Warren Buffett fired back Monday at Republican presidential nominee Donald Trump, who during Sunday night’s debate claimed the billionaire CEO of Berkshire Hathaway took a “massive deduction” in taxes.
Trump brought up Buffett’s tax payments while defending his own $916 million loss in 1995, which The New York Times reported “could have allowed him to legally avoid paying federal income taxes for up to 18 years.”
“I will tell you that, number one, I pay tremendous numbers of taxes. I absolutely used it. And so did Warren Buffett and so did George Soros and so did many of the other people that Hillary is getting money from,” Trump said.
While Trump claims he cannot release his tax returns because he is under audit, CNBC reported that Buffett said he has "no problem in releasing (his) tax information while under audit."
"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," Buffett said in a statement obtained by CNBC.
Buffett said that his 2015 tax return shows adjusted gross income of $11.56 million and total deductions, including $3.47 million for allowable charitable contributions, of $5.48 million, according to CNBC. He said he paid $1.85 million in federal income tax.
CNBC also reported that Buffett said he "made $2.86 billion in charitable contributions for the year and did not take more than $2.85 billion of it as deductions."
Trump said he will release his returns after his audit is finished.
“I’ll be very proud to. They’re actually quite great,” he said Sunday.
Below is Buffett’s complete statement released Monday:
"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."
Cox Media Group
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