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Published: Tue, October 11, 2016
Economy | By Melissa Porter

Warren Buffett responds to Donald Trump's tax comments

Warren Buffett responds to Donald Trump's tax comments

The "Oracle of Omaha" caught Donald Trump with his trousers on fire.

Investor Warren Buffett says he's never used the kind of tax deduction that Republican presidential candidate Donald Trump did, and Buffett says he's paid taxes every year for 72 years.

I have paid federal income tax every year since 1944, when I was 13.

Taking a $916 million tax-loss carryforward, possibly allowing you to avoid paying federal income taxes for two decades? And so did Warren Buffett and so did George Soros and so did numerous other people that Hillary is getting money from.

Warren Buffett, shown in a file photo during an interview in May, slammed Donald Trump in a statement with a fact check the morning after the debate. He said Clinton's wealthy supporters, including Buffett, had done the same. On Monday, however, Buffett fired back that Trump doesn't know what he's talking about.

Buffett reported adjusted gross income of $11.6 million on his 2015 return and deductions of $5.5 million, Bloomberg reported.

"I have been audited by the IRS multiple times and am now being audited", Buffett said.

Buffett noted that he gave charities almost $2.9 billion a year ago but only could deduct $3.5 million of that.

Forbes has estimated Trump's overall worth as $3.7 billion, a total Trump has disputed but never disproven by releasing his tax records. Clinton again pressed him to release his returns when they debated in St. Louis on Sunday night. That gives him an effective federal income tax rate of about 16%. "A lot of it's depreciation, which is a wonderful charge", Trump said, according to Forbes. How much entrepreneurs or businesses pay in taxes should depend on their average income over several years. Unlike other presidential nominees, however, he has declined to release his complete tax returns, citing a continuing audit.

"I have been audited by the IRS multiple times and am now being audited". Concluding his statement, Buffett pointed out that he has been audited by the IRS on several occasions, and he's not had an issue releasing his taxes because of it, conflicting with the excuse made by Trump.

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