Warren Buffett hits back at Donald Trump's tax deduction claims; releases tax details

Omaha: Investor Warren Buffett says he's never used the kind of tax deduction that Republican presidential candidate Donald Trump did, and Buffett says he's paid taxes every year for 72 years.

Buffett sent out a statement Monday responding to Trump's comments during Sunday's debate when Trump confirmed using a $916 million loss in 1995 to avoid paying federal income taxes.

Buffett also released details of his own taxes and reiterated his call for Trump to release his tax returns. Buffett is a longtime supporter of Democratic candidate Hillary Clinton.

 Warren Buffett hits back at Donald Trumps tax deduction claims; releases tax details

Warren Buffett. AP

"I have been audited by the IRS multiple times and am currently being audited," Buffett said. "I have no problem in releasing my tax information while under audit. Neither would Mr Trump — at least he would have no legal problem."

Buffett reported an adjusted gross income of $11,563,931 in 2015. The billionaire said his return included $5,477,694 of deductions, but tax laws kept him from claiming most of his $2,858,057,970 charitable gifts as deductions.

Buffett said he paid $1,845,557 in federal income taxes last year.

"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,)" he said.

Buffett, who is Berkshire Hathaway's chairman and CEO, said he has never used the kind of loss carry-forward that Trump employed when he claimed $916 million in losses in 1995. That loss may have allowed Trump to avoid paying federal taxes for several years.

Updated Date: Oct 25, 2016 11:59:47 IST



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