Will Trump’s Tax Returns Change Anything?
Since the 2016 election, one of the biggest questions in American politics has been: Will President Trump’s tax returns finally be released to the public? The mystery surrounding the President’s tax history and financial dealings have made it the center of much speculation and debate. In this article, we take a look at why Trump’s tax returns have not yet been released, and consider whether they have the potential to change anything.
What is the Significance of Trump’s Tax Returns?
President Donald Trump is the first president in nearly forty years to not release his tax returns. Before Trump, it had become the de facto standard practice for presidential candidates to provide records of their taxes to the public. Trump has so far refused, citing an ongoing audit by the IRS – a claim which he has yet to substantiate.
The consequences of withholding these documents are far-reaching; providing Trump’s tax returns is seen by some as a way to reduce the possibility of financial impropriety and corruption. They could also provide insight into the President’s compliance with the Foreign Emoluments Clause of the Constitution, which seeks to prevent foreign entities from financially or otherwise influencing America’s politicians.
Why Has Trump Refused to Release the Returns?
If Trump’s tax returns contain nothing out of the ordinary, what is he afraid of? Many commentators believe that one of the main reasons he has refused to release the returns is to hide his true wealth. According to a 2018 analysis by The New York Times, Trump’s actual wealth could be much lower than the estimated value given in his financial statements.
Trump himself has claimed that the tax returns contain “nothing to learn”. In 2019, he even said he would “love to give” the documents, but in reality, the opposite is true. Furthermore, subjecting the President to heavy scrutiny of his finances might bring to the surface issues such as his extensive business ties with foreign parties, including Russia, which could have implications for his career.
Will We Ever See the Returns?
Efforts by Congress to obtain access to these documents have been unsuccessful, illustrating the difficulty of enforcing public disclosure. This is largely because of Trump’s status as the most powerful person in the United States. However, recent court decisions have provided hope that the situation may soon change.
For example, in a July 2020 ruling, a federal appeals court allowed the House of Representatives to obtain eight years of Trump’s taxes – a decision that has been privately endorsed by the Supreme Court. There is now a strong possibility that the public will gain access to at least some of the President’s tax documents, should the Supreme Court rule in favor of the House’s request.
What Impact Could the Returns Have?
If and when the President’s tax information does become public, it is likely to cause a great deal of controversy. Anything potentially incriminating in the returns could endanger Trump’s reputation and presidency. However, it is hard to predict the actual implications this could have.
The lack of precedent makes it difficult to determine the real consequences of Trump’s tax returns becoming public. That said, it is certain that the release of the information – even if it is mostly or completely unaltered – would still be highly politically damaging.
President Donald Trump’s refusal to release his tax returns to the public has gained attention from the main political players and enticed millions of people across the nation and the world. Should Trump’s tax information become public, the implications for the future of American politics – and the safety of democracy – could be far-reaching and hard to predict.
It is now up to the Supreme Court to decide whether the House of Representatives will be granted access to the documents, and as of yet, it remains uncertain as to whether or not they will deliver on their promise. The only thing we can do is to wait and see what the future holds.
