Wyden bill requires president-elect, candidates to release tax returns
Republican Donald J. Trump was the first presidential nominee in about 40 years who did not release his income tax returns during the campaign.
Oregon Sen. Ron Wyden introduced a bill Wednesday that would require President-elect Donald J. Trump to release his recent income tax returns.
Wyden, a Portland Democrat and ranking member of the Senate Finance Committee, said his proposed nine-page Presidential Tax Transparency Act would give the public "honest insight into the president-elect's actions, values and foreign business dealings."
"The fact that the president-elect refuses to release his tax returns is a tragic failure of transparency, and it needs to be corrected," Wyden said. "With President-elect Trump flouting bipartisan traditions of disclosure while engaging with foreign leaders at the highest level, it's more important than ever to ensure that the commander-in-chief isn't playing by a different set of rules."
Wyden's bill has not received a number yet. It requires all sitting presidents to release their most recent three years of tax returns to the Office of Government Ethics. It also requires that, within 15 days of becoming the nominee at the party convention, presidential nominees must release their most recent three years of tax returns to the Federal Election Commission.
Should the sitting president or future candidates refuse to comply, the treasury secretary will be required to provide the tax returns directly to the OGE or FEC respectively for public release.
Trump was the first presidential nominee in about 40 years who did not release his income tax returns during the presidential campaign. His campaign claimed the returns were under audit and would be released as soon as the Internal Revenue Service was finished with its review.
Wyden's cosponsors include Sens. Tammy Baldwin (D-WI), Michael Bennet (D-CO), Ben Cardin (D-MD), Dianne Feinstein (D-CA), Tim Kaine (D-VA), Jeff Merkley (D-OR) Chris Murphy (D-CT), Debbie Stabenow (D-MI), Tom Udall (D-NM), and Elizabeth Warren (D-MA).