People

Buffett parries Trump by releasing some tax information

Billionaire chief of Berkshire Hathaway says he paid $1.8 million in federal income taxes in 2015

Warren Buffett
Warren Buffett Photo: iStockPhoto

Warren Buffett responded to Donald Trump’s claim that the Berkshire Hathaway chief had taken a “massive” deduction by offering up details of his 2015 return in a disclosure that hinted at other ways that billionaires can avoid paying much tax.

Buffett said Monday that he earned adjusted gross income of $11.6 million in 2015 and paid $1.8 million in federal income tax. He said his income was offset by $5.5 million in deductions, which included $3.5 million in charitable donations and almost all of the rest in state income taxes.

WSJ Logo
Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With TrumpExternal link

Pro Bono or Pro Nono? Law Firms Split on Fulfilling Deals With Trump