Warren Buffett Releases Tax Details, Dares Trump to Do the Same

Trump said he would release his returns only after the ongoing audit of his tax returns are complete.

Warren Buffett has slammed Donald Trump for accusing him of taking a “massive” salary cut to avoid paying federal income tax. (Photo: The Quint)

Warren Buffett, the third richest man in the world, on Tuesday slammed Donald Trump for his remarks on him taking a "massive" deduction to avoid federal income tax. Buffett released his own tax information and challenging the controversial real estate tycoon to do likewise.

File photo of Warren Buffett. (Photo: IANS)

Buffett, 86, an investor and a philanthropist, in a statement, said that he has paid income tax since 1944 when he was just 13. At that time, he owed only $7 in tax that year.

He said he had no problem in releasing his tax information while under audit.

Buffett, releasing details of his own taxes, reiterated his call for Trump to release his tax returns.

The unusual statement from Buffet came a day after the Republican presidential nominee during the second presidential debate in St Louis, alleged that he also could have had taken "massive deductions" in his income tax returns.

"Answering a question last night about his USD 916 million income tax loss carryforward in 1995, Donald Trump stated that 'Warren Buffett took a massive deduction', 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," Buffet said in a statement.

Warren Buffet supports Hillary Clinton in the US 2016 Elections. (Photo: Reuters)

Buffett, who has endorsed Democratic nominee Hillary Clinton, said his 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.

Warren Buffett

"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," he added.

I have copies of all 72 of my returns and none uses a carry forward. 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 Trump – at least he would have no legal problem.

Warren Buffett

Trump has not released his income tax returns so far, as is the tradition for presidential candidates to do so.

Donald Trump had accused Warren Buffett of not filing taxes. (Photo: AP)

He said that he will release his returns only after the ongoing audit of his tax returns are complete.

Recently The New York Times in a report said that Trump might not have had paid federal income tax for about 18 years.