Trump just got served by Warren Buffet

samcraig

macrumors P6
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Jun 22, 2009
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Just released:

http://www.businesswire.com/news/home/20161010005859/en/Tax-Facts-Donald-Trump

OMAHA, Neb.--(BUSINESS WIRE)--Answering a question last night about his $916 million income tax loss carryforward in 1995, Donald Trump stated that “Warren Buffett took a massive deduction.” Mr. Trump says he knows more about taxes than any other human. He has not seen my income tax returns. But I am happy to give him the facts.

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.

Finally, I have been audited by the IRS multiple times and am currently being audited. I have no problem in releasing my tax information while under audit. Neither would Mr. Trump – at least he would have no legal problem.
 

ericgtr12

macrumors 65816
Mar 19, 2015
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Just released:

http://www.businesswire.com/news/home/20161010005859/en/Tax-Facts-Donald-Trump

OMAHA, Neb.--(BUSINESS WIRE)--Answering a question last night about his $916 million income tax loss carryforward in 1995, Donald Trump stated that “Warren Buffett took a massive deduction.” Mr. Trump says he knows more about taxes than any other human. He has not seen my income tax returns. But I am happy to give him the facts.

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.

Finally, I have been audited by the IRS multiple times and am currently being audited. I have no problem in releasing my tax information while under audit. Neither would Mr. Trump – at least he would have no legal problem.
Bam!
 

Thomas Veil

macrumors 68020
Feb 14, 2004
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OBJECTIVE reality
Just released:

http://www.businesswire.com/news/home/20161010005859/en/Tax-Facts-Donald-Trump

OMAHA, Neb.--(BUSINESS WIRE)...
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.....
I'm more impressed with this than anything else. I always had a high opinion of this guy, and now that opinion is in the ionosphere.

Trump, by comparison, occupies one of the levels of hell.
 

Peace

macrumors Core
Apr 1, 2005
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Buffet isn't on the ticket? We should care? I mean the Clinton defenders say the same about rape claims.
Drumpf used him as an example in a debate so yes. Every person should care.

Check out the assertion Drumpf made to be sure if its true or not.

That's basic fact checking. Or do you believe we shouldn't have fact checking ?
 

DrewDaHilp1

macrumors 6502a
Mar 29, 2009
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All Your Memes Are Belong to US
Drumpf used him as an example in a debate so yes. Every person should care.

Check out the assertion Drumpf made to be sure if its true or not.

That's basic fact checking. Or do you believe we shouldn't have fact checking ?
I totally agree we should have fact checking. We should have someone look into Russian Uranium deals, Haiti relief fraud, Slick Willy rape accusations as well.
 

Zombie Acorn

macrumors 65816
Feb 2, 2009
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Toronto, Ontario
Has anyone investigated whether Trumps loss being reported on his personal income tax was due to him reporting as a LLC? In which case we would need to look at whether Berkshire Hathaway has used a carry forward to make this comparison relevant?
 

samcraig

macrumors P6
Original poster
Jun 22, 2009
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That's true it was his cigar slick and Monica's dress that was sticky.
Lovely attempt to pivot. Go talk about Bill Clinton in another thread. It's completely irrelevant to Taxes.
[doublepost=1476135741][/doublepost]
I totally agree we should have fact checking. We should have someone look into Russian Uranium deals, Haiti relief fraud, Slick Willy rape accusations as well.
Here too - go to another thread to discuss your other pain points
 
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Peace

macrumors Core
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You are the one who said Buffet was being more transparent than Donald, but neither of them have released tax returns under audit.
Both could if they wanted. Provided what you say is true.

There's one YUGGEE difference. One is running to be the leader of this country. The other one just gives his money away to good causes.

Edit : wow..I used google.

Warren Buffett releases tax info despite audit, calls on Trump to do the same

http://usuncut.com/politics/warren-buffett-releases-tax-returns-despite-audit-calls-trump/

In a public statement, Buffett responded to a statement the Republican nominee for president made in response to a question about using his $916 million net operating loss in 1995 to avoid paying federal taxes for as many as 18 years (known as the “carryforward” loophole). Trump defended his actions by implying it was a common practice for billionaires to maximize their use of loopholes in the tax code, saying, “Warren Buffett took a massive deduction.”

Buffett, who released his tax returns despite being under audit, went into detail about the deductions he took in his 2015 tax return, saying that despite $2.8 billion in charitable contributions, he only deducted a small amount, saying the IRS correctly limits how much one can deduct from a tax return in a given year.

“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.),” the Berkshire Hathaway CEO stated. “I have copies of all 72 of my returns and none uses a carryforward
 

jnpy!$4g3cwk

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Feb 11, 2010
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I totally agree we should have fact checking. We should have someone look into Russian [all kinds of] deals, [phony charitable donations], [all] rape accusations as well.
I agree with you. Let's have a lot more fact checking, and, a lot more investigative reporting. Let's demand that all politicians of all parties adhere to a higher standard than the rest of us. Political leaders of all parties should be more honest and trustworthy, better educated, better informed, and better people, than average citizens.

Anyway, this thread is about Donald Trump. Sorry to get Off Topic.

 

bradl

macrumors 601
Jun 16, 2008
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Clinton tax problems.
"Clinton Foundation deceived the IRS with respect to its tax status, and that the Foundation often does not abide by good governance practices common to charities."

but but...the good they do outweighs any bad. but but your source is the daily caller.:rolleyes:
Irrelevant to the point Trump made about not being able to release any Tax information due to being under an audit. Buffett, who is richer than him, and audited for a hell of a lot longer than him, is able to release his tax returns and tax info while being under audit.

Trump basically got called out on it, and has no excuse nor rule or regulation to back up his statement.

BL.
 
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