Warren Buffett responds to Donald Trump’s tax comments

Buffett sent out a statement Monday responding to Trump's comments during Sunday's debate when Trump confirmed using a $916 million loss in 1995 to avoid paying federal income taxes.

By: Reuters | Updated: October 11, 2016 12:30 am
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Investor Warren Buffett says he’s never used the kind of tax deduction that Republican presidential candidate Donald Trump did, and Buffett says he’s paid taxes every year for 72 years.

Buffett sent out a statement Monday responding to Trump’s comments during Sunday’s debate when Trump confirmed using a $916 million loss in 1995 to avoid paying federal income taxes.

Buffett also released details of his own taxes and reiterated his call for Trump to release his tax returns. Buffett is a longtime supporter of Democratic candidate Hillary Clinton.

“I have been audited by the IRS multiple times and am currently being audited,” Buffett said. “I have no problem in releasing my tax information while under audit. Neither would Mr. Trump – at least he would have no legal problem.’

 

Buffett reported an adjusted gross income of $11,563,931 in 2015. The billionaire said his return included $5,477,694 of deductions, but tax laws kept him from claiming most of his $2,858,057,970 charitable gifts as deductions.

Buffett said he paid $1,845,557 in federal income taxes last year.

“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,)” he said.

Buffett, who is Berkshire Hathaway’s chairman and CEO, said he has never used the kind of loss carryforward that Trump employed when he claimed $916 million in losses in 1995. That loss may have allowed Trump to avoid paying federal taxes for several years.

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    Abhinav Gour
    Oct 11, 2016 at 3:03 am
    While Trump showed $916 million loss to avoid federal tax, Buffet claimed tax exemption worth of $2856 million as charitable gifts. Where is the difference between Trump and Buffet? Everyone is looking after his own interests in his own way.
    Reply
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      Nathan
      Oct 10, 2016 at 9:53 pm
      MR. WARREN BUFFETT IS A MAN KNOWN FOR HIS SIMPLICITY. HE USES AN ORDINARY CAR AND LIVES IN THE SAME HOUSE IN OMAHA WHICH HE BOUGHT MAY BE TWENTY OR THIRTY YEARS BEFORE. MR. BUFFETT IS A ROLE MODEL.
      Reply
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        Pissgt;Ongt;Brahmans
        Oct 10, 2016 at 11:19 pm
        Hope someday we have visionaries like Warren Buffet in India. Warren Buffet once said that he earned all those billions to just give it away. If Ambanis could stop buying mansions and just help the homeless outside thier mansion, would go a long way
        Reply
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          Deepak Singh
          Oct 11, 2016 at 4:46 am
          Please read the article again. Of the 2.858 billion $ charity he gave last year, 2.85 billion was not deducted as tax exemption. Also Trump hiding his tax returns has been exposed.
          Reply
          1. P
            panni
            Oct 11, 2016 at 1:51 am
            Why do you people always want things for free?. If Ambani builds mansions it is his wish what he wants to do with his money. Why must he give it free to beggars like you?
            Reply
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