Treasury to Miss Deadline for Trump Tax Returns

Treasury to Miss Deadline for Trump Tax Returns

The procedure was supposed to ensure that the White House could not interfere in the request. He reminded reporters that he had already released a 104-page summary of his business interests.

Congress released private tax information during the Watergate scandal involving President Richard Nixon and during the more recent allegations that the IRS targeted Tea Party groups during President Barack Obama's administration.

"I would love to give them, but I'm not going to do it while I'm under audit", Trump said.

In a letter that is likely to intensify the latest showdown between the White House and Democrats in the House, Mnuchin said his department, which oversees the Internal Revenue Services (IRS), will not be able to review the request for the president's tax returns by Wednesday, the deadline set by the chairman of the House Committee on Ways and Means, Rep. Richard Neal, a Democrat from MA.

A Morning Consult/Politico poll released on Wednesday noted that 49 percent of registered voters cared about the issue while 42 percent did not care.

President Trump speaks to f the media prior to his departure from the White House Wednesday in Washington, D.C. Independents were split 44-43 percent. The IRS has said that there's nothing preventing the president from publicizing them prior to the audit's completion.

Legal experts have said that little case law would be available to guide judges if Congress were to take the administration to court over the issue.

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Financial Services Chairwoman Maxine Waters, D-Calif., citing a long list of Trump administration officials who have departed, pressed Mnuchin on whether he was anxious about being fired if he complied with the request.

When Nixon was first audited by the IRS, he was given a clean bill on his returns, but a subsequent audit of the same returns found that he owed almost $500,000 in additional tax on interest.

Mnuchin's letter appeared to closely track the legal issues raised by Trump's lawyers in a letter last week in response to the demand made by Ways and Committee Chairman Richard E. Neal (D-Mass.). Neal said he wanted the records to be released by April 10, citing federal law that directs the information be disclosed upon request.

Now, almost four full years since the infamous day he rode down the Trump Tower escalator to declare Mexicans are rapists and he was launching a presidential bid, President Trump lied to reporters, insisting "there is no law" that can force the release of his taxes. We have no evidence that there's any wrongdoing, " said Rep. Chris Stewart, R-Utah, who said the request tramples on Trump's right to privacy.

Democrats want access to the returns as part of investigations into Trump's business dealings and his campaign. He also says that the stated reason for the request doesn't match the request itself.

While tax returns sometimes expose something marginally embarrassing, most are "far too boring for anyone to look at", University of Iowa law professor Andy Grewal tells Fortune. "And if it's not, if that's violated then people will quit complying".

No matter what comes next, Democrats say they are ready for the fight.

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