Warren Buffett Rebuts Trump's Comments With Some 'Tax Facts'


As a refresher, the Bush tax cuts, enacted under President George W. Bush in 2001 and 2003, reduced the then-top marginal tax rate of 39.6 percent rate to 35 percent, the 36 percent rate to 33 percent, and so forth. "I'm a big beneficiary".

Trump's tax plan would raise taxes on families while cutting them for the wealthiest Americans.

Trump has refused to release his tax returns, citing ongoing audits by the IRS.

Buffett, a life-long Democrat supporter, responded by saying that his tax returns show that he paid taxes every year and did not use the loophole that Trump claimed all wealthy people use.

"I think that last night we got over the issue of the recording that took place with Trump, he focused on the issues at hand in the country and he highlighted the fact that he was apologetic and that other people have done this as well".

But Trump has promised to fix that unfair system, even if it hurts his own wallet. CTJ director Bob McIntyre said of the Republican nominee's proposal at the time, "To be sure, Trump's latest tax plan costs less than the initial deficit-inflating tax proposal that he laid out earlier this year".

Except it won't, not as far as anyone can tell. Almost half of the decline in federal revenues caused by Trump's tax changes would flow to the top 1 percent, and roughly one-fourth would go to the top 0.1 percent. For estates worth more than $10 million, the rate would increase to 50 percent; above $50 million, the rate would be 55 percent; and above $500 million, the rate would be 65 percent. His plan cuts the corporate income tax rate to 15 percent, caps the level of deductions taxpayers can claim and eliminates the head-of-household filing status, but adds breaks for child care and increases the earned income tax credit. They admit to an embarrassing "bug" in their major model which prevented them from dynamically scoring the Trump plan.

He struck back against Trump's claim in a statement.

Some Republicans are in favor of at least modest reforms.

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These are, of course, just analyses - they're educated guesses as to what would actually happen if Trump's plan was enacted.

Donald Trump confirmed that he used a multimillion-dollar loss to avoid paying personal United States federal income taxes. Those changes would reduce the incentive for high-income taxpayers to save and invest, according to the center. Donald Trumps proposals have been independently analysed.

"Mr Trump says he knows more about taxes than any other human".

That might make small-government advocates happy, but it would make it impossible for Trump to keep his promises to preserve Social Security and Medicare and increase defense spending. Congress, aided by armies of eager lobbyists, will spend months laboring over every clause.

The report, which was released Tuesday, was paired with an analysis of Hillary Clinton's tax plan.

But they are windows into the candidates' minds, and, arguably, into their characters as well.

As we know from wikileaks, Hillary is only interested in helping her Wall Street donors, openly admits to having a fraudulent public position, and wanting "open borders" which would permanently wipe out the USA middle class.

Billionaire investor Warren Buffett is not in the running to be US president.