January 04, 2017

Wyden Offers Bill Calling On President-Elect Trump, Future Presidential Nominees To Release Tax Returns

Measure would give insight into foreign deals, increase transparency

WASHINGTON - Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today introduced a bill requiring President-Elect Trump to release his recent tax returns in order to give the public honest insight into the President-Elect's actions, values and foreign business dealings.

"The fact that the president-elect refuses to release his tax returns is a tragic failure of transparency, and it needs to be corrected. With President-Elect Trump flouting bipartisan traditions of disclosure while engaging with foreign leaders at the highest level, it's more important than ever to ensure that the Commander-in-Chief isn't playing by a different set of rules." said Wyden.

The Presidential Tax Transparency Act requires all sitting presidents to release their most recent 3 years of tax returns to the Office of Government Ethics (OGE). It also requires that, within 15 days of becoming the nominee at the party convention, presidential nominees must release their most recent 3 years of tax returns to the Federal Election Commission (FEC). Should the sitting president or future candidates refuse to comply, the Treasury Secretary will be required to provide the tax returns directly to the OGE or FEC respectively for public release.

"President-Elect Trump's tax returns will deliver honest answers to key questions from the American public," said Wyden. "Are you keeping your money offshore? How have you benefited from foreign deals? Do you give to charity? Are you abusing tax loopholes at the expense of middle class families? People have a right to know."

For nearly 40 years-since Watergate-candidates from major political parties have voluntarily released tax returns during the campaign.

Original cosponsors of the Presidential Tax Transparency Act include: Senators Tammy Baldwin (D-WI), Michael Bennet (D-CO), Ben Cardin (D-MD), Dianne Feinstein (D-CA), Tim Kaine (D-VA), Jeff Merkley (D-OR) Chris Murphy (D-CT), Debbie Stabenow (D-MI), Tom Udall (D-NM), and Elizabeth Warren (D-MA).

A one-page summary of the legislative proposal can be found here. The bill text can be found here.

 

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