Warren Buffett Paid $7 Income Tax in 1944...When He Was 13
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edthecynic
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In the debate, Trump stated that he paid millions. Buffett challenged Sexual Predator Trump to a tax return show down. And if you had followed the links, Buffett said he is currently under audit.
Warren Buffett? Seriously? The guy who brings in an army of tax lawyers to evade paying income tax on his income running his own company? He warps the tax code to take his pay as capital gains. And you cite him? Liberals are so dumb it's hysterical
Iceweasel
Diamond Member
So you've seen taxes from neither but Trump is guilty? You libs consistently overlook the audit part. Do you know what that is?
edthecynic
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Warren Buffett fires back at Donald Trump's comments about his taxes
Buffett, the billionaire CEO of Berkshire Hathaway, said he is currently under audit and has "no problem in releasing (his) tax information while under audit."
Ed's very cynical of anyone who questions government. I mean who would question free government cheese and why? There's something wrong about that
Iceweasel
Diamond Member
What exactly is stopping him?
Pop23
Gold Member
What the hell is your point.
No, there is no law against releasing your taxes EVER.
Buffett opened his fat mouth. Leaders lead. Buffett also says, HE DOESN'T PAY ENOUGH TAXES AND THEN FIGHTS THEM.
g5000
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During the second debate, unregistered sex offender Donald Trump claimed Warren Buffet "took a massive deduction" on his taxes.
Here's the thing. Warren Buffet did take a deduction, but you can decide if it was "massive". You see, there is an upper limit on how much you can deduct for charitable deductions. That limit is $3,469,179.
If you donate more than $3,469,179 to charity, you can't deduct it from your taxes.
Warren Buffet's charitable deduction was $3,469,179 on his taxes.
But get this. Buffet donated $2.85 BILLION to charity last year.
Buffet donated more than Donald Trump's total worth to charity, and he was not able to deduct 99 percent of his charitable donations.
That's what charity actually looks like, Chumps.
How much has The Donald donated to charity? Oh yeah, nothing. At least until he was called out on his bullshit and was forced to cough up a meager million bucks for vets.
Here's the thing. Warren Buffet did take a deduction, but you can decide if it was "massive". You see, there is an upper limit on how much you can deduct for charitable deductions. That limit is $3,469,179.
If you donate more than $3,469,179 to charity, you can't deduct it from your taxes.
Warren Buffet's charitable deduction was $3,469,179 on his taxes.
But get this. Buffet donated $2.85 BILLION to charity last year.
Buffet donated more than Donald Trump's total worth to charity, and he was not able to deduct 99 percent of his charitable donations.
That's what charity actually looks like, Chumps.
How much has The Donald donated to charity? Oh yeah, nothing. At least until he was called out on his bullshit and was forced to cough up a meager million bucks for vets.
rightwinger
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Buffet donates $2.85 billion to charity and only gets to write off $3.5 million
I don't think Trump would call that very smart
g5000
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Donald Trump thinks charity is giving him your retirement nest egg at Trump U and then eating cat food to survive.
Norman
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Again, no proof for you assertions.
Trump has probably paid a humongous amount of taxes... and if not, only the likes of Hillary are to blame.
Norman
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Thankfully you don't need his this year's tax return to conclude that...
Old Rocks
Diamond Member
As usual, you Trumpettes are fucked up liars. Buffet has made his tax returns available.
How Warren Buffett’s Released Tax Returns Prove Trump Wrong
Trump, on the other hand, has claimed that his income in 2015 exceeded $557 million--though my Fortune colleague Shawn Tully has pointed out that the presidential candidate appears to be confusing revenues with net income, and probably made closer to $177 million last year, before taxes. The 1995 loss could have allowed him to deduct $50 million from his income through 2013 using an IRS provision called a “carryforward,” allowing him to potentially skip paying taxes that whole time. Last year, however, Tully estimates that Trump paid a tax rate of 15%, or about $27 million.
Buffett, meanwhile, says he has paid federal income taxes every year since 1944, when he was 13, and has never used a carryforward from a loss on any of those 72 tax returns. That’s not to be confused with carried interest, another provision that Trump brought up in Sunday’s debate that allows certain wealthy investors to collect a tax benefit on some investments. But Buffett has previously told Fortune that he does not have any investments that would allow him to take advantage of that provision.
In mentioning Buffett’s supposedly “massive deduction,” Trump may have been referring to the Oracle of Omaha’s charitable donations, which are indeed massive. Last year, Buffett gave nearly $2.86 billion to charity--nearly our estimate of what Trump is worth in total--much of which was in the form of Berkshire Hathaway stock--making him one of the top philanthropic donors in the world. But Buffett could only deduct a relatively small portion of that--less than $3.5 million, or 0.12% of his total donations--on his tax returns because U.S. tax law caps the charitable amount that people can deduct.
On the flip side, Trump hasn’t even come close to approaching the limit on charitable contributions: The last donation he made to his own philanthropy, the Donald J. Trump Foundation, was in 2008 for only $30,000, according to Inside Philanthropy.
IsaacNewton
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Get a list of the 100 most important books in human history and put in your will a certain amount of money for each of these books they read, with an exam administered by someone on each book, before they get the money. Or a certain amount of money goes to them only after they've gotten their Master's Degree. Or done a certain hundreds of hours of community service.
Teach them what it means to be in the world.
BluesLegend
Diamond Member
Why does Buffet have any money why hasn't he given his fortune over to the government to be redistributed why isn't Buffet leading by example?
IsaacNewton
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Warren Buffet has already donated $26 billion dollars to the Bill and Melinda Gates foundation, as well as large donations to many other charities, with the Gates themselves having donated $29 billion dollars.
Buffett Donates $2.8 Billion, Breaks Personal Giving Record
Warren Buffett: Charity Work & Causes - Look to the Stars
Bill & Melinda Gates Foundation
He and the other wealthiest people on Earth ARE leading by example. The ones that are human anyway.
Trump doesn't qualify.
