October 10, 2016
BUFFET 53%, TRUMP 47%:
Warren Buffett to Trump: 'I have paid federal income tax every year since 1944' (Jeanne Sahadi, 10/10/16,CNNMoney)
Warren Buffett schooled Donald Trump on Monday about the taxes of a billionaire. [...]"Many of her friends took bigger deductions. Warren Buffett took a massive deduction," Trump said.On Monday, Buffett said that in 2015, he reported an adjusted gross income of $11.6 million and took close to $5.5 million in total deductions. The majority of those (nearly $3.5 million) reflected allowable charitable contributions.He went on to say that he paid nearly $1.9 million in federal income taxes last year. That gives him an effective federal income tax rate of about 16%.Indeed, Buffett added, "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."
Posted by Orrin Judd at October 10, 2016 2:30 PM