Note: Buffett's net worth is 25 times larger than Trumps according to
Money magazine.
RG
Legendary investor Warren Buffett made another move Monday to debunk
Donald Trump:
He released his tax figures, and he said he was willing to do it *even
though he, like Trump, is currently under audit.*
In a challenge to the GOP presidential candidate in August, the Oracle
of Omaha hadpromised to release
<http://fortune.com/2016/08/01/buffett-trump-tax-returns/>his tax
information
if Trump released his own returns. Trump has so far refused to do so,
but Buffett decided to make his personal returns public
after the politicianbrought them up during Sunday’s presidential debate
<http://fortune.com/2016/10/09/presidential-debate-donald-trump-paid-taxes/>.
In short, Buffett paid $1.8 million in federal income taxes
in 2015 on about $11.6 million in income, for a rate of just under 16%.
During the debate, Trump addressed the $916 million write-down he took
in 1995, revealed recently by the/New York Times
<http://www.nytimes.com/2016/10/02/us/politics/donald-trump-taxes.html>/,
which
could have allowed him to cancel out his taxes for the next 18 years
through deductions. While Trump admitted to using the loss
to avoid paying taxes, he then turned it around to accuse Hillary
Clinton’s wealthy supporters of even greater tax avoidance.
“Many of her friends took bigger deductions,” Trump said. “Warren
Buffett took a massive deduction. Soros, who’s a friend of
hers, took a massive deduction.”
Buffett, however, pounced on the opportunity to prove Trump wrong. “Mr.
Trump says he knows more about taxes than any other
human,” theBerkshire Hathaway
<http://fortune.com/fortune500/berkshire-hathaway-4/>investor said in
astatement
<http://fortune.com/2016/10/10/presidential-debate-donald-trump-warren-buffett/>.
“He has not seen my income tax returns. But I am happy to give him the
facts.”
The fact that Buffett released his taxes alone proves Trump wrong,
Buffett said. Like Trump, Buffett is currently being audited by the IRS—
an excuse that Trump has repeatedly used to justify not releasing his
returns. “I have no problem in releasing my tax information while
under audit,” Buffett added. “Neither would Mr. Trump – at least he
would have no/legal/problem.”
http://fortune.com/2016/10/10/warren-buffett-taxes-trump/
