Trump's tax returns released after long fight with Congress

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Democrats in Congress released six years' worth of former President Donald Trump’s tax returns on Friday, the culmination of a yearslong effort to learn about the finances of a onetime business mogul who broke decades of political precedent when he refused to voluntarily release the information as he sought the White House.

The returns, which include redactions of some personal sensitive information such as Social Security and bank account numbers, are from 2015 to 2020. They span nearly 6,000 pages, including more than 2,700 pages of individual returns from Trump and his wife, Melania, and more than 3,000 pages in returns for Trump's business entities.

Their release follows a party-line vote in the House Ways and Means Committee last week to make the returns public. 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.

Trump, known for building skyscrapers and hosting a reality TV show before winning the White House, broke political norms by refusing to make public his returns as he sought the presidency — though he did give some limited details about his holdings and income on mandatory disclosure forms.

Instead, Trump has touted his wealth in the annual financial statements he gives to banks to secure loans and to financial magazines to justify his place in rankings of the world’s billionaires.

Trump’s longtime accounting firm has since disavowed the statements, and New York Attorney General Letitia James has filed a lawsuit alleging Trump and his Trump Organization inflated asset values on the statements as part of a yearslong fraud. Trump and his company have denied wrongdoing.

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 IRS only began to audit Trump’s 2016 tax filings on April 3, 2019 — more than two years into his presidency — when Ways and Means chair Rep. Richard Neal, D-Mass., asked the agency for information related to the tax returns.

The House passed a bill 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.

The measure, approved mostly along party lines, has little chance of becoming law anytime soon with a new Republican-led House being sworn in in January. Rather, it is seen as a starting point for future efforts to bolster oversight of the presidency.

Republicans have argued that Democrats will regret the move once Republicans take power next week, and they warn that the committee’s new GOP chair will be under pressure to seek and make public the tax returns of other prominent people.

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