In Sunday night's town hall debate, Donald Trump deflected questions about his taxes by claiming that Hillary Clinton's wealthy supporters had also avoided taxes by exploiting the law. He mentioned several, including Warren Buffett, by name.
Buffett responded with a statement on Monday, saying that Trump was incorrect. The octogenarian billionaire wrote that he had never taken advantage of the rule that Trump might have used to avoid paying tax on nearly $1 billion in income, according to several pages from one of his tax returns that were disclosed recently.
Anderson Cooper, one of the moderators, asked Trump whether he had used a $916 million loss that he reportedly claimed on the tax return from 1995 to reduce his taxes. “Of course I do. Of course I do, and so do all of her donors, or most of her donors,” Trump said.
Further. . .
“Many of her friends took bigger deductions,” the Republican nominee said. “Warren Buffett took a massive deduction.”
It was not clear what deduction of Buffett's Trump meant, but Buffett's statement Monday made clear he had never counted losses from past years against his personal income.
“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,)" Buffett wrote. “I have copies of all 72 of my returns and none uses a carryforward.”