- Jim Young/Reuters
Warren Buffett is hitting back at Donald Trump.
In response to Trump’s attacks during the second presidential debate that Buffett takes advantage of loopholes to avoid taxes, Buffett released a statement outlining his tax payments and deductions from the last year.
“Mr. Trump says he knows more about taxes than any other human,” Buffett wrote in a statement. “He has not seen my income tax returns. But I am happy to give him the facts.”
Buffett, who is supporting Trump’s opponent, Hillary Clinton, said he paid $1,845,557 in federal income tax for 2015 on a gross income of $11,563,931.
Buffett also said he took $5,477,694 in deductions, of which just under $3.5 million were for charitable donations.
Buffett said that he gave about $2.85 billion to charity last year, but only took a deduction of $3.5 million because “tax law properly limits” charitable donations.
“I have paid taxes every year since 1944, when I was 13. (Though, being a low starter, I owed only $7 in tax that year.),” said Buffett. “I have copied of all 72 of my tax returns and none uses a carryforward.”
Trump has not released his tax returns, which every major-party presidential nominee has done since the 1970s. Trump has claimed that part of the reason he is not releasing them is an ongoing IRS audit.
“Finally, I have been audited by the IRS multiple times and am currently being audited,” Buffett said in the statement. “I have no problem in releasing my tax information while under audit. Neither would Mr. Trump – at least he would have no legal problem.”