Warren Buffett Back Fires at Donald Trump’s Comments About His Taxes

Warren Buffett Back Fires at Donald Trump's Comments About His Taxes

Don’t come for Warren Buffett if you can’t back it up.

Monday, the billionaire released a statement aimed at Republican presidential nominee Donald Trump, who insisted at Sunday’s second presidential debate that Trump uses the same tax loopholes as wealthy supports of Democratic nominee Hillary Clinton, including Buffett.

Buffett, who supports Clinton, released information on his taxes, reporting adjusted gross income of $11.6 million in 2015, and deductions of $5.5 million. He notes he donated over $2.858 billion in 2015, of which just $3.5 million were allowable deductions.

Buffett and Trump have sparred over tax returns for months. According to documents obtained by the New York Times, Trump may not have paid federal income tax for the past 20 years due to loopholes he supposedly does not support. It’s impossible to know for sure how much Trump has actually paid, because unlike every presidential nominee since 1976, he will not release his tax returns.

Excuses for why this is have varied. 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.

“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 writes.

Interestingly, Buffett’s statement includes that he paid $7 in income tax in 1944, when he was 13. It’s possible that that $7 is more than Trump has paid in almost two decades.

Swati Sharma

Swati Sharma is an editor at “On Breaking”. She is a very enthusiastic journalist and has worked for many Esteemed Online Magazines and Celebrity Interview, thus gaining a huge experience before joining the team at On Breaking. You can mail on gmail teenbabe1@gmail.com

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