Buffett refutes Trump on deduction claim

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

Putin says Russia to limit production

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

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