Bills
| 3.23.22

Should the President Be Required to Publicly Disclose His Tax Return? (H.R. 950)

Do you support or oppose this bill?

What is H.R. 950?

(Updated January 14, 2022)

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. This bill would apply to tax returns filed within three years of taking office and for each year the individual holds the presidency.

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. 950

A CBO cost estimate is unavailable.

Additional Info

In-Depth: Sponsoring Rep. David Cicilline (D-CT) reintroduced this bill from the 115th Congress to require that anyone holding the office of President of the United States make his or her tax returns available to the public: 

“The President’s ongoing refusal to make his tax returns public raises serious questions about his judgment. The American people have a right to know whether any president makes decisions in the public interest or for their own private financial benefit. This bill will ensure that the President of the United States is held accountable if they abuse the public trust.”

Last Congress, Rep. Cicilline 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."

President Trump argues that Democrats are seeking his tax returns to dig up dirt even though his finances are "very clean." He also says he'll continue to refuse to release his tax returns as long as he's under audit. In a letter to the IRS, Trump's attorney, William Consovoy, calls the Democrats' calls for Trump's tax returns "a transparent effort by one political party to harass an official from the other party because they dislike his politics and speech."

In an internal memo, the IRS' legal team concurs that the Treasury Dept. doesn't have any legal standing to reject congressional Democrats' request for Trump's tax returns. According to the Washington Post, the memo states that the law "does not allow the Secretary to exercise discretion in disclosing the information provided the statutory conditions are met.” It does not, however, rule out the White House's ability to mount an executive privilege claim.

This bill has six Democratic cosponsors in there 116th Congress. Last Congress, it had 28 Democratic cosponsors in the House and didn't receive a committee vote.


Of Note: Despite promising to release his tax returns during the 2016 campaign, President Trump has refused to make them public for the two years he has held office. Rep. Cicilline's office contends that this "has raised serious concerns about whether Trump, who has also refused to divest from his private business holdings, is making decisions in the best interests of the country." Trump is the first President since Gerald Ford to not release his tax returns for public scrutiny.


Media:

Summary by Eric Revell
(Photo Credit: Flickr user Gage Skidmore / Creative Commons)