Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  News  >  Economy & Forex  >  All News

News : Economy & Forex
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance ProfessionalsCalendarSectors 
All NewsEconomyCurrencies / ForexCryptocurrenciesEconomic EventsPress releases

Mnuchin Says He Expects Courts to Make Call on Trump Tax Returns

share with twitter share with LinkedIn share with facebook
share via e-mail
0
05/15/2019 | 12:34pm EDT

By Richard Rubin

WASHINGTON -- Treasury Secretary Steven Mnuchin said he expects a federal judge to resolve the dispute over congressional access to President Trump's tax returns, and he signaled that he and IRS Commissioner Charles Rettig will defy subpoenas demanding the documents.

"We haven't made a decision but I think you can guess which way we're leaning on our subpoena," said Mr. Mnuchin, who has contended that lawmakers lack a legitimate legislative purpose to receive Mr. Trump's tax returns.

Mr. Mnuchin and Mr. Rettig testified Wednesday at a hearing of the Senate subcommittee overseeing the Treasury and Internal Revenue Service budgets.

"This is why there are three branches of government," Mr. Mnuchin said. "This will go to the third branch of government to be resolved."

Rep. Richard Neal (D., Mass.), chairman of the House Ways and Means Committee, has requested six years -- 2013 through 2018 -- of Mr. Trump's business and personal tax returns along with audit records. Mr. Neal invoked a 1924 statute that lets the chairmen of the tax-writing committees obtain any taxpayer's returns.

That statute says the Treasury secretary "shall furnish" such information, but Mr. Mnuchin has tied his refusal to constitutional limits on congressional investigations.

Last week, after being rebuffed by Mr. Mnuchin, Mr. Neal issued subpoenas to Messrs. Mnuchin and Rettig for the documents and set a deadline of this Friday, May 17.

Mr. Neal has said lawmakers want to see how well the IRS is auditing the president, under a policy that requires presidents and vice presidents to be audited each year.

"Wouldn't you agree that Congress has an interest in verifying that the IRS is fairly enforcing the law and making sure that the president... is paying the taxes he owes," said Sen. Chris Van Hollen (D., Md.) at Wednesday's hearing.

During the 2016 campaign, Mr. Trump broke a decadeslong tradition of voluntary disclosure of tax returns. He has also referred to tax avoidance as sport and tied his refusal to continuous audits. No law prevents him from releasing returns while under audit.

In response to questions from Mr. Van Hollen (D., Md.), Mr. Mnuchin couldn't say whether the automatic audits include a president's business dealings.

As with the audit of any business owner, the audits of a president may include a review of any businesses owned by the president, Mr. Rettig said.

"The depth of examination of a particular entity would depend on the judgment or skill of the examiners," he said.

Mr. Mnuchin has offered a more detailed briefing to lawmakers on those questions.

Mr. Mnuchin also said on Wednesday that Mr. Rettig and IRS Chief Counsel Michael Desmond agree with the decision not to hand over the tax returns to Mr. Neal. Mr. Mnuchin has said he relied on legal advice from the Justice Department, which hasn't yet published its formal opinion.

"I have not had any discussions with the president or taken any direction from him or anybody else in the White House on this issue," Mr. Mnuchin said.

Mr. Trump has made repeated public comments about his refusal to publicize his tax returns.

Write to Richard Rubin at richard.rubin@wsj.com

share with twitter share with LinkedIn share with facebook
share via e-mail
0
Latest news "Economy & Forex"
03:35pTeva Pharm to pay Oklahoma $85 million to settle opioid claims
RE
02:48pQuebec provincial leader aims to boost use of hydroelectric power
RE
10:12aChina's East Hope Group considers $10 billion investment in UAE
RE
09:04aBotswana cancels 100mw solar power tender, plans to reissue
RE
08:37aECB's Weidmann sees no need for policy action
RE
07:39aMINISTRY OF EXTERNAL AFFAIRS OF REPUBLIC OF IN : Congratulatory telephone calls to PM from Prime Minister of Pakistan, former President of Maldives and former Prime Minister of Nepal
PU
05:54aECOWAS ECONOMIC COMMUNITY OF WEST AFRICAN STATES : moves to increase Women participation in Peace and Political processes in the region
PU
05:39aECOWAS ECONOMIC COMMUNITY OF WEST AFRICAN STATES : The President Brou appoints Didigu as interim Executive Director for the ECOWAS Regional Competition Authority
PU
05:39aECOWAS ECONOMIC COMMUNITY OF WEST AFRICAN STATES : Peace building experts, others, urge ECOWAS to animate the implementation of its Conflict Prevention Framework
PU
05:10aPapua New Guinea's Prime Minister Resigns
DJ
Latest news "Economy & Forex"
Advertisement