Buffett responds to Trump
From Warren Buffett:
Some Tax Facts for Donald Trump
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 for previous years are of a similar nature in respect to contributions, deductions, and tax rates.
I have paid federal income 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 carryforward.
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.
Thanks to Daily Kos.