Warren Buffett is full of you-know-what
Warren Buffett has not released a full copy of his tax returns; he has released a very brief statement that contains a few line items from his most recent tax return:
My 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.
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.
Trump has already released much more detailed financial information. Where is an online copy of Buffett’s COMPLETE 2015 tax return?
Buffett has probably avoided paying billions of dollars in taxes by donating appreciated assets to charitable organizations. Those assets would cause a huge capital gains tax if sold on the open market.
Despite this, the dishonest Trump-hating mainstream media is eating up Buffett’s press release.