At the last two debates, Trump made some accusations about Hillary’s donors, including Warren Buffett, and their taxes. He claimed that they all use the same loopholes he did to avoid paying any taxes. Well it turns out, after that lie, Buffett has a few things to say to Trump.
Donald Trump is the first Presidential candidate since Richard Nixon to refuse to release his taxes. His excuse has been that he’s under audit, and therefore he can’t put them out. The problem with his story is that the IRS has said there’s no reason he can’t release his tax returns…under audit or not. As a matter of fact, Nixon was under audit when he released his taxes.
At both of the last two Presidential debates, Trump again tried to defend himself about his taxes. He repeated the lie about having to wait until his audit was over. Which by the way, we don’t even know for sure is happening. In addition to refusing to release his taxes, he also refuses to produce any document from the IRS confirming that he indeed is under audit.
Trump also was asked about not paying any federal income tax in nearly two decades.
Anderson Cooper asked,
“The New York Times published 3 pages of your 1995 tax return. They show you claimed a $916 million loss. You have not answered though a simple question. Did you use that $916 [million] loss to avoid paying personal federal income taxes?”
“Of course I do. Of course I did. And so do all of her donors.” Trump specifically named Clinton supporter Warren Buffett as another billionaire who uses the same loopholes he did in order to pay no federal taxes.
Well, Warren Buffett spoke out and totally slammed Trump and his lies. Buffett released his taxes and urged Trump to do the same. But the problem for Trump is that the stuff he said about Buffett and other Clinton donors is just not true. And Buffett released his own taxes to prove it.
Some Tax Facts For Donald Trump
OMAHA, Neb.–(BUSINESS WIRE)–Answering a question last night about his $916 million income tax loss carryforward 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.
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.
Warren E. Buffett, 402-346-1400