Buffett hits back at Trump over tax comments(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 $1.85 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, but had “no problem” releasing his tax information. Trump has refused to release his tax returns, citing ongoing audits by the IRS. “I have paid federal income tax every year since 1944, when I was 13,” Buffett said in a statement, adding that “being a slow starter, I owed only $7 in tax that year.” Buffett, ranked the world’s third-richest person by Forbes magazine, said he had copies of all 72 of his returns “and none uses a carryforward.” Responding to an Oct. 1 New York Times story, Trump acknowledged during the presidential-candidates’ debate on Sunday that he had used investment losses to avoid paying taxes. Trump repeatedly said he was only taking advantage of tax provisions used by wealthy people who support Clinton. “I absolutely used it, and so did Warren Buffett ...”, he said. The Times reported that Trump’s declared loss of $916 million in 1995 was so large that he could legally have avoided paying any federal income taxes for up to 18 years. Buffett, chairman of Berkshire Hathaway Inc (BRKa.N), said his 2015 tax return showed adjusted gross income of $11,563,931. “My deductions totaled $5,477,694, of which allowable charitable contributions were $3,469,179. All but $36,037 of the remainder was for state income taxes,” he said. “The total charitable contributions I made during the year were $2,858,057,970, of which more than $2.85 billion were not taken as deductions and never will be. Tax law properly limits charitable deductions,” Buffett said. Buffett said he had no problem releasing his tax information while under audit.  “Neither would Mr Trump – at least he would have no legal problem.”  politicsNews
buffet hits back trump tax comments reuters billionaire investor warren buffet denied monday allegation republican presidential candidate donald trump like trump taken massive deduction allowed avoid federal income taxes buffet said paid million income tax returns previous years similar respect contributions deductions tax rates buffet said audited internal revenue service problem releasing tax information trump refused release tax returns citing ongoing audits irs i paid federal income tax every year since i buffet said statement adding slow starter i owed tax buffet ranked world person forbes magazine said copies returns none uses responding new york times story trump acknowledged debate sunday used investment losses avoid paying taxes trump repeatedly said taking advantage tax provisions used wealthy people support clinton i absolutely used warren buffet said the times reported trump declared loss million large could legally avoided paying federal income taxes years buffet chairman berkshire pathway inc said tax return showed adjusted gross income my deductions totaled allowable charitable contributions all remainder state income taxes said the total charitable contributions i made year billion taken deductions never tax law properly limits charitable deductions buffet said buffet said problem releasing tax information audit neither would mr trump least would legal politicsnews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: Buffett hits back at Trump over tax comments(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 $1.85 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, but had “no problem” releasing his tax information. Trump has refused to release his tax returns, citing ongoing audits by the IRS. “I have paid federal income tax every year since 1944, when I was 13,” Buffett said in a statement, adding that “being a slow starter, I owed only $7 in tax that year.” Buffett, ranked the world’s third-richest person by Forbes magazine, said he had copies of all 72 of his returns “and none uses a carryforward.” Responding to an Oct. 1 New York Times story, Trump acknowledged during the presidential-candidates’ debate on Sunday that he had used investment losses to avoid paying taxes. Trump repeatedly said he was only taking advantage of tax provisions used by wealthy people who support Clinton. “I absolutely used it, and so did Warren Buffett ...”, he said. The Times reported that Trump’s declared loss of $916 million in 1995 was so large that he could legally have avoided paying any federal income taxes for up to 18 years. Buffett, chairman of Berkshire Hathaway Inc (BRKa.N), said his 2015 tax return showed adjusted gross income of $11,563,931. “My deductions totaled $5,477,694, of which allowable charitable contributions were $3,469,179. All but $36,037 of the remainder was for state income taxes,” he said. “The total charitable contributions I made during the year were $2,858,057,970, of which more than $2.85 billion were not taken as deductions and never will be. Tax law properly limits charitable deductions,” Buffett said. Buffett said he had no problem releasing his tax information while under audit.  “Neither would Mr Trump – at least he would have no legal problem.”  politicsNews
Your task is to classify the provided input as real or fake news. Label 0 is meant for fake news, Label 1 is for real news. TEXT: buffet hits back trump tax comments reuters billionaire investor warren buffet denied monday allegation republican presidential candidate donald trump like trump taken massive deduction allowed avoid federal income taxes buffet said paid million income tax returns previous years similar respect contributions deductions tax rates buffet said audited internal revenue service problem releasing tax information trump refused release tax returns citing ongoing audits irs i paid federal income tax every year since i buffet said statement adding slow starter i owed tax buffet ranked world person forbes magazine said copies returns none uses responding new york times story trump acknowledged debate sunday used investment losses avoid paying taxes trump repeatedly said taking advantage tax provisions used wealthy people support clinton i absolutely used warren buffet said the times reported trump declared loss million large could legally avoided paying federal income taxes years buffet chairman berkshire pathway inc said tax return showed adjusted gross income my deductions totaled allowable charitable contributions all remainder state income taxes said the total charitable contributions i made year billion taken deductions never tax law properly limits charitable deductions buffet said buffet said problem releasing tax information audit neither would mr trump least would legal politicsnews