New York Senate OKs giving US House Trump state tax return

New York Senate OKs giving US House Trump state tax return

New York Senate OKs giving US House Trump state tax return

A number of legal experts have said the law clearly states Mnuchin must release the president's tax returns upon request from Congress.

"The New York state tax returns likely contain information that is similar to what is in the federal returns", said Harry Sandick, former assistant U.S. Attorney for the Southern District of New York, noting his business losses and income would likely be similar at the federal and state levels.

The Treasury's denial came the same day that the House Judiciary panel scheduled a May 8 vote on whether to find Attorney General William Barr in contempt of Congress for not turning over a fully unredacted version of special counsel Robert Mueller's report on Russia's meddling in the 2016 elections.

"The committee's request is unprecedented, and it presents serious constitutional questions, the resolution of which may have lasting consequences for all taxpayers", Mr. Mnuchin wrote to Ways and Means Committee Chairman Richard E. Neal, Massachusetts Democrat.

The Treasury Secretary went on to claim in the May letter that, contra assertions by House Democrats and legal scholars familiar with the underlying statute, that "the Department may not lawfully fulfill the Committee's request".

Progressives were quick to argue there is no reason to delay legal action any longer, particularly after Neal dragged his feet in the process of formally requesting Trump's tax returns.

House Democrats have sought Trump's records for a more recent period of time, from 2013 to 2018, citing the need to oversee how the Internal Revenue Service audits the president's tax returns. But the state returns could provide an unprecedented look into his NY business dealings, his income, and a range of other personal financial information, according to legal experts.

State Sen. John Flanagan, leader of the chamber's Republican minority, called the legislation a "blatant political act" and said he wished New York Democrats were more focused on tax relief and creating new jobs for New Yorkers.

When they took control of the House this year, they gained the power to demand to see the information under section 6103 of the tax code, which gives chairs of certain committees power to request returns.

The move sets up a likely subpoena from Neal.

According to a Quinnipiac University poll, 29 percent of Americans polled said he shouldn't release his tax returns, while 64 percent said he should. "I will consult with counsel and determine the appropriate response", he said.

The New York bill wouldn't make Trump's returns public, but Congress could potentially decide to do so.

"We are under audit, despite what people said, and working that out", Trump told reporters at the White House. The request "lacks a legitimate legislative goal", Mnuchin added.

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