Brady made his remarks during an afternoon press conference Tuesday, December 20. 2022, held before a U.S. House Ways and Means Committee meeting. Committee members were expected to discuss the proposed release of Trump's tax returns during the meeting, which closed to the public shortly after it began. Brady, the committee's Republican leader, began his remarks by saying the proposed release would mark "unprecedented action" that he said "will jeopardize the right of every American to be protected from political targeting by Congress."
The controversy over Trump’s returns has been heated, with critics urging the president to make them public. But let’s be clear: Trump is entirely within his rights to keep those returns secret. The taxpayer information of American presidents is protected from public disclosure, just like the taxpayer information of everyone else who files an income tax return.
The United States needs a law mandating not just presidential tax disclosure, but disclosure from all our political leaders — even if it means giving Trump a pass and imposing it only on future chief executives.
In theory, the IRS is keeping tabs on presidents and their taxes. Since 1977, the agency’s internal guidelines have required an annual, automatic audit of returns filed by sitting presidents and vice presidents.
However, numerous questions surround those audits. Are they really conducted every year? Are they rigorous? Do they produce any actionable results? Audit information, just like all other taxpayer information, is protected from public disclosure.
The American people have good reason to be dubious about those audits: The IRS has been known to drop the ball when examining a sitting president’s returns. It seems to be especially true with Trump, if anyone need scrutiny regarding foreign interests its Him.
Tax returns contain vital information such as whether a candidate or a president has
paid any taxes;
what they own;
what they’ve borrowed and from whom;
whether they’ve made charitable contributions;
whether they’ve taken advantage of tax loopholes or offshore tax shelters;
whether they have foreign bank accounts.
Only a full release of tax returns can provide the public with clear information as to potential conflicts of interest and whether there could be potential entanglements with foreign governments and foreign businesses.
There Ought to Be a Law
It’s time to dispense with voluntary disclosure. Not just Presidents but all elected officials should be required by law to release any tax returns filed while they hold office.
Return disclosure could be added to the requirement, imposed by the Ethics in Government Act of 1978, that presidents file annual reports on their personal finances. Tax returns subject to this new disclosure requirement would be supplied directly by the IRS; any subsequent modifications to those returns would also be disclosed by the agency.
But ongoing transparency by every president after Trump is even more important. If exempting Trump is the price of permanent reform, then so be it.
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