Warren Buffett Fact Checks Donald Trump’s Attempt To Lump Him Into The ‘Massive’ Tax Deduction Club

10.10.16 2 weeks ago • 18 Comments

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On Monday, Warren Buffett responded to Donald Trump‘s debate claims about his tax deductions and offered up his own tax information as a rebuttal. This follows Buffett’s previous challenge for an I’ll-show-you-mine offer at a Clinton rally, but Trump didn’t bite. Well, Trump chomped hard during the debate, and Buffett has an answer, as tweeted by CNBC.

“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,'” the billionaire philanthropist said. “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.” Buffett went on to detail his gross income from 2015 ($11,563,831), his deductions that year ($5,477,694), and what kind of spending he used as a deduction ($3,469,179 for charitable contributions, all but $36,037 of the remainder 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,” Buffett went on. “Tax law properly limits charitable deductions.”

According to Buffett, he has been paying his taxes since he was 13 years old and has never used a carryforward debt. “I have copies of all 72 of my returns and none uses a carryforward,” he wrote. “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.”

(Via CNBC)

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