Government

Warren Buffett Fact Checked Donald Trump, Released His Own Tax Data

Published

8 years ago

October 11, 2016

Warren Buffett Just Fact Checked Donald Trump

In a debate Sunday, Trump acknowledged using a nine-figure loss in 1995 to reduce tax obligations and sought to liken the move to strategies used by some of Democratic presidential nominee Hillary Clinton’s wealthy supporters, including Buffett. On Monday, the billionaire Berkshire Hathaway Inc. chairman released information from his personal taxes and challenged the Republican presidential candidate to do the same.

“He has not seen my income tax returns. But I am happy to give him the facts,” Buffett said in a statement. “I have paid federal income tax every year since 1944, when I was 13.”

Buffett has been clashing for months with Trump, who has refused to release his tax returns, citing an audit. At a campaign event for Clinton in Omaha, Nebraska, in August, the Berkshire chairman challenged the Republican candidate to meet him “any place, any time” to swap returns and answer questions from the public.

That never came to pass. On Monday, Buffett said he paid $1.85 million in federal income taxes in 2015 on adjusted gross income of $11.6 million. That would mean he paid an effective federal income tax rate of about 16 percent. In 2013, the most recent year for which data are available, the top 1 percent of earners paid 27 percent, according to an analysis of Internal Revenue Service data by the Tax Foundation.

Charitable Donations

Most of Buffett’s $65 billion fortune comes from his controlling interest in Berkshire. The company doesn’t pay a dividend and, for decades, Buffett has asked the board to keep his annual salary at $100,000. The 86-year-old is steadily giving away his Berkshire shares to philanthropy.

He said Monday that he made more than $2.8 billion of donations last year. Yet his tax return shows only $5.5 million in deductions, mostly for allowable charitable contributions and state income taxes. The law “properly” limits what can be deducted, Buffett wrote.

He again dismissed the contention that Trump can’t release his own return because of an audit by the Internal Revenue Service.

‘No Problem’

“I have been audited by the IRS multiple times and am currently being audited,” Buffett wrote. “I have no problem in releasing my tax information while under audit. Neither would Mr. Trump — at least he would have no legal problem.”

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.

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Samed Olukoya

Is the CEO and Founder of Investors King Limited. He is a seasoned foreign exchange research analyst and a published author on Yahoo Finance, Business Insider, Nasdaq, Entrepreneur.com, Investorplace, and other prominent platforms. With over two decades of experience in global financial markets, Olukoya is well-recognized in the industry.

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Government

Tinubu Wants Senate to Confirm Seven Ministerial Nominees

Published

2 days ago

October 24, 2024

Ugwoke Ogbodo

President Bola Tinubu has formally asked the Nigerian Senate to confirm the appointments of seven nominees for ministerial positions.

In a letter read by Senate President Godswill Akpabio during Thursday’s plenary, Tinubu called on the red chamber to consider and approve the nominees for various ministerial roles.

The nominees are expected to face Senate screening during next week’s plenary session.

Akpabio referred the list to the Committee of the Whole for further legislative consideration.

Among the nominees are Dr. Nentawe Yilwatda, slated for Humanitarian Affairs and Poverty Reduction, and Muhammadu Dingyadi, named as the Minister for Labour and Employment.

Bianca Odumegwu-Ojukwu, former Ambassador to Spain and widow of the late Dim Emeka Odumegwu-Ojukwu, was nominated for the position of Minister of State for Foreign Affairs.

Other appointees include Dr. Jumoke Oduwole (Industry, Trade and Investment), Idi Mukhtar Maiha (Livestock Development), Yusuf Ata (State, Housing and Urban Development), and Dr. Suwaiba Ahmad (State Education).

Odumegwu-Ojukwu is not a member of the ruling All Progressives Congress (APC). She is a prominent figure in the All Progressives Grand Alliance (APGA).

Recall that the President sacked five of his ministers including Barr. Uju-Ken Ohanenye, Minister of Women Affairs; Lola Ade-John, Minister of Tourism; Prof Tahir Mamman SAN OON, Minister of Education; Abdullahi Muhammad Gwarzo, Minister of State, Housing and Urban Development; and Dr. Jamila Bio Ibrahim, Minister of Youth Development.

The President also reassigned some of the existing members of his cabinet to different ministries.

The newly reassigned ministers are: Hon Dr. Yusuf Tanko Sununu, Dr. Morufu Olatunji Alausa, Barr. Bello Muhammad Goronyo and Hon. Abubakar Eshiokpekha Momo.

Others are Uba Maigari Ahmadu, Dr. Doris Uzoka-Anite, Sen. John Owan Enoh, Imaan Sulaiman-Ibrahim, Ayodele Olawande, and Dr. Salako Iziaq Adekunle Adeboye.

The affected ministries are: Humanitarian Affairs and Poverty Reduction, Minister of Education, Minister of State Works, Minister of Regional Development, Minister of State Regional Development, Minister of State Finance, Minister of State Trade and Investment [Industry], Minister of Women Affairs, Minister for Youth Development and Minister of State Health.

Tanko Sununu was moved as the Minister of State, Education to become the Minister of State for Humanitarian Affairs and Poverty Reduction.

Alausa, who is the Minister of State for Health will become the Minister of Education.

Goronyo who is the Minister of State, Water Resources and Sanitation will become the Minister of State for Works.

Momoh, the Minister of Niger Delta Development will become the Minister of Regional Development.

Ahmadu, the Minister of State Steel Development will become the Minister of State, Regional Development.

Uzoka-Anite, the Minister of Industry, Trade and Investment, will become the Minister of State for Finance.

Enoh, the Minister of Sports Development, will become the Minister of State Trade and Investment [Industry].

Sulaiman-Ibrahim, the Minister of State, Police Affairs will become the Minister of Women Affairs.

Olawande, the Minister of State for Youth Development, will become the Minister of Youth Development while Adeboye, Minister of State, Environment, will become the Minister of State, Health.

Government

23 Days to Ondo Governorship Election, PDP, APC Intensify Campaigns, Boast of Victory

Published

2 days ago

October 24, 2024

Ugwoke Ogbodo

The People’s Democratic Party and All Progressives Congress in Ondo State have been touring towns and villages in the state, canvassing for votes ahead of the November 16 governorship election in the state.

The major opposition and ruling political platforms made boast of clinching top in the forthcoming contest that is about 23 days away.

Shoring support for the candidate of the PDP, Agboola Ajayi, the governor of Oyo State and leader of the South-West zone of the party, Seyi Makinde, said that the victory of PDP will be a liberation for the people of the state.

Makinde, who led Ajayi’s campaign train to the Akoko Area of the state, averred that the PDP candidate would not disappoint his voters and other citizens of Ondo.

The campaign train moved to the towns and villages of Akoko North-West and Akoko North- East Local Government Areas of the state alongside leaders of the party in Oyo and Ondo States.

They also visited the palaces of the Olukare of Ikare, Akadiri Momoh, the Owa-Ale of Ikare Akoko, Adeleke Adegbite-Adedoyin and the Owa of Ogbagi, Victor Adetona.

Addressing the Obas at their various palaces, Makinde promised a cordial relationship with the traditional institution for growth, peace, security and wellness of the state.

Urging crowd at the venue to support PDP, Oyo Governor said their vote is for the liberation of Ondo, noting that Ajayi would ensure security and development.

The PDP candidate, Agboola Ajayi, in his remarks promised to carry along the traditional rulers in his administration.

Ajayi, however, appealed to the traditional rulers in the State to prevail on their subjects not to involve in violence or in any act capable of causing crisis before, during and after the gubernatorial election.

In a similar vein, Lucky Aiyedatiwa, the Ondo State governor, also boasted of victory, alluding that PDP is no longer in existence in the state.

Aiyedatiwa made this known during his campaign at Igbobini, Kiribo Igbotu, and other communities in the Ese-Odo Local Government Area of the state, the home town and the Local Government of his main challenger, Agboola Ajayi.

The governor said all the gladiators in the PDP had defected to the ruling APC ahead of the poll.

According to him, the people’s support and loyalty to his administration have continued to make the ruling party wax stronger in the State, stressing that his second term has been sealed.

Addressing a crowd that trooped out to welcome him at Igbobini, the governor promised that his administration would continue to initiate more developmental projects across the State if re-elected.

Government

Rivers Indigenes Seek Tinubu’s Mediation in Wike, Fubara Face-off, Say Crisis Hampering Development

Published

2 days ago

October 24, 2024

Ugwoke Ogbodo

Some indigenes of Rivers State from the Ogoni ethnic group have asked President Bola Tinubu to urgently wade in and settle the feud between the Minister of the Federal Capital Territory, Abuja, Nyesom Wike and Governor Siminalayi Fubara, saying that the crisis was already affecting the economic growth of the state.

Operating under the aegis of the Ogonis in Diaspora Organisation, the group expressed surprise at Tinubu’s silence on the prolonged political impasse affecting Rivers State’s development, urging him to call Wike to order.

In an open letter to the President, the President of the Ogonis in Diaspora Organisation, Chief Ambrose Kii, noted that Tinubu’s perceived indifference was emboldening Wike to allegedly destabilize the state and undermine Governor Fubara’s administration for personal gain.

They expressed profound disappointment and concern over the President’s continued silence on the deepening political crisis rocking Rivers State, saying Tinubu’s inaction appeared to have been asking the former Rivers governor to relentlessly destabilize and exploit the state instruments.

According to them, the consequences of the President’s silence are dire, adding that Wike’s actions have undermined Governor Fubara’s authority, escalated violence and insecurity, disrupted economic activities, drove investors away, exacerbated unemployment and redundancy, and inflicted untold hardship on Rivers State citizens.

Kii further pointed out that Wike’s actions were in stark contrast to his predecessors, who allowed him to govern the state peacefully without interference.

Kii argued that Wike’s quest for control has brought Rivers State to its knees, telling Tinubu that his intervention is crucial as the entire citizens are already feeling the heat of their clash.

Recall that Rivers State has been experiencing political turmoil since Fubara and Wike’s godfather and son relationship turned sour.