Investor Warren Buffett said he has never used the kind of tax deduction that Republican presidential candidate Donald Trump did, and Buffett said he has paid taxes every year for 72 years.
Buffett sent out a statement Monday responding to Trump’s comments during Sunday’s presidential debate when Trump confirmed using a $916 million loss in 1995 to avoid paying federal income taxes.
The chairman and chief executive of Berkshire Hathaway also released details of his own taxes and called again for Trump to release his tax returns. Buffett is a supporter of Democratic nominee Hillary Clinton.
“I have been audited by the [Internal Revenue Service] multiple times and am currently being audited,” Buffett said. “I have no problem in releasing my tax information while under audit. Neither would Mr. Trump — at least he would have no legal problem.”
Buffett reported an adjusted gross income of $11,563,931 in 2015. The billionaire said his return included $5,477,694 of deductions, but tax laws kept him from claiming most of his $2,858,057,970 charitable gifts as deductions.
Buffett said he paid $1,845,557 in federal income taxes last year.
— Associated Press
Russia, the world’s largest energy exporter, is ready to join OPEC in limiting oil production with either a freeze or a cut, President Vladimir Putin said Monday.
“Russia is ready to join in joint measures to limit output and calls on other oil exporters to do the same,” Putin said during the World Energy Congress in Istanbul. “In the current situation, we think that a freeze or even a cut in oil production is probably the only proper decision to preserve stability in the global energy market.”
Ministers from some of the largest oil-producing nations are gathering in Turkey this week to discuss ways to end a two-year supply glut. With benchmark Brent crude trading at about $52 a barrel — less than half its price in mid-2014 — countries from Saudi Arabia to Russia remain under severe economic pressure. Last month in Algiers, the Organization of the Petroleum Exporting Countries reversed its policy of pumping without constraints, helping boost prices.
— Bloomberg News
● Facebook rolled out a new office version of its Workplace product on Monday. It’s meant to help employees collaborate with one another, listen to speakers on Facebook Live and post updates on their work in the News Feed. Employers will be charged $3 per employee for the first 1,000 monthly active users, $2 a head from 1,001 to 10,000 users and $1 per worker beyond that, Facebook said in a statement.
● China unveiled plans Monday to let companies give equity in themselves to banks to pay down soaring debt levels that economists warn might worsen the country’s slowing growth. Companies that show “good prospects” will be allowed to negotiate swaps with lenders, the deputy chairman of the National Development and Reform Commission said at a news conference. The official, Lian Weiliang, stressed the system was intended to use market forces to impose discipline and warned that participants who lose money will not be bailed out
● Tesla Motors and SolarCity don’t need to raise cash this quarter as the companies prepare for a merger, Tesla chief executive Elon Musk said Sunday. Musk said he would “like to correct expectations that Tesla/SolarCity will need to raise equity or corp. debt in Q4. Won’t be necessary for either.” Responding to a question about whether the first quarter of 2017 was then likely, Musk replied, “Probably not then either.” Musk told Tesla employees in August that the automaker needed to raise additional cash in the fourth quarter as it ramped up production of its Model 3 sedan.
● Thai Union Group, the world’s biggest producer of canned tuna, said Monday it had bought a minority stake in U.S. seafood chain Red Lobster Seafood Restaurants for $575 million to expand in the United States, its biggest market. The company, known for its “Chicken of the Sea” tuna brand, said it had taken a 25 percent interest in the restaurant chain, with the option to acquire an additional 24 percent through the conversion of preferred shares.
— From news services