The Supreme Court will hear arguments on Tuesday about President Donald Trump's tax returns. According to Bloomberg’s Tim O’Brien, he may have to turn them over to Congress for review.
- Trump’s tax returns have been a point of contention before and throughout his presidency. He has refused to release them for scrutiny.
- O’Brien gives us a snapshot into President Donald Trump’s tax returns without going into detail; he saw them when Trump pursued a lawsuit against him for libel in 2006. Trump claimed the reporter’s book “TrumpNation” inaccurately presented his fortune.
- O’Brien has pursued Trump’s alleged shady dealings and hopes that the courts will move to make financial transparency a requirement for presidents moving forward.
- Traditionally, presidents release this information voluntarily. Because of this, laws haven’t had to be put in place. Trump’s hesitation may change that.
Questions about Trump’s fortune have persisted during the Trump administration. Though the president is not required by law to submit his financial details, it feeds rumors. Is Trump really worth what he says he is? Is Trump profiting from his post? Is a portion of his fortune coming from foreign countries or entities?
“During the course of the litigation, Trump resisted releasing his tax returns and other financial records,” O’Brien wrote. “My lawyers got the returns, and while I can’t disclose specifics, I imagine that Trump is hesitant to release them now because they would reveal how robust his businesses actually are and shine a light on some of his foreign sources of income.”
Congress alleges that it’s requesting Trump’s tax returns so it can create legislation modernizing federal ethics and disclosure laws. They also wish to protect the upcoming November election from foreign interference. If these tax returns become public knowledge, it will surely affect politics going forward, one way or another.