House Dems Formally Demand Trump's Tax Returns

Here are 5 really bad surprises buried in your tax return — courtesy of Donald Trump

"We are under audit, despite what people said, and working that out", said Trump.

In a tweet Wednesday, U.S. Rep. Alexandria Ocasio-Cortez referred to a letter that Democrats wrote to the IRS, requesting six years of President Trump's tax returns.

Mr Trump's insistence of keeping... Now he may have no choice but to give them up.

"Now, we're under audit despite what people said".

These included: Trump's 2013-2018 tax returns; tax returns of eight Trump-related entities (pictured below); statements about whether these tax returns are or were ever under audit (as Trump has repeatedly said in an effort not to release his personal tax returns); statements as to why there was an audit if there was one; all administrative files related to Trump and these entities; a statement in the event that Trump or these entities did not file tax returns previous year.

House Ways and Means Committee Chairman Richard Neal arrives for a Democratic Caucus meeting at the Capitol in Washington, on April 2, 2019.

Republicans have accused Democrats of weaponizing the tax code to target Trump, and said the move would set a risky precedent. Neal argues that Congress, and his committee in particular, need to conduct oversight of the IRS, including its policy of auditing the tax returns of sitting presidents.

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Democrats have said they would use Trump's tax returns to inform their investigations into allegations of corruption and wrongdoing in the administration and the president's family business.

The request poses a major test for Treasury Secretary Steven Mnuchin, who becomes the first Cabinet member in modern history tasked with deciding whether to turn over his boss's tax returns to the opposition party. Financial disclosures can help paint a fuller picture of a candidate's business positions and interests by providing information about financial dealings, such as investments, donations, business relationships, assets and possible conflicts of interests.

There is no official date for when the IRS commissioner will decide to release the tax returns, but Sen.

"My preparations were made on my own track and timeline, entirely independent of other activities in Congress and the administration", Mr Neal said.

"My actions reflect an abiding reverence for our democracy and our institutions, and are in no way based on emotion of the moment or partisanship", he said. "We don't know, for example, whether or not the president's returns are actually under audit", Kildee began.

Democrats have been on a hunt to obtain Trump's tax returns since he bucked decades of tradition when he refused to release them during the 2016 election cycle, with Neal's request setting the stage for what is likely to be a prolonged legal battle. "But doing it for political purposes is not legitimate".

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