The commission has tried for years to obtain the documents through legal procedures. According to Trump, the investigation into his financial past by the committee led by Democrat Richard Neal is politically motivated.
It’s common for presidential candidates and sitting presidents to provide insight on their tax returns. Trump is the first president in four decades to refuse to release such tax records. He talks a lot about his business successes, but does not want to reveal details about his assets and business activities. The Trump Organization is being charged with fraud and deception by the New York State Attorney General’s office in one of several pending lawsuits separate from the House investigation.
Trump would have reported massive losses from his companies over several years to the tax authorities, which meant he would have had to pay much less. Parliament wants to know whether his income has been properly verified and whether new rules are needed.
The tax returns are not expected to be released to the public at this time. The committee must move quickly because its mandate in the House of Representatives could be revoked if Republicans take control in January.
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