Billionaire investor Warren Buffett denied on Monday an allegation by Republican presidential candidate Donald Trump that he, like Trump, had taken “a massive deduction” that allowed him to avoid federal income taxes.
Buffett said he paid about $1.85 million in income tax in 2015, and that returns for previous years were similar in respect to contributions, deductions and tax rates.
Buffett said he was being audited by the Internal Revenue Service, but had “no problem” releasing his tax information.
Trump has refused to release his tax returns, citing ongoing audits by the IRS.
“I have paid federal income tax every year since 1944, when I was 13,” Buffett said in a statement, adding that “being a slow starter, I owed only $7 in tax that year.”
Buffett, ranked the world’s third-richest person by Forbes magazine, said he had copies of all 72 of his returns “and none uses a carryforward.”
Responding to an Oct. 1 New York Times story, Trump acknowledged during the presidential-candidates’ debate on Sunday that he had used investment losses to avoid paying taxes.
Trump repeatedly said he was only taking advantage of tax provisions used by wealthy people who support Clinton. “I absolutely used it, and so did Warren Buffett ...”, he said.
The Times reported that Trump’s declared loss of $916 million in 1995 was so large that he could legally have avoided paying any federal income taxes for up to 18 years.
Buffett, chairman of Berkshire Hathaway Inc (BRKa.N), said his 2015 tax return showed 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 said.
“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,” Buffett said.
Buffett said he had no problem releasing his tax information while under audit.
“Neither would Mr Trump – at least he would have no legal problem.”
(Reporting by Sruthi Shankar in Bengaluru; Editing by Ted Kerr)
Editor’s note: Donald Trump regularlyincitespolitical violence and is a
Support HuffPost
Our 2024 Coverage Needs You
Your Loyalty Means The World To Us
At HuffPost, we believe that everyone needs high-quality journalism, but we understand that not everyone can afford to pay for expensive news subscriptions. That is why we are committed to providing deeply reported, carefully fact-checked news that is freely accessible to everyone.
Whether you come to HuffPost for updates on the 2024 presidential race, hard-hitting investigations into critical issues facing our country today, or trending stories that make you laugh, we appreciate you. The truth is, news costs money to produce, and we are proud that we have never put our stories behind an expensive paywall.
Would you join us to help keep our stories free for all? Your contribution of as little as $2 will go a long way.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
As Americans head to the polls in 2024, the very future of our country is at stake. At HuffPost, we believe that a free press is critical to creating well-informed voters. That's why our journalism is free for everyone, even though other newsrooms retreat behind expensive paywalls.
Our journalists will continue to cover the twists and turns during this historic presidential election. With your help, we'll bring you hard-hitting investigations, well-researched analysis and timely takes you can't find elsewhere. Reporting in this current political climate is a responsibility we do not take lightly, and we thank you for your support.
Contribute as little as $2 to keep our news free for all.
Can't afford to donate? Support HuffPost by creating a free account and log in while you read.
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. Would you consider becoming a regular HuffPost contributor?
Dear HuffPost Reader
Thank you for your past contribution to HuffPost. We are sincerely grateful for readers like you who help us ensure that we can keep our journalism free for everyone.
The stakes are high this year, and our 2024 coverage could use continued support. If circumstances have changed since you last contributed, we hope you’ll consider contributing to HuffPost once more.
Support HuffPostAlready contributed? Log in to hide these messages.