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Trump accused Warren Buffett of taking “massive” tax cuts in 2016. The future president only paid $ 750 in federal income tax that year.

Trump and Buffett
  • President Trump claimed in 2016 that Warren Buffett used past business losses to cut the federal income tax bill.
  • The billionaire investor responded that he had been paying federal income taxes every year since 1944, and that charitable contributions and government income taxes accounted for the vast majority of his deductions.
  • The New York Times reported this week that Trump paid only $ 750 in federal income taxes in 2016 and 2017, and none in 10 of the past 15 years.
  • The president used $ 916 million in losses to reduce his tax payments between 1995 and 2005, and claimed and received a $ 73 million tax refund still under scrutiny at the IRS, deducting costs such as hairdressers as commercial expenses, the report said.
  • Visit Business Insider’s homepage for more stories.

Warren Buffett may be feeling that The New York Times report this week That President Trump paid only $ 750 in federal income taxes in both 2016 and 2017, and there were no income taxes in 10 of the previous 15 years.

Trump card Out-of-service Buffett during a presidential debate with Hillary Clinton in October 2016, he claimed that the billionaire investor and CEO of Berkshire Hathaway had transferred past business losses to lowering the federal income tax bill, just as Trump did in the mid-1990s.

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Trump responded when Clinton questioned his use of a net operating loss of $ 916 million to reduce the tax burden in the 1990s: “Many of her friends took bigger discounts.” “Warren Buffett took a big opponent.”

Trump, too Advertise on a march In Arizona that month Buffett announced a loss of $ 873 million, adding that he suspected the investor would write it off rather than deport it.

Buffett replied The release of the tax return details for 2015. He said he paid $ 1.8 million in federal income taxes that year, which is about 16% of his total adjusted income.

He added that the head of Berkshire also revealed deductions of $ 5.5 million, with all of that amount except for $ 36,000 reflecting charitable contributions and government income taxes. He said his previous tax returns showed a similar pattern.

“I’ve paid federal income tax every year since 1944, when I was 13,” Buffett said. “I have copies of all 72 returns and none of them use a posting tool.”

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Meanwhile, Trump paid federal income taxes for the first time in four years in 2015, to the tune of $ 642,000, The New York Times reported this week. The newspaper said it had exhausted the $ 916 million operating loss reported for 1995 by 2005.

The New York Times report revealed that Trump is still caught up in a battle with the IRS over the $ 73 million tax refund he demanded and received as of 2010. It also highlighted Trump’s history of cutting out things like hairdressers, table linens, and property taxes on family estates. As a business expense.

The report supports the Buffett Report A famous criticism US tax laws and loopholes that allow him to pay a lower tax rate than his secretary. This revelation prompted many politicians to propose.Buffett Judgment“Raise taxes on the super-rich.

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Earl Warner

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