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Politics

Buffett rejects Trump's comparison on taxes

Opening sequence

Opening sequence

Politics

Buffett rejects Trump's comparison on taxes

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COMING UP:Buffett rejects Trump's comparison on taxes

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Transcript

00:00:00
>> Did you use that $916 million loss to avoid paying personal federal income taxes?>> Of course I do.>> Republican Presidential candidate in Sunday night's debate tried to justified taking a massive tax deduction in 1995, one which allowed him to skip paying federal income taxes for decades.
00:00:17
This was part of his defense.>> I absolutely used it and so did Warren Buffet.>> But the billionaire investor and supporter of Democratic nominee Hillary Clinton did not like that comparison. Buffet on Monday releasing a statement breaking down his own 2015 taxes. In it he reported $11.5 million dollars in income, deductions of $5.4 million dollars, much of that from charitable contributions, and paying 1.8 million in federal income tax.
00:00:43
Buffett adding, I have paid federal income tax every year since 1944, when I was 13. Reuters correspondent Luciana Lopez has covered Warren Buffett and the 2016 political campaign.>> Buffett has made clear that he has a pretty low regard for Trump. Now, Buffett's criticisms especially matter because Buffett, as the third richest person on the planet, is one of the most successful business men of our time.
00:01:07
And because so much of Donald Trump's campaign is premised on the idea that Trump would bring his business acumen to the White House, having an even more successful business men basically call shenanigans really says a lot.>> Buffett also noting that he'd given nearly $3 billion to charity last year, which by some estimates is roughly Donald Trump's entire net worth.
00:01:30
Buffett has for years encouraged reforms to the tax code, so that the super wealthy, like him, be made to pay more federal income taxes. He's campaigned with Clinton and attacked Trump for not releasing his tax return. Trump has repeatedly said he will release his taxes once the IRS completes an audit of his returns.
00:01:47
Buffet has scoffed at that explanation.