- President Donald Trump claimed in 2016 that Warren Buffett used past business losses to reduce his federal income tax bill.
- Billionaire investors responded that they have paid federal income tax every year since 1944 and have contributed most of its deductions to charitable contributions and state income tax.
- Trump paid only 50,750 in federal income tax in 2016 and 2017, and none in 10 of the previous 15 years, The New York Times reported this week.
- The report said the president used નુકસાન 916 million in losses to reduce his tax payments from 1995 to 2005, claiming $ 73 million in tax refunds under the IRS audit debt and cutting costs such as hairstyles such as business expenses, the report said. Is.
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Warren Buffett is backed by a New York Times report this week that found that President Donald Trump paid only 7 50,750 in federal income tax in both 2016 and 2017 and no income tax in 10 of the last 15 years.
Trump summoned Buffett during a presidential discussion with Hillary Clinton in October 2016, claiming that Trump, like Trump in the mid-1990s, had pushed past business losses to reduce his federal income tax bill.
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“Many of his friends took big cuts,” Trump said in response, questioning Clinton’s use of his operating net loss of 16 916 million to reduce the tax burden in the 1990s. “Warren Buffett took a huge discount.”
Trump also announced at a rally in Arizona that month that Buffett had declared a loss of $ 873 million, adding that he suspected investors had written to him instead.
Buffett responded by releasing details of his 2015 tax return. He paid 1. 8.8 million in federal income tax that year, saying his adjustment represented about 16% of total income.
Berkshire Bose also announced a. 5.5 million deduction, reflecting service contributions other than char 4,000 and state income tax. He added that his previous tax return showed a similar pattern.
“I’ve been paying federal income tax every year since 1944, when I was 13,” Buffett said. “I have copies of all 72 of my returns and don’t use any carryforward.”
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Trump, meanwhile, paid વે 642,000 in federal income taxes in 2015 for the first time in four years, the Times reported. By 2005, it had eliminated the operating loss of 9 16,916 million announced in 1995, the newspaper said.
The Times reports that Trump is embroiled in a $ 3 million tax refund war with the IRS, which he began in 2010. It also sheds light on Trump’s history of cutting things like hairstyles, table linen and property taxes on family estates. Business expenses.
In the report, Buffett echoed popular criticism of U.S. tax laws and loopholes that allowed him to pay lower tax rates than his secretary. This revelation encouraged many politicians to propose a “Buffett rule” raising taxes on ultra-wealth.