As part of their bill to fight corruption, House Democrats passed an amendment that requires Donald Trump to release his business tax returns.
H.R.1 contains an amendment that requires all presidential and vice presidential candidates to release their personal and business tax returns.
The provision reads:
(3) The term ‘‘income tax return’’ means, with respect to an individual, any return (as such term is defined in section 6103(b)(1) of the Internal Revenue Code of 1986, except that such term shall not include declarations of estimated tax) of— (A) such individual, other than information returns issued to persons other than such individual, or (B) of any corporation, partnership, or trust in which such individual holds, directly or indirectly, a significant interest as the sole or principal owner or the sole or principal beneficial owner (as such terms are defined in regulations prescribed by the Secretary of the Treasury or his delegate).’
Frank Clemente, executive director of Americans for Tax Fairness said in a statement provided to PoliticusUSA, ““For 40 years, candidates for president from both parties routinely released their tax returns to assure voters that they pay their fair share of taxes, and that they intend to act in the best interests of the country, not their own (or another country’s) economic interests. President Trump’s break with this tradition, and his murky business entanglements in the U.S. and other countries, raises disturbing questions and makes the provision in H.R. 1 requiring candidates to release both their personal and business tax returns absolutely essential. We can’t allow future candidates to follow Trump’s bad example and slam the door on this vital information from being shared with Congress and voters.”
If this bill became law, Trump would be required to release his personal and business tax returns
Whether or not a requirement forcing Trump to release his tax returns to be a candidate becomes law before the 2020 election is doubtful at best, but Congress is prepared not to allow other candidates to follow Trump’s lead. House Democrats are taking action and doing everything in their power to go beyond getting Trump’s tax returns. Democrats want to make sure that America never is in this situation again. The American people deserve to know the financial dealing and potential conflicts of interests of their presidential and vice presidential candidates.
Trump is going to be the corrupt exception not the norm in presidential elections.
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