Buffett Hits Trump Back: I’ve Paid Taxes ‘Every Year Since 1944’

Jessica Ditto, a spokeswoman for the Trump campaign, declined to comment on Buffett's remarks.

Trump, who has departed from roughly 40 years of tradition for presidential nominees by declining to release his returns or any tax information, has said he'll make them public once the audit is complete and that returns wouldn't give voters very much information.

Tax Strategies

Releasing full tax returns and schedules would disclose Trump's income sources, charitable contributions and possible glimpses of his tax-minimizing strategies. Income reported from assets could provide at least some partial clues about the nature of those holdings, though not about their value or inner workings. His returns would also reveal any foreign income or foreign bank accounts.

Even if he didn't release full returns, Trump could give voters at least some information — that is, how much he made and how much he paid — by releasing the sort of figures Buffett did, particularly if Trump provided several years' worth of data.

During Sunday's debate, Trump acknowledged for the first time that he had used a business loss of $916 million to avoid federal income income taxes — though he didn't say for how long, and he said such tax avoidance is common practice among wealthy businessmen.

Under rules in place at the time, Trump could have used the loss to avoid taxes on as much as $50 million in income a year — for three years prior to the loss and 15 years after. Using old losses to reduce taxes on income in future years is known as a carryforward.

Buffett's 72 Returns

"I have copies of all 72 of my returns," Buffett wrote Monday. "And none uses a carryforward."

While Berkshire has been a sophisticated user of the tax code to limit its liabilities, Buffett has been outspoken for years about how the wealthiest people in the U.S. don't pay enough income tax. To illustrate the point, he has said his secretary pays a higher rate than he does.

The billionaire was the inspiration of the so-called Buffett Rule, proposed by President Barack Obama and backed by Clinton, which would tax incomes exceeding $1 million at a minimum rate of 30 percent. The Democratic candidate reiterated her support for that plan Sunday.