DON’S TAXES ‘extraordinary attack’ on Congress’ power
Neal made clear in May that he was going to take legal action after Mnuchin refused to comply with a subpoena for Trump’s past six personal and business returns.
The lawsuit is entering uncharted territory, as Trump is the first president in modern memory to refuse to release his returns upon taking office, prompting widespread suspicion about what he may be hiding.
Bits and pieces of Trump’s returns leaked to media outlets have, among other things, revealed that Trump reported more than $1 billion in business losses in the 1980s and ’90s, making him one of the biggest financial losers in the country.
Neal has argued an obscure law from the 1920s gives his panel the constitutional power to request the president’s tax returns for legislative purposes.
But Democrats have long also wanted to get their hands on Trump’s returns to see whether there’s any incriminating information hidden in them.
Those concerns reached a boiling point after ex-Trump attorney Michael Cohen testified before Congress earlier this year that the tax papers would corroborate his allegations that the president has engaged in bank and tax fraud.
Mnuchin, backed by a legal opinion crafted by the Trump Justice Department, has argued requests for the president’s tax records overstep Congress’ oversight authority, contending there’s no “legitimate” legislative purpose for lawmakers to obtain them.
Trump, meanwhile, falsely maintains that he can’t release his returns because they’re under audit by the IRS.
Even Rettig, the IRS commissioner, confirmed during congressional testimony in April that there’s nothing stopping Trump from disclosing the returns, whether or not they’re under audit.