- President Trump claimed in 2016 that Warren Buffett had used previous trade deficits to reduce his federal income tax bill.
- The billionaire investor responded that he had paid federal income taxes every year since 1944, and was responsible for most of his deductions in charitable contributions and state income taxes.
- Trump paid only $ 750 in federal income taxes in 2016 and 2017, and none in 10 of the last 15 years, the New York Times reported this week.
- The report said the president used $ 916 million in damages to reduce his tax payments between 1995 and 2005, claimed and received a $ 73 million tax refund under an IRS audit, and hairstylists such as Reduced costs, the report said.
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Warren Buffett will be realizing this week from the New York Times report that President Trump paid just $ 750 in federal income tax in both 2016 and 2017, and no income tax in 10 of the preceding 15 years.
Trump called Buffett during a presidential debate with Hillary Clinton in October 2016, claiming that the billionaire investor and CEO of Berkshire Hathaway carried past trade losses to reduce his federal income tax bill, as Trump did it in the mid-1990s.
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“Many of his friends made big cuts,” Trump countered when Clinton questioned the use of $ 916 million in net operating losses to reduce his tax burden in the 90s. “Warren Buffett made huge cuts.”
Trump announced at a rally in Arizona that month that Buffett had announced losses of $ 873 million, saying he suspected the investor closed them instead of taking them further.
Buffett responded by releasing details of his 2015 tax return. He paid $ 1.8 million in federal income taxes that year, he said, representing about 16% of his adjusted gross income.
The Berkshire boss also revealed $ 5.5 million in cuts, he said, but the $ 36,000 total of the total reflects charitable contributions and state income taxes. He said that his previous tax returns showed a similar pattern.
Buffett said, “I have paid federal income tax every year since 1944.” “I have copies of all 72 of my returns and none use CarryForward.”
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Meanwhile, Trump paid federal income taxes for the first time in four years in 2015, for $ 642,000, the New York Times reported this week. The newspaper said that they ended the operating loss of $ 916 million in 1995.
The New York Times report revealed that Trump remained locked up in a fight with the IRS over a $ 73 million tax refund he claimed and began in 2010. It also exposes Trump’s history of cuts on things such as hairstylists, table linens, and property taxes. Family property as a business expense.
The report supports Buffett’s famous criticism of US tax laws and loopholes that allow him to pay a lower tax rate than his secretary. The revelation proposed a “Buffett Rule” to many politicians that raised taxes on the ultra-rich.