"First of all, I pay hundreds of millions of dollars in taxes. Many of her friends took bigger deductions. Warren Buffett took a massive deduction," Republican presidential candidate Donald Trump said Sunday night.
But Warren Buffett wants you to know that's not quite true.
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Buffett has promised to release his tax returns whenever Trump's are released. He struck back against Trump's claim in a statement.
Buffett gave a run-down of his 2015 tax documents. He says he earned $11.6 million in gross income and paid $1.8 million in federal income tax. He did take $3.5 million in charitable deductions, but the total amount he gave to charity was more than $2.8 billion.
Buffett also noted that he has paid his federal income tax every year since 1944, when he was 13.
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It's possible Trump meant Buffett took a "massive deduction" from his massive charity donations. But Trump's currently suspected of using a nearly $1 billion loss to avoid paying federal income tax for years — something Buffett says he's never done.
Buffett concluded his statement by saying he is currently being audited by the IRS, like Trump. He said, "I have no problem in releasing my tax information while under audit. Neither would Mr. Trump — at least he would have no legal problem."
