Warren Buffett may be feeling vindicated by the New York Times report this week that President Trump paid just $750 in federal income taxes in both 2016 and 2017, and no income taxes in 10 of the preceding 15 years.
Trump called out Buffett during a presidential debate with Hillary Clinton in October 2016, claiming the billionaire investor and Berkshire Hathaway CEO had carried forward past business losses to lower his federal income tax bill, just as Trump had done in the mid-1990s.
"Many of her friends took bigger deductions," Trump countered when Clinton questioned his use of $916 million in net operating losses to lower his tax burden in the '90s.
He paid $1.8 million in federal income taxes that year, he said, representing about 16% of his adjusted gross income.
"I have paid federal income tax every year since 1944, when I was 13," Buffett said
Meanwhile, Trump paid federal income taxes for the first time in four years in 2015, to the tune of $642,000, the New York Times reported this week
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