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Trump and Taxes
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<blockquote data-quote="bottomups" data-source="post: 2410747" data-attributes="member: 29452"><p>On Monday, Buffett said that in 2015, he reported an adjusted gross income of $11.6 million and took close to $5.5 million in total deductions. The majority of those (nearly $3.5 million) reflected allowable charitable contributions.</p><p></p><p>He went on to say that he paid nearly $1.9 million in federal income taxes last year. That gives him an effective federal income tax rate of about 16%.</p><p></p><p>Indeed, Buffett added, "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.) I have copies of all 72 of my returns and none uses a carryforward."</p></blockquote><p></p>
[QUOTE="bottomups, post: 2410747, member: 29452"] On Monday, Buffett said that in 2015, he reported an adjusted gross income of $11.6 million and took close to $5.5 million in total deductions. The majority of those (nearly $3.5 million) reflected allowable charitable contributions. He went on to say that he paid nearly $1.9 million in federal income taxes last year. That gives him an effective federal income tax rate of about 16%. Indeed, Buffett added, "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.) I have copies of all 72 of my returns and none uses a carryforward." [/QUOTE]
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