Monday, October 10, 2016

Trump messes with Warren Buffett, loses

Posted By on Mon, Oct 10, 2016 at 12:23 PM


Donald Trump
said during Sunday's presidential debate that investor Warren Buffett had taken a "massive deduction" just as Donald Trump had done.

Wrong, CNBC reports. Buffett distributed this statement via Business Wire:

Some Tax Facts for Donald Trump

October 10, 2016 12:00 PM Eastern Daylight Time

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
Omaha, Nebraska

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