The Justice Department ruled the Internal Revenue Service must release former President Donald Trump’s tax returns to Congress.
Since 2018, lawmakers have dedicated time and taxpayer money to investigate the former President. In July of 2020, The Supreme Court ruled that the subpoena of Trump’s records was constitutional, however, their release was held up by an appeal arguing the subpoena is a bad faith overreach borne from political animus. By February of 2021, FBA reported, “The Supreme Court on Monday rejected Trump’s bid to shield his tax returns from the District Attorney Cyrus Vance Jr.”
An opinion from the DOJ’s office of Legal Counsel suggests the investigative committee “has invoked sufficient reasons for requesting the former President’s tax information.” Still, a timeline for the release of the documents does not exist.
Earlier this month, New York prosecutors began efforts to charge the Trump organization and CFO with tax-related crimes. NY Attorney General Letitia James is leading the investigation. FBA previously reported, “The investigation began with a referral from state tax authorities several months ago and involved Weisselberg’s compensation by the Trump Organization and whether taxes were properly paid.”
The investigation against the Trump Organization began years ago and is concerned with events prior to his presidency. The probe into the organization itself questions business practices, including examining whether Trump or his companies manipulated the value of assets to gain favorable loan terms and tax benefits.
ARTICLE: ANTOINETTE AHO
MANAGING EDITOR: CARSON CHOATE
PHOTO CREDITS: CNN
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