Donald Trump, Warren Buffett has a message for you: I'm super rich, too, and I pay my taxes.
The Billionaire chairman of Berkshire Hathaway Inc. released a statement Monday urging the Republican nominee to release his tax information, something every modern presidential candidate but Trump has done. Trump claims he can't release his tax returns because he is being audited by the IRS, but he has also conceded that he has used the tax system to avoid paying higher taxes, what he calls a standard practice.
"I have been audited by the IRS multiple times and am currently being audited," Buffett said in a statement Monday. "I have no problem in releasing my tax information while under audit. Neither would Mr. Trump –- at least he would have no legal problem."
Buffett reported adjusted gross income of $11.6 million on his 2015 return and deductions of $5.5 million, Bloomberg reported.
Trump said during the second presidential debate Sunday night he used a loss in 1995 to offset tax obligations. He said Clinton’s wealthy supporters, including Buffett, had done the same.
"Warren Buffett took a massive deduction. Soros, who’s a friend of hers, took a massive deduction. Many of the people that are giving her all this money that she can do many more commercials than me gave her took massive deductions," said Trump.
Buffet said Trump had not seen his income tax returns. "But I am happy to give him the facts," Buffett said in the statement. "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."
While campaigning for Clinton in August, Buffet also called on Trump to release his tax returns. "You’re only afraid if you’ve got something to be afraid about," Buffett told the crowd. "He’s not afraid because of the IRS. He’s afraid because of you."