Should the President be Required to Publicly Disclose His Tax Return? (H.R. 540)

What is H.R. 540?

(Updated December 4, 2021)

This bill would require the president to publicly disclose their federal income tax return and all related attachments by making it available on the internet at providing the returns to relevant congressional committees. If a president fails to provide the required tax information or falsifies it, the Attorney General would be able to bring a civil action against them with penalty of up to $50,000. When a new president takes office, they would be required to submit their prior year’s federal income tax return within 90 days.

Certain redactions would be allowed, including the president’s Social Security number, taxpayer identification number, account numbers, and the name of any dependents of the president. If a president’s spouse files a joint return or a separate return, it would be subject to this legislation’s requirements.

Argument in favor

Requiring the disclosure of a president’s federal income tax return would make the public aware of any conflict of interest and encourage presidents to divest themselves of anything that may create a conflict.

Argument opposed

It’s wrong for Congress to require any individual to publicly disclose their tax return, even if they are the president or their spouse. Moreover, this is a partisan bill that the sponsor didn’t care to introduce during the current administration.

Impact

Presidents and their spouses; Congress; and the Attorney General.

Cost of H.R. 540

A CBO cost estimate is unavailable.

Additional Info

In-Depth: Sponsoring Rep. David Cicilline (D-CT) introduced this bill to require President Donald Trump to release his tax returns and ensure that all future presidents to follow suit:

“Like many Americans, I am deeply concerned about what information President-elect Trump might be hiding in his tax returns... Americans should always have full confidence that the President is acting in our national interest, but President-elect Trump continues to undermine this confidence. This bill is a necessary tool to hold the President of the United States accountable and ensure he adheres to the highest ethical standards at all times."

This legislation has the support of 20 cosponsors in the House, all of whom are Democrats.

Of Note: The last president to not release any tax returns or summary information was Lyndon B. Johnson.

Media:

• Sponsoring Rep. David Cicilline (D-CT) Press Release
  
• Providence Journal (Previous Version)