Read Warren Buffett’s Response to Donald Trump About His Taxes

Oct 10, 2016

Warren Buffett wants to set the record straight with Donald Trump about his taxes.

During Sunday night's presidential debate with Hillary Clinton, Trump invoked the billionaire CEO of Berkshire Hathaway (brk.a) while defending his own $916 million loss in 1995 to avoid paying federal income tax. The Republican candidate claimed Buffett and other businessmen used similar tactics.

But in a statement Monday, Clinton supporter Buffett said Trump "has not seen my tax returns," and he then proceeded to outline his 2015 taxes in detail.

Unlike most recent presidential nominees, Trump has refused to release his tax returns, claiming he is under audit, which prevents him from disclosing the information. Buffett has called upon Trump in the past to release them, and in Monday's statement, he said, "I have no problem in releasing my tax information while under audit. Neither would Mr. Trump—at least he would have no legal problem."

Read Buffett's full statement below:

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. M 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 previous years are of a similar nature in respect to contributions, deductions and tax rates.

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.

Finally, I have been audited by the IRS multiple times and am currently being audited. I have no problem in releasing my tax information while under audit. Neither would Mr. Trump—at least he would have no legal problem.

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