Trump will never release his taxes, everyone knows that. But that’s just part of his constant stream of lies. He projects all his faults and foibles onto everyone else. He assumes Warren Buffett, being a much, much richer billionaire than himself (assuming Trump is one at all) must also be avoiding paying federal taxes just he does. WRONG!, as Trump would say. If you don’t have facts, just make them up–that’s what Trump does on a daily basis. He probably never expected a public statement correcting this erroneous statement during the Presidential Debate on October 9:
“Many of her [Hillary Clinton] friends took bigger deductions. Warren Buffett took a massive deduction.”
Here’s what Buffett had to say in his statement:
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.
Although we can’t be sure, because he won’t release his tax returns, Trump is unlikely to be a generous charitable giver–assuming he gives away anything at all. Buffett, Bill Gates and others have pledged to give away their wealth to charity before death or in their wills. The Bill and Melinda Gates Foundation is, unlike the Trump “Foundation,” is an actual benevolent group giving millions away annually.
Incidentally, Gates and Buffett also are unlikely to spend much, if any, time in “locker room banter,”