Donald Trump ignited more controversy at the second presidential debate last Sunday by admitting he avoids paying taxes through a carryforward loophole, which he also claimed is used by Warren Buffet and many other wealthy people. Buffet immediately refuted Trump’s remarks by saying he does in fact pay taxes and has never used carryforward in his life to avoid them.
Under tax law, carryforward is a policy that allows a person to use capital losses as a buffer against capital gains taxes later on. Buffet presented a document that outlines how he has paid his taxes since the age of 13, when he gave $7 for the war fund.
Buffet also pointed out Trump’s deductions for charitable donations were self serving and did little to help any cause. As a final dig, Buffet said he was also being audited but had no issue with his tax returns being made public, and despite Trump’s claims, there is no law preventing release during audit.
The Trump campaign has been reeling in recent days after the release of a lewd audio recording and another disastrous debate appearance. Current polls show a double-digit lead for Hillary Clinton with only five weeks remaining until the election.