Countering Trump's allegations, Warren Buffet released a statement and his tax data on Monday: http://www.bloomberg.com/news/articles/2016-10-10/buffett-challenges-trump-on-taxes-discloses-2015-return-data
where do you actually see buffet's tax return?
there are a lot of syndicated news stories reporting the numbers.
But I didn't find a link to the actual tax return.
FWIW - here's a good story about how Buffet minimizes taxes.
Ran into it while searching for his tax return.
http://www.barrons.com/articles/warren-buffetts-nifty-tax-loophole-1428726092
As far as I can see, he did not release his personal tax returns. He OFFERED to release them, ALL OF THEM, since the 1940's. He then released figures from his recent returns that showed he had billions of charitable contributions that were not deducted, because he reached the limit for that deduction. He released the amount of taxes he paid. He also stated that he NEVER used the carry forward loss that Trump accused him of using. A lie disproved with facts. No big deal, I am used to it.
It is worthy to note that Buffet's CORPORATION, Berkshire Hathaway, IS on record of using laws with a similar result to the carryover rule (in the example of the article a deferred law among others), to minimize their tax liability. Berkshire is a publicly traded company. All of these uses are disclosed in required reporting methods of all public companies.
It is interesting to note that to date, I see ZERO requests to have Trumps PRIVATE companies begin to release information regarding taxes, and with good reason. It IS requested that Trump disclose dealings that may be a conflict with regard to his roll as future president, something he has so far refused to do, or do not exist. If Trump is suggesting he wants a detailed comparison of Berkshire and the Trump Organization, I say YES, lets do that! Neva Gonna Happen!
The beginning of the article you link simply shows what is available for everyone. In fact, everyone that purchases a stock and dies utilizes it. When you die, the cost basis for all of your investments (currently excluding annuities) is automatically stepped up to the cost basis on the day of death. It does not matter what you paid, as long as you die before you sell. If you sell before you die, you are taxed at capital gains rates for your tax bracket (currently a max of 20%), after deducting the purchase price. If it is never sold when you are alive, it is never taxed as a capital gain. That is one big reason why Buffet's answer to his favorite holding period is forever. Because it is never taxed. As I said, this is available to everyone, and in fact benefits the little guy MORE, since he will never reach the $5.45 million threshold required to pay any taxes.
Any amount of your estate above $5.45 million ($11 million and some change for a married couple) has an estate tax (with a current federal max of 40%), but very possibly NEVER a capital gain tax assessed.
It is worthy to note that the 0.01% you may be earning in a checking account or bond (.4%) is taxed as income with a max rate of 39.6%, but most dividends are considered qualified and are taxed a max rate of 20%, which amounts to exactly $0.00 for married couple making less than $75,300. Where to you want YOUR income coming from?
