Warren Buffett's faulty tax critique of Donald Trump
- by Belinda Burton
- in Sport
- — Oct 14, 2016
Mr Buffett also released details of his own taxes and reiterated his call for Mr Trump to release his tax returns.
I know this is pretty meaningless, but TPC has released its latest-and presumably final-analyses of the Trump and Clinton tax plans.
"I have copies of all 72 of my returns", Buffett added, "and none uses a carry forward", the provision that allows taxpayers like Trump to use losses from one year to avoid paying personal federal income taxes both on some previous tax returns and in future years.
Much like the candidates themselves, the tax plans put out by Donald Trump and Hillary Clinton could hardly be more different.
Buffett reported an adjusted gross income of $11,563,931 in 2015.
"The total charitable contributions I made during the year were US$2,858,057,970, of which more than US$2.85 billion were not taken as deductions and never will be".
Presidential candidates Hillary Clinton and Donald Trump would take the tax code in opposite directions, with the split being especially sharp on their treatment of the top 1% of USA households, according to an analysis released Tuesday.
Donald Trump confirmed that he used a multimillion-dollar loss to avoid paying personal U.S. federal income taxes. Weeks ago, The New York Times found Trump took a roughly $1 billion loss in 1995 that has allowed him to shield income for almost two decades. After completing our taxes we all wonder just how large a refund we could actually get, because no one likes to pay taxes. However, some single parents and large families would pay higher taxes under Trump's proposal than they do today.
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There are a lot of reasons to be wary of, or straight-up dislike Republican presidential nominee Donald Trump. His secretary paid taxes at a 20 percent rate at the time.
Warren Buffet has asked that Trump make his own tax returns public, the Republican candidate has refused to do so thus far, defying a practice that presidential candidates have been privy to, going back 40 years.
Some experts have suggested that Trump could have exploited a loophole in bankruptcy law dating to 1980, which could have allowed him to write down a major loss on his return and essentially claim double the benefits from having his debts cancelled.
While Berkshire has been a sophisticated user of the tax code to limit its liabilities, Buffett has been outspoken for years about how the wealthiest people in the US don't pay enough income tax.
Buffett's income taxes and charitable contributions also have been the subject of other criticisms by detractors, who have said his annual donations of corporate stock are a means to escape federal taxes on his growing wealth.
"If business leaders want good infrastructure, want governments to cover things like cyber security and bank guarantees, then pay your tax". Trump also attacked Hillary during the debate, saying many of her friends have received massive deductions as well.
Meanwhile, Clinton has released her 2015 tax return, showing that she and her husband and former President Bill Clinton paid a 34 per cent rate of federal tax and a 9 per cent rate of state tax on a total income of $10.5 million. In assessing Trump's plan, the Tax Policy Center's economists assumed that owners would pay capital gains taxes on any distributions they received from their businesses - though owners of small businesses would be exempt from that requirement.
