Pres. Trump won't be turning in his tax returns citing an audit as the reason while millions of American prepare for tax deadline
By Mona Austin
Will Pres. Donald Trump finally turn in his tax record like most U.S. presidents and most Americans who are rushing to meet the April 15 tax deadline?
By the April 10 deadline date House Democrats set in a request to Treasury Secretary Steve Mnuchin, a reporter inquired about his intention concerning releasing his tax records. President Trump said he was “not inclined” to make his tax returns public as they remain “under audit.”
By law, the U.S. President is not obligated to disclose tax information publicly. However, traditionally most presidents have cooperated for the sake of financial transparency. Unlike most former presidents, as a business mogul Trump's enormous business and personal assets connected to the Trump Organizations would be exposed. As president he earns a set salary of $400,000 per year, which includes a $50,000 allowance for expenses, a $100,000 nontaxable travel account, and a $19,000 entertainment account.
Taxpayers privacy is protected by the Internal Revenue Code, the Privacy Act of 1974, the Freedom of Information Act. Generally tax information can not be shared without the permission of the individual. The Congress can legally acquire tax records from any tax payer for review in investigations as evidence. Knowing this, the House Democrats on the House Ways and Means Committee asked for six years of his tax returns under IRS Code 6103 (f) Confidentiality and Disclosure of Returns which states:
(f) Disclosure to Committees of Congress.--
(1) Committee on Ways and Means, Committee on Finance, and Joint Committee on Taxation.
--Upon written request from the chairman of the Committee on Ways and Means of the House of Representatives, the chairman of the Committee on Finance of the Senate, or the chairman of the Joint Committee on Taxation, the Secretary shall furnish such committee with any return or return information specified in such request, except that any return or return information which can be associated with, or otherwise identify, directly or indirectly, a particular taxpayer shall be furnished to such committee only when sitting in closed executive session unless such taxpayer otherwise consents in writing to such disclosure.
This is a verbatim recap of the president's most recent exchange with the White House Press pool on his taxes:
"No, there is no law. As you know, I got elected last time with this same issue. And while I’m under audit, I won’t do it. If I’m not under audit, I would do it. I had no problem with it. But while I’m under audit, I would not give my taxes. There’s no law whatsoever.
Now, I will say this: I would love to give them, but I’m not going to do it while I’m under audit. It’s very simple. Remember, I got elected last time -- the same exact issue, with same intensity, which wasn’t very much because, frankly, the people don’t care."
Ultimately, the president views turning in his tax documents as a moot point since he as elected without term and says he is not cooperating with Democrats because he is under audit for which he willingly submitted paperwork. Trump has used audit excuse the entire time he has been in office.
"What I have done is approximately a 104-page summary -- and, really, in great detail -- of assets and values. And nobody wants to go over that because it’s so good. I built a great company, one of the best companies. I have some of the greatest assets in the world. I did a good job. And now, frankly, I don’t care about them; I only care about the United States.
But I have no obligation to do that while I’m under audit. And no lawyer would tell you to release your tax returns while you’re under audit."
Congressional lawmakers are still pressing the issue.
On Friday, according to a memo obtained by Politico, House Oversight Committee Chairman Rep. Elijah Cummings plans to issue a subpoena for 10 years of financial records when his initial request was ignored.