Former President Donald Trump faces mounting legal bills and has resorted to selling various items for income. The most recent data on his finances is from 2020, with Democrats obtaining his tax returns that revealed IRS audits were not conducted as required. The battle over Trump’s post-presidency income taxes is likely to keep them hidden from the public, as Trump has shown no interest in voluntarily disclosing them, and Democrats in Congress have not made any efforts to obtain them. This lack of transparency deprives the public of important information when evaluating candidates, according to Robert Maguire from CREW.
Despite Trump’s claim of having $500 million on hand, he had difficulty posting a bond in his New York fraud case. His legal expenses have drained previous funds, leading to challenges in paying off legal judgments. While Trump confidently stated he could raise the required funds, he did not rule out seeking financial help from foreign sources, despite laws prohibiting candidates from accepting such funds. Trump has consistently refused to release his taxes since his 2016 campaign, citing an audit as a reason, even though this does not prevent disclosure.
Democrats, upon gaining control of Congress, attempted to obtain Trump’s tax returns through an exception in taxpayer confidentiality laws. The legal battle over this issue was eventually resolved in November 2022, with Democrats gaining access to six years of Trump’s tax returns. However, despite the political victory, they have shown little interest in trying again or requiring similar disclosures in the future. Senator Wyden may seek a Senate floor vote on a bill that would require presidential candidates to disclose their tax returns if Trump does not release them after the upcoming GOP convention.
Maguire believes that both Democrats and Republicans should insist on Trump disclosing his tax returns, given the bipartisan history of such disclosures. He suggests that the current financial challenges facing Trump and his ongoing legal battles may have influenced his strong opposition to releasing his tax returns while in office. However, with his tenure as president over, and unable to utilize the same legal defenses, the pressure for disclosure is increasing. The lack of willingness to disclose this information raises concerns about the public’s ability to evaluate candidates effectively and potential foreign influence on future political figures.
