Oil and natural gas billionaire T. Boone Pickens said Tuesday that he hasn't paid federal taxes in the past three years, as he's used a tax loophole similar to one believed used by Donald Trump, but he's paid hundreds of millions of dollars since he turned 70.
"I have paid $675 million dollars in taxes," the 88-year-old told CNN's Carol Costello, during a joint interview with two other billionaires, Ken Langone and Leon Cooperman, reports CNN Money, and his fellow 1-percenters agreed that the tax code should be used if it's available.
"Only a fool gives the government money it doesn't have to," said Cooperman, who made his billions through Goldman Sachs and Omega Advisors.
Last week, the SEC charged Cooperman with insider trading, saying the investor and hedge fund manager and Omega had used non-public information from a corporate executive about an energy deal in 2010. Cooperman denies those charges.
Pickens, meanwhile, dropped off the Forbes billionaire list in 2014, and told Costello he is not paying taxes after posting large business losses.
Meanwhile, the billionaires said they would not be surprised if Trump has not paid taxes in 18 years after taking a $916 million loss, as was reported recently after The New York Times released a few pages of one of his past tax returns.
Pickens, Langone, and Cooperman discussed their wealth, charitable work and the presidential election with Costello, telling her they find it unfair that the top 1 percent in the United States are vilified for their successes, instead of being admired for their donations.
"To show you how the world is turned upside down, four years ago President Obama successfully made [Mitt] Romney's success a liability," said Cooperman.
All three said they have not only given away more money than they spend on themselves, they have donated more than they will leave behind for their own children, but they're not sorry for their success.
"Let me say something very probably not politically correct," said Langone, who was a co-founder of Home Depot. "I've been rich and I've been poor. Rich is better."
Langone and Pickens both support Trump in the upcoming election while Cooperman said he "just may waste my vote and vote for either [Mad Magazine mascot] Alfred E. Neuman or Mitt Romney on a write-in," as he can't support either Trump or Democratic nominee Hillary Clinton.
Pickens, though, said he would not have picked Trump as the party's nominee, but as a "change advocate," he's ready to vote for the New York billionaire.
Sandy Fitzgerald ✉
Sandy Fitzgerald has more than three decades in journalism and serves as a general assignment writer for Newsmax covering news, media, and politics.
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