Warren Buffett Hits Back at Trump Over Tax Comments

The Oracle of Omaha wrote a one-page rebuttal of the Republican nominee.

Trump has broken with long-held tradition by not releasing his tax returns during the campaign. In refusing, he has insisted that he cannot do so because he is under a “routine audit.”

Last month The New York Times published what appear to be a few pages from Trump’s 1995 returns, which show a $916 million loss that suggests he could have avoided paying taxes for 18 years through the net operating loss provision.

Asked during the highly contentious debate whether he used that loss to avoid paying personal federal income taxes, Trump responded, “Of course I do. Of course I do. And so do all of her donors or most of her donors.”

He also said, “I pay hundreds of millions of dollars in taxes. Many of her friends took bigger deductions. Warren Buffett took a massive deduction.”

His remarks clearly caught the attention of Buffett, who endorsed Clinton in early August.

In his statement Buffett said that he has paid taxes every year since 1944, when he was 13 years old, adding, “Being a slow starter, I owed only $7 in tax that year.”

“I have copies of all 72 of my returns, and none uses a carry forward,” he said, referring to the provision under which losses in one year may be used to offset income in other years and reduce or even eliminate tax liability.

Buffett, who is often called the Oracle of Omaha, detailed his charitable contributions, some of which he used to take deductions from his tax bill.

The Trump campaign did not immediately respond to ABC News’ request for comment.