Warren Buffet trumps Donald Trump with full tax disclosure

Warren Buffett has hit back at Donald Trump over his tax affairs, releasing figures that suggest he has been paying more than the US presidential candidate since he was 13.

Under fire for allegedly not paying income tax since 1995 when he claimed a loss of towards $1 billion (£810 million), Trump rounded on Hillary Clinton’s supporters, including Buffett, for using the law in the same way he did to “carry forward” losses to offset against tax.

“Many of her friends took bigger deductions,” the Republican nominee said. “Warren Buffett took a massive deduction.”

He has refused to release his official tax returns claiming he can’t do so while under investigation by the inland revenue service.

In a letter, Buffett said that, in fact, he has paid tax every year since 1944, when he was 13. “I owed only $7 in tax that year,” he conceded.

The so-called Sage of Omaha’s 2015 tax returns shows income of $11.6 million and deductions of $5.5 million, mostly from charity contributions.

He said: “My federal income tax for the year was $1,845,557. Returns for previous years are similar.

“I have copies of all 72 of my returns,” Buffett added, “and none uses a carry forward.”

Buffett has attacked laws that allow him to pay a smaller portion of his income in tax than his cleaner. He also said there was no reason for Trump not to reveal his own finances.

“I have been audited by the IRS multiple times,” he wrote. “I have no problem in releasing my tax information while under audit. Neither would Trump.”

The Trump campaign had no comment.