- “Many of her friends took bigger deductions,” Mr. Trump said. “Warren Buffett took a massive deduction.”
Actually, he did not.
“I have paid federal income tax every year since 1944,” Mr. Buffett wrote in a letter released Monday.
“My 2015 return shows adjusted gross income of $11,563,931,” he revealed. “My deductions totaled $5,477,694.” About two-thirds of those represented charitable contributions, he said. Most of the rest were related to Mr. Buffett’s state income tax payments.
Mr. Buffett, the chairman of Berkshire Hathaway and one of the richest men in the world, went on to say: “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.”
Last year, Mr. Buffett paid about 16 percent of his reported income in federal income taxes.
“I have copies of all 72 of my returns,” Mr. Buffett added, “and none uses a carry forward,” the provision that allows taxpayers like Mr. Trump to use losses from one year to avoid paying personal federal income taxes both on some previous tax returns and in future years.
Mr. Trump had previously claimed, without producing any evidence, that Mr. Buffett declared $873 million in losses.
As it turns out, the charitable contributions that Mr. Buffett did deduct from his income make up just a tiny portion of the more than $2.85 billion he donated to charity last year, he said. The reason is that the tax code limits the amount that an individual can claim in charitable deductions. Mr. Buffett, 86, has pledged to give most of his $65 billion fortune away.
Two million dollars? One of the richest men in the world, and only paying 2 million dollars in taxes? 2.85 billion dollars donated to charity in a single year, but with only a 11 million dollar income? Fuck, that's the real news story. Edit: Not to say that trump shouldn't pay taxes as well, and is a scumbag for not paying them. However, I think trump being a scumbag is a given, and this is all just a repeating and repeating of the same fact to really drill it into centrists minds that trump is NOT a viable president. That isn't necessary here, and I feel no need to address that fact.Mr. Buffett, the chairman of Berkshire Hathaway and one of the richest men in the world, went on to say: “My federal income tax for the year was $1,845,557
Mr. Buffett did deduct from his income make up just a tiny portion of the more than $2.85 billion he donated to charity last year
"What, you wanna talk about Buffet, you want... OK well I've got charities, I've got all the best charities, and you can.. Melania will tell you, I'm the charitablest man, always tipping generously, I always do." hand-crafted fake Trump quotes available via pm request.