Billionaire investor Warren Buffett on Tuesday hit back at Republican presidential nominee Donald Trump, releasing his own tax information and challenging the NY developer to do likewise.
Warren Buffett has released a statement to respond to Donald Trump's claims that he "took a massive deduction" in taxes.
On Monday, it was Buffett's turn to take a shot at Trump. "Warren Buffett took a massive deduction", Trump said.
The New York Times reported that loss may have allowed him to go almost two decades without paying taxes. "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 now being audited.
While campaigning for Clinton in August, Buffet also called on Trump to release his tax returns.
Buffett responded today to Trump's comments during yesterday's debate when Trump confirmed using a Dollars 916 million loss in 1995 to avoid paying federal income taxes.
"My 2015 return shows adjusted gross income of $11,563,931".
"I have been audited by the IRS multiple times and am now being audited", Buffett said.
What Buffett pays in personal income taxes is a small portion of the wealth he accumulates every year. He has never used a carry-forward, the technique Trump used to avoid taxes, and he has paid taxes every year since 1944, when he was 13 and paid $7 to fund World War II.
Buffett also said in his statement that the charitable deductions he took in 2015 don't reflect the half of what he gave to charity previous year. That loss may have allowed Trump to avoid paying federal taxes for several years.
Trump has said he had not paid taxes because he properly used the tax laws' provisions for deducting business losses. Trump claims he is under audit and so cannot-Buffett notes he too is under audit but would gladly release them-while the candidate's son, Eric, says people just wouldn't understand the documents. Trump cites a current audit by the Internal Revenue Service (IRS) for why he hasn't released his returns, but government officials have confirmed that there is no legal reason he can't make them public.
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