Warren Buffett explains taxes to Donald Trump. Also notice that Buffett gave over $2.85 BILLION to charity
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. My
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.
Warren Buffett explains taxes to Donald Trump. Also notice that Buffett gave over $2.85 BILLION to charity
Published
A funny and brilliant man
I like the guy. Not just because we have the same first name.