Warren Buffett schooled Donald Trump on Monday about the taxes of a billionaire.

[cuky]

Warren Buffett schooled Donald Trump on Monday about the taxes of a billionaire.

http://money.cnn.com/2016/10/10/pf/taxes/warren-buffett-trump-taxes/index.html

"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," Buffett said in a statement.
Buffett was responding to an exchange in Sunday's debate in which Clinton called on Trump to release his tax returns. Clinton has blasted Trump for using the tax code aggressively to avoid paying federal income tax.
...........
On Monday, Buffett said that in 2015, he reported an adjusted gross income of $11.6 million and took close to $5.5 million in total deductions. The majority of those (nearly $3.5 million) reflected allowable charitable contributions.

He went on to say that he paid nearly $1.9 million in federal income taxes last year. That gives him an effective federal income tax rate of about 16%.
Indeed, Buffett added, "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."
.........
"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."

Generally speaking, taxpayers can't claim charitable deductions that exceed a certain percentage of their AGI (typically between 20% and 50%, depending on what is being donated).
"In Buffett's case, his income will never be big enough to allow him to deduct all of his billions of dollars of donations," said Roberton Williams, a senior fellow at the Tax Policy Center.
................
This past July, Buffett pledged $2.9 billion worth of stock in his holding company Berkshire Hathaway (BRKA).

Trump has not provided any proof of his charitable giving, though he boasts of it often. Again his tax returns would offer a window into the amount of money he gives away in a given year.

[DiogenesLamp]

Isn't Warren Buffet that Liberal @$$wipe that supports Obama,  and now Hillary? 



So now you are siding with that  Corporate Vulture Bastard?     


Do you know why Obama opposed the Keystone pipeline?   Because Bastard Buffet's trains currently haul the oil.   The pipeline would have hurt his business.   


Buffet is a snake,  and people talk about how greasy Donald Trump is?    Buffet would have to look up to see Trump. 

[DiogenesLamp]

Your uniformed tirade once again does not surprise me. When one goes full throat trump they seem to lose their heads and go into attack mode on posters rather than discuss the issues at hand. I posted an article on Buffett's response to trump that once again highlights the perverts failure to release his tax returns and the high probability that his charitable giving is close to non-existent. Buffett also said he is currently under audit but has no problem releasing his tax returns for this past year or any year for the last 70+ years.

My regarding Warren Buffet as a slimy greasy bastard predates any knowledge I ever had of a Trump Candidacy.   


Buffet is Liberal slime.   He is part of the problem in this nation,  not part of the solution.   


Oh,  and he plays games with his own taxes.   

[libertybele]

My regarding Warren Buffet as a slimy greasy bastard predates any knowledge I ever had of a Trump Candidacy.   


Buffet is Liberal slime.   He is part of the problem in this nation,  not part of the solution.   


Oh,  and he plays games with his own taxes.

Could you please provide a link to prove that Buffet plays games with his own taxes??

Warren Buffet has endorsed Trump, but that's not quite the point.  Buffet corrected Trump and made him look foolish actually. Buffet is one of the wealthiest men in the world and he is also an extremely successful investor.  He created his own wealth; it wasn't inherited; usually when Buffet speaks ... people listen. 

https://en.wikipedia.org/wiki/Warren_Buffett

[Oceander]

Could you please provide a link to prove that Buffet plays games with his own taxes??

Warren Buffet has endorsed Trump, but that's not quite the point.  Buffet corrected Trump and made him look foolish actually. Buffet is one of the wealthiest men in the world and he is also an extremely successful investor.  He created his own wealth; it wasn't inherited; usually when Buffet speaks ... people listen. 

https://en.wikipedia.org/wiki/Warren_Buffett

Try this on as an appetizer:  Warren Buffett’s Nifty Tax Loophole

[Frank Cannon]

I have always admired those throughout history who are given much who turn around and try to do good with their money and help others. Admire does not equate to agreeing with
their political stances on a variety of issues.

@cuky

Then you are admiring one of the most worthless creeps in business today. He routinely doesn't pay business taxes. He uses the death tax (which is why he supports all these massive taxes) to force private family enterprises to sell to him to pay their tax and then cannibalizes what's left. When he does buy a healthy company he decimates it until it is squeezed dry and then throws it away (See Heinz). Because he runs these companies into the ground, thousands of people lose their jobs.

Feel free to admire Buffett. Personally I wouldn't piss on him if he were on fire. 

[jmyrlefuller]

Warren Buffett was the guy who, not too long ago, humblebragged that he paid less taxes than his own secretary.

[Emjay]

Okay, everybody.  I solemnly promise not to vote for Buffett for president ... but at least he released his tax return.

[Frank Cannon]

Again, I admire those who are given much who turn around and try to do good with their money and help others and I should probably amend this to say I admire the giving of those who have been given much in life (either through hard work, inheritance, or just luck). This does not have to include only billionaires. Admire does not equate to agreeing with their political stances. I am not evaluating their political stances. If they have their built their fortune through ill-gotten means then MAY THEY ROT AND BURN IN HELL!!  ^-^

As far as Buffett is concerned, it would be hard for me to comment, since I only know that he is rich and liberal and has pledged to give away his fortune for good causes. I have never read any article or researched him in depth. So, while I do not doubt what you say about Buffett, I would just have to do some research on him before commenting more.

Alright then. I'll put my shiv back into my boot and resume drinking at the bar.