions and tax rates.
I have paid federal income tax every year since 1944, when I was 13. (Though, being a slow starter, I owed only $7 in tax that year.) I have copies of all 72 of my returns and none uses a carryforward.
Finally, I have been audited by the IRS multiple times and am currently being audited. I have no problem in releasing my tax information while under audit. Neither would Mr. Trump —at least he would have no legal problem.
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