Warren Buffet Objects to Trump's Accusation He Pays No Taxes

By:
Chris Gaetano
Published Date:
Oct 11, 2016
By Mark Hirschey - Work of Mark Hirschey, CC BY-SA 2.0

Billionaire financier, in response to presidential candidate Donald Trump's claim on Sunday that he does not pay federal taxes, fired back that he has paid taxes every single year since 1944, according to CNN Money. The Republican candidate made the claim during his debate against Democrat Hillary Clinton on Sunday after admitting that he used a $900 million loss in the 90s to avoid paying federal income taxes. He noted that many people make similar moves to avoid paying taxes, pointing to Warren Buffet as an example. Buffet, however, took umbrage at this statement, saying in a statement that he has paid federal income tax every single year since 1944, and that none of his 72 returns use carryforwards, as Trump's did. He said most recently he paid $1.9 million in federal income taxes on an adjusted gross income of $11.6 million and took nearly $5.5 million in deductions, most of which were charitable contributions. He also noted that he did not take deductions on more than $2.8 billion of charitable contributions he made, though this was because tax law limits the degree to which he can take deductions. 

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