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Warren Buffett Responds to Trump's Claims About His Taxes

Warren Buffett Responds to Trump's Claims About His Taxes

Warren Buffett has released a statement to respond to Donald Trump‘s claims that he “took a massive deduction” in taxes.

The Republican presidential candidate made the comment during the second presidential debate on Sunday night (October 9), and it didn’t sit well with the Hillary Clinton supporter.

“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,” Warren said in his statement.

“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,” he continued. “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,” Buffett added. “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.”

Read what celebs had to say about Trump‘s tax admissions during the debate.

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Posted to: Donald Trump, Warren Buffett

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