T. Boone Pickens, who made a fortune on oil and natural gas, says he hasn’t paid any federal taxes in the last three years. And he says that’s as the tax code permits.
Pickens made the disclosure about his tax bill to CNN’s Carol Costello in a joint interview with billionaires Ken Langone and Leon Cooperman. The conversation touched on the three men’s wealth, their charitable work, and the current presidential election. Pickens, who fell off the Forbes billionaires list in 2014, said he isn’t paying taxes because he’s working off of large losses he posted in the past. But he stressed that he did pay millions in federal income tax in the years before those losses.