Wyden Re-Introduces Bill For Presidents And Nominees To Release Taxes

Oregon Senator Ron Wyden has introduced a bill requiring sitting presidents and presidential nominees to release their tax returns to the public.  Wyden first introduced the legislation in May 2016 after then-presidential candidate Donald Trump would not release his tax returns.   The U.S. tax code grants the Chairman of the Finance Committee and the Chairman of the Ways and Means Committee authority to obtain the president’s tax returns from the Treasury Department, and House Democrats reportedly plan to use this authority to demand Trump’s tax returns, but Treasury Secretary Steve Mnuchin has not said whether he would comply.  The Presidential Tax Transparency Act would require sitting presidents to release their most recent 3 years of tax returns to the Office of Government Ethics and requires candidates to release returns within 15 days of becoming the nominee at a party convention to the Federal Election Commission.  If the sitting president or future candidates refuse to comply, the Treasury Secretary will be required to provide the returns for public release.

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