Buffett hits back at Trump over tax comments

U.S. Democratic presidential candidate Hillary Clinton waves to supporters as she is introduced by Warren Buffett during a campaign rally in Nebraska in August. Buffett has denied an allegation by Republican candidate Donald Trump that he avoided fed
U.S. Democratic presidential candidate Hillary Clinton waves to supporters as she is introduced by Warren Buffett during a campaign rally in Nebraska in August. Buffett has denied an allegation by Republican candidate Donald Trump that he avoided federal income taxes.PHOTO: REUTERS

(REUTERS) - Billionaire investor Warren Buffett denied on Monday an allegation by Republican presidential candidate Donald Trump that he, like Trump, had taken "a massive deduction" that allowed him to avoid federal income taxes.

Buffett said he paid about US$1.85 million (S$2.54 million) in income tax in 2015, and that returns for previous years were similar in respect to contributions, deductions and tax rates.

Buffett said he was being audited by the Internal Revenue Service (IRS) but would have "no problem" in releasing his returns.

Trump has refused to release his tax returns, citing ongoing audits by the IRS.