Committee Democrats argued that transparency and the rule of law were at stake, while Republicans countered that the release would set a dangerous precedent with regard to the loss of privacy protections. 9News
on Friday, the culmination of a years-long effort to learn about the finances of a onetime business mogul who broke decades of political norms when he refused to voluntarily release the information as he sought the White House.
Trump had refused to release his returns when he ran for president and had waged a legal battle to keep them secret while he was in the White House. But the Supreme Court ruled last month that he had to turn them over to the tax-writing Ways and Means Committee. He has promoted his wealth in the annual financial statements he provides to banks to secure loans and to financial magazines to justify his place on rankings of the world's billionaires.
In its report last week, the Ways and Means Committee indicated the Trump administration may have disregarded a post-Watergate requirement mandating audits of a president's tax filings. The House passed a bill in response that would require audits of any president's income tax filings. Republicans strongly opposed the legislation, raising concerns that a law requiring audits would infringe on taxpayer privacy and could lead to audits being weaponized for political gain.
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