Billionaire Warren Buffett, who supports Democratic presidential candidate Hillary Clinton, released information from his personal taxes and challenged Republican Donald Trump to do the same.
“I have been audited by the IRS multiple times and am currently being audited,” Buffett said in a statement Monday, reporting adjusted gross income of $11.6 million on his 2015 return and deductions of $5.5 million. “I have no problem in releasing my tax information while under audit. Neither would Mr. Trump –- at least he would have no legal problem.”
The remarks escalate the Berkshire Hathaway Inc. chairman’s clash with Trump, who has rebuffed calls to release his returns, citing an audit. In a debate Sunday, Trump acknowledged using a loss in 1995 to offset tax obligations and sought to liken the approach to the strategy used by some of Clinton’s wealthy supporters, including Buffett.
“He has not seen my 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.”
This article was provided by Bloomberg News.