Warren Buffett Stuffs Donald Trump’s Tax Lies Right Back in His Orange-Tinted Face

NEBRASKA–(ENEWSPF)–October 10, 2016

By Mark Sumner

WASHINGTON, DC - JUNE 14:  Warren Buffett participates in a discussion during the White House Summit on the United State Of Women June 14, 2016 in Washington, DC. The White House hosts the first ever summit to push for gender equality.  (Photo by Alex Wong/Getty Images)

 Some sage advice for Donald Trump

During Sunday night’s second presidential debate, Donald Trump admitted to not paying taxes for years. But, like a 7-year-old caught playing in the mud, Trump was quick to pout and say other people did it, too.

TRUMP: Many of her friends took bigger deductions. Warren Buffett took a massive deduction. Soros, who’s a friend of hers, took a massive deduction. Many of the people that are giving her all this money that she can do many more commercials than me gave her — took massive deductions.

Well, if other people were not paying a dime to support the nation while talking about what freeloaders poor people are … but hang on a second. Warren Buffett has a reply.

My 2015 return shows adjusted gross income of $11,563,931. My deductions totaled $5,477,694, of which allowable charitable deductions 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 similar nature in respect to contributions, deductions, and tax rates.

In a single year, Warren Buffett gave $2.85 billion to charity—and still paid his fair share of taxes. Read the full note below.

Some Tax Facts for Donald Trump

Answering a question last night about his $916 million loss carry forward in 1995, Donald Trump stated that “Warren Buffet 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 deductions 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 similar nature in respect to contributions, deductions, and tax rates.

I have paid federal taxes 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 carry forward.

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

New: Statement from Warren Buffett firing back at Trump on his tax returns: pic.twitter.com/bvolw6TpUo

@kylegriffin1 13 yr old Buffett paid more taxes than Trump does now!

Source: http://dailykos.com

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