Warren Buffett’s taxes: the more complicated narrative
In the second presidential debate, Donald Trump indicated that Warren Buffett had deducted, for federal income tax purposes, net operating losses in a manner similar to Trump’s deduction of his net operating losses. In response, Buffett, an outspoken supporter of Hillary Clinton, released a summary of Buffett’s 2015 federal tax return. Buffett’s intended message was clear: Trump didn’t pay federal income taxes; I did.