Star investor Buffett counters Trump's tax allegations

Billionaire US investor Warren Buffett on Monday rebuffed suggestions from Donald Trump that he had taken advantage of US tax laws - by doing something Trump has so far refused to do: release his personal tax information.

Buffet said that in 2015 his personal adjusted gross income was 11.6 million dollars, and that he paid federal taxes of 1.8 million.

His relatively low taxes were due in part to deductible charitable donations amounting to 3.5 million dollars.

Trump, the Republican presidential candidate, said in a Sunday debate with Democratic rival Hillary Clinton that Buffett had taken "massive deductions" in his tax returns. Trump has been suspected of having avoided federal taxes over many years by taking advantage of loopholes in tax law.

Trump is the first US presidential candidate in decades who has so far refused to release his tax returns to the public. He says he can not release the returns because they remain under audit by tax authorities.

Buffett, however, said "I have been audited by the [US Internal Revenue Service] multiple times and am currently being audited. I have no problem in releasing my tax information while under audit," while suggesting Trump could too.

Buffett is a Clinton supporter who has long called for the rich to pay more taxes. "I have paid federal income tax every year since 1944, when I was 13," the 86-year-old said.

He has copies of all 72 tax returns he has filed through the years, and has never used the tax loss carryforward that Trump has made use of.

Last update: Tue, 11/10/2016 - 02:21

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