Warren Buffet once again steps into the political arena to confront Donald Trump. During Sunday night’s debate, Donald claimed that wealthy supporters of Hillary Clinton use the same laws as he did to avoid paying taxes, and mentioned Warren Buffet by name.
The law Donald was referring to is ‘carryforward’, which in a case of a major loss allows to carry forward that loss for years to come, and avoid paying federal taxes.
“Many of her friends took bigger deductions… Warren Buffett took a massive deduction.” Donald said.
Buffet was quick to respond. In a letter published Monday Buffet said, “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.”
Donald’s claim that he can’t release his tax information because he is under Audit have been debunked long ago, but Buffet took didn’t miss the opportunity, saying, “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.”
Finally Buffet talked about his charitable contributions, “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.”