Warren Buffet thinks Donald Trump needs to reveal his taxes

[Joan.of.the.Arch]

http://www.businesswire.com/news/home/20161010005859/en/Tax-Facts-Donald-Trump

October 10, 2016 12:00 PM Eastern Daylight Time

OMAHA, Neb.--(BUSINESS WIRE)--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.

Contacts

Warren E. Buffett, 402-346-1400
Omaha, Nebraska

[creditcardfree]

I can't imagine that their tax returns are exactly similar as they have different forms of income and investments and allowable (legal) deductions.

Nice of Warren to share though!

[DaveInPgh]

Personally I think it was a horrible decision by Trump and his advisors not to release his tax statements long ago. While Clinton and the media are making a huge deal about him "taking advantage" of the tax code and hasn't paying taxes, I am sitting here in my chair thinking "good for him!"

I think he should have released them and highlighted how he and many others benefit from the tax code that crooked politicians like Hillary Clinton have done nothing to fix.

[Singuy]

Except trump only wants to get rid of the carry interest tax loophole and said nothing about the Real Estate Developer tax loophole(carry on depreciation like what he is doing).

He doesn't want to release his tax returns because he probably didn't make any charitable contributions (over 300 charities were contacted and Trump had given to none of them except one in 2007). Also perhaps he does have ties in Russia. Did you see how much he defended the motherland? Is he going to be our President or Russia's? Also he can release 2014's tax return that's not audited..or 2013's. We all know he's not going to release anything .

"There's evidence that Russia hacked us"..--Trump: "Who said Russia hacked us?..Could be anybody!" "Just letting you know that Pence will consider using force to stop Russian's aggressions in Syria".. Trump "I disagree!" We need them to fight ISIS!". Right...ask a country to fight ISIS who have done nothing to fight ISIS but alienate all the Muslim countries who actually want to get rid of ISIS...top notch secret plan he got there.

WTF was that last night? I thought he just admired Putin's "strength"..but didn't know he wanted to sleep with him.

His foreign policy was all over the place last night. And no, we are not stupid for telling the enemy some of the timings of our attacks because you know..strategy.

[Joan.of.the.Arch]

P.S. Don't you love it that he has all his tax records going back to when he was 13 years old? Gyah, I love all kinds of nerds! Even tax records nerds.

Oh and love it that he publishes a phone number. Should I give him a call tomorrow?

[clatoden99]

Because Warren Buffett, like many of the wealthy, believes he should be paying more in taxes. He recognizes the great amount he has received from this country and wants to help provide for others. He has publicly stated more than once that he should be paying more, not less, in taxes. Many people care about more than their own income or wealth. The part of President Obama’s 2011 tax proposal that would have required anyone earning at least $1 million annually to pay at least 30% in income tax was actually called the Buffett Rule.

[bjl584]

It doesn't surprise me that he wants Trump to release his tax records. He supports Clinton, so I'm sure that his political leanings have something to do with it.

I'll be glad when it isn't election season anymore......

[DaveInPgh]

Except trump only wants to get rid of the carry interest tax loophole and said nothing about the Real Estate Developer tax loophole(carry on depreciation like what he is doing).

He doesn't want to release his tax returns because he probably didn't make any charitable contributions (over 300 charities were contacted and Trump had given to none of them except one in 2007). Also perhaps he does have ties in Russia. Did you see how much he defended the motherland? Is he going to be our President or Russia's? Also he can release 2014's tax return that's not audited..or 2013's. We all know he's not going to release anything .

"There's evidence that Russia hacked us"..--Trump: "Who said Russia hacked us?..Could be anybody!" "Just letting you know that Pence will consider using force to stop Russian's aggressions in Syria".. Trump "I disagree!" We need them to fight ISIS!". Right...ask a country to fight ISIS who have done nothing to fight ISIS but alienate all the Muslim countries who actually want to get rid of ISIS...top notch secret plan he got there.

WTF was that last night? I thought he just admired Putin's "strength"..but didn't know he wanted to sleep with him.

His foreign policy was all over the place last night. And no, we are not stupid for telling the enemy some of the timings of our attacks because you know..strategy.

If only Hillary cared as much about the Americans in Benghazi as she supposedly cares about the people in Syria.

[DaveInPgh]

Because Warren Buffett, like many of the wealthy, believes he should be paying more in taxes. He recognizes the great amount he has received from this country and wants to help provide for others. He has publicly stated more than once that he should be paying more, not less, in taxes. Many people care about more than their own income or wealth. The part of President Obama’s 2011 tax proposal that would have required anyone earning at least $1 million annually to pay at least 30% in income tax was actually called the Buffett Rule.

And if Buffett were running for President, he might actually get my vote.

Hillary has always had a 0% chance of getting it.

This election is looking like a write in for me.

[rennigade]

Trump should really be careful...people have been killed at the hands of the Clintons for much less than things trump has brought up.

[LivingAlmostLarge]

Because many people who are very rich pay less than those who work for them.

[scfr]

P.S. Don't you love it that he has all his tax records going back to when he was 13 years old? Gyah, I love all kinds of nerds! Even tax records nerds.

I love it too! But he makes me feel so inferior because I didn't start paying taxes until I was 14.

[Thrif-t]

Like I tell my family, rich people are rich because they educate themselves on how to keep their money. Anyone can take advantage of the same loop holes but people don't take the time to learn. I don't fault him at all for not paying taxes. Seems disingenuous to criticize him for doing something the tax code allows.

[Eagle]

It doesn't surprise me that he wants Trump to release his tax records. He supports Clinton, so I'm sure that his political leanings have something to do with it.

I'll be glad when it isn't election season anymore......

+1 to this

I'm so ready for it to be November 10th. Lol

[disneysteve]

Seems disingenuous to criticize him for doing something the tax code allows.

I agree. The problem is with him refusing to release the records. That just makes you look like you're hiding something.

A lot of people don't think about the fact that voting has already begun. My wife, daughter, and I voted 2 weeks ago. Any major documents, reports, or other information that the candidates are supposed to release should have to be released before voting begins.

The election is in 25 or 26 days. If they haven't released something yet, it's too late now.