Posts tagged with "Tax returns"

Tussle over taxes: Mnuchin says Treasury Department won’t release Trump’s returns

April 12, 2019

In a move that bowed to the president rather than American values, the Treasury Department refused to hand over the Donald Trump’s tax returns by the April 10 deadline that had been specified by the House Ways and Means Committee, NBC News reports.

On the one hand, the House committee asserted that § 6103 of the Internal Revenue Code clearly states that it is entitled to receive the tax returns.

Indeed, the law dictates: “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 [of the Treasury]shall furnish such committee with any return or return information specified in such request….”

On the other hand, Treasury Secretary Steven Mnuchin, in a letter to Ways and Means Committee Chairman Richard Neal (D-Massachusetts), said that the Treasury was continuing to review Democrats’ request in light of “serious issues” about whether the request is proper.

Neal said in a brief statement only that he had received Mnuchin’s letter and that he was consulting with legal counsel, promising a response “in the coming days.”

In filing a formal request with the Treasury Department last week, Neal had said, “I am certain we are within our legitimate legislative, legal and oversight rights.”

Mnuchin said at a Ways and Means hearing last month that he would protect Trump’s privacy.

 His letter went further, according to NBC News, claiming, “”The legal implications of this request could affect protections for all Americans against politically motivated disclosures of personal tax information, regardless of which party is in power.” Mnuchin said he was consulting with the Justice Department about the legality and constitutionality of Neal’s request.

Mnuchin said that “for the same reasons,” he intended to supervise the department’s review personally.

The president, himself, has insisted that his tax returns are under audit and cannot be released for that reasons. However, according to the network news outlet, tax experts have said that, even if he is under audit, there’s nothing to stop Trump from releasing his returns.

Representative Kevin Brady of Texas, the ranking Republican on Neal’s committee, welcomed Mnuchin’s letter, warning that the request “sets a dangerous precedent.”

“The tax code must not to be used for political fishing expeditions,” Brady said. “The Treasury Department is right to carefully review the privacy impact this request would have on every taxpayer.”

If the request continues to be denied, NBC News said, Democrats could consider legal action.

Separately, Democrats in New York, the president’s home state, introduced a bill in the legislature on Monday that would allow the state to release any state tax return requested by the three congressional committees. The bill would apply only to Trump’s state returns—not to the federal returns that Neal is seeking—but because the president’s businesses are based there, his New York returns are thought to be likely to include much of the same information.

Research contact: @NBCNews