Democrats seeking Trump’s financial documents from his bank

Democrats seeking Trump’s financial documents from his bank

The chairman of the House Ways and Means Committee, Richard Neal of MA, formally requested six years of Trump's personal tax returns and some of his business tax returns on Wednesday, exercising his authority under a 1924 law enacted in response to the Teapot Dome scandal.

"Is that all?" he said when he heard it was for six years of returns.

Trump, who plans to visit the border at Calexico, California to view a border wall project, said that media coverage this week had prompted Mexico to act to curb the flow of immigrants to the United States and take other action to ease the pressure on USA ports of entry. For Democrats, the tax returns hold the promise of breathing new life into a series of ongoing investigations.

"There is nothing we can ever give to the Democrats that will make them happy", Trump tweeted.

Trump in recent days has also backtracked on his push for Republicans to again take on health care and surprised his own education secretary by reversing a plan to axe federal aid for the Special Olympics.

Democrats have also justified an effort to open Trump's returns as a way to examine how much he and his businesses - from which he is not fully divested - benefited from the massive GOP tax reform law.

"I think you should release your tax returns if you're running for president in 2020", Graham, one of Trump's closest allies on Capitol Hill, told reporters Thursday.

Having cited the authority mentioned above, Neal numbered seven areas to be responsive to the request.

It would require a vote in the committee to release any such documents to the public if they are eventually handed over.

"This has nothing to do with the Mueller report", Kildee said.

Two years ago, MSNBC host Rachel Maddow got her hands on just two pages of Trump's federal returns from 2005.

Trump said Wednesday that he "would not be inclined" to provide his tax returns until he is no longer under audit.

While speaking to the media Wednesday, the president said he will not comply with the request as those audits are still taking place.

He added that he does not believe the Treasury Secretary or the IRS has to provide Congress with his tax returns so long as he is under audit, as he now claims to be. But other, higher-level officials said the move did not appear to be a mistake, even though they were not informed ahead of time.

Republican Sen. Lindsey Graham of SC said Thursday that "everybody" running for president in 2020 should publicly release their tax returns - President Donald Trump included.

Although Democrats argue that requesting the president's tax returns is allowed under their congressional duties, Republicans have raised privacy concerns and dubbed the move a witch hunt. Such a scenario could see the Ways and Means committee issue a subpoena after Neal's April 10 deadline and the unleashing of a complicated legal duel.

Mr. Neal is now chairman of the Ways and Means Committee, which makes him the top tax law writer in the country, since all tax revenue bills must start with him. "So we first of all expect the IRS commissioner will not ignore the law, but we expect that the president may push back", Kildee said.

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