House Issues Subpoena for Trump's Tax Returns: Another Witch Hunt?

-edited

House Ways and Means Committee Chairman Richard Neal (D., Mass.) issued subpoenas seeking President Trump’s tax returns.

I believe Trump should release his tax returns. That is just my belief. There is no law compelling a president to do that.

And given the total failure of Democrats to prove anything of substance in the Russiagate witch hunt, there is no compelling reason for the House to act.

Nonetheless, House Ways and Means Chairman Issues Subpoenas for Trump's Tax Returns.

Rep. Richard Neal issued subpoenas Friday to the Treasury secretary and IRS chief seeking six years of President Trump’s tax returns and audit records, taking the next formal step in the dispute between House Democrats and the Treasury Department.

Mr. Neal, a Massachusetts Democrat, requested the tax records last month, using a power the tax code gives him as chairman of the Ways and Means Committee. Under that provision, which dates to the aftermath of the Teapot Dome scandal in 1924, the chairman can seek any taxpayer’s returns and the Treasury secretary “shall furnish” them.

The law is clear, but Mr. Mnuchin argued in a letter on Monday that Mr. Neal’s request exceeded Congress’s constitutional authority because it lacked a legitimate legislative purpose. Mr. Mnuchin wrote that the Justice Department would publish a more detailed legal opinion, though that hasn’t happened yet.

Although the tax-code provision requires Mr. Mnuchin to produce any requested documents, it doesn’t outline deadlines or penalties for noncompliance. The subpoenas, which set a May 17 deadline, could help address those issues because courts may treat that deadline like they would treat that of any other congressional subpoena.

Another Witch Hunt?

Of course it is. What else could it possibly be?

Some times witch hunts turn up something, but typically that something is other than the alleged witch.

It would not surprise me in the least for Trump to be hiding something. If he wasn't, he would release the returns. Yet, perhaps all he is hiding is the fact that he is all talk and little show.

Deep Losses, So what?

Leaked returns show Trump reported Deep Losses for Tax Purposes.

Mr. Trump has bucked decades of tradition set by every sitting president since Richard Nixon by refusing to make public his tax returns. Mr. Trump’s predecessors and many of his potential rivals in the 2020 campaign have released tax returns as a show of transparency, allowing voters to see how they made money and where potential conflicts of interest may exist.

Tradition, So What?

Tradition and law are not the same thing.

There is no legal or compelling reason for another witch hunt. Every president should not be at the mercy of an aggressive opposite-party House for political purposes.

The Democrats already embarrassed themselves massively over Russiagate. They should have learned a lesson but didn't.

Would it be even a tiny bit surprising to discover the losses were in fact real and Trump is not the great deal maker that Trump pretends that he is?

Tariff policy failures already prove Trump is piss poor at making deals.

That observation does not merit another political witch hunt.

Mike "Mish" Shedlock

Comments (42)
No. 1-18
shamrock
shamrock

Dear President Trump: Stop the Damn Lies.

flubber
flubber

This is getting old. Bottom line....Democrats hate Republicans. Republicans hate Democrats. The elected politicians just fight each other for power and nothing gets done to advance the wants & needs of the general population to advance our country for the better. In my opinion, it is a very sad state of affairs. I think we would be better off sending all of these politicians home. Let them meet in DC for 6 weeks each year to see if they can get anything of substance done. All we see is the continuing infighting that has been going on for years.

Webej
Webej

One of the reasons being touted for producing the tax returns is to check if there is any evidence of collusion with foreign money interests (!!), as if Mueller skipped this line of inquiry. The Dems need to face the reality that a lot of people voted for Trump, and they were not being coerced or fobbed by nigh omnipotent foreign agents and influences. Figuring out why anybody would vote for Trump instead of the Dems may help them get a grip on their own electoral prospects and strategy.

Snow_Dog
Snow_Dog

The effective rate Trump paid on his 2005 income was about 24%.

That’s according to the leaked tax filing that MSNBC reported. What did that look like in comparison to the members of Congress serving in 2005?

Do we even know? Do you think guys like Trump do their own tax returns? They hire professional accountants and those accountants had better be sure they are making accurate and legal deductions or else they can sued for malpractice.

Menaquinone
Menaquinone

As President Andrew Jackson said, "Let's see them enforce it."

Casual_Observer
Casual_Observer

Another reason why Howard schultz is the country's last real hope. The country needs a legitimate third party and independent in the White House. The only way to break the system is stop supporting either party and marginalize them both. The 2-party system has led the country down the road to ruin. Trump was hail mary for many.

MntGoat
MntGoat

I thought at least people on this blog would be smarter and more financially literate. But I was wrong. It appears there are no major real estate investors on this blog.

Trump is a real estate guy. There is a thing called "depreciation" in real estate, and even better "accelerated depreciation" which allows you to take a "phantom loss" against income. This is a big reason people own real estate, the tax benefits.

Depreciation and other legal tax planning can allow you to LEGALLY shelter a lot of income. Trump probably pays very little taxes like other rich guys like Romney & Buffett, and he knows the general public is stupid and will not understand that in big business and real estate there are MANY LEGAL ways to shelter income. He saw what happened to Romney when he released his returns. He knows the liberal media will exploit it as another rich 1% guy that pays little taxes. It can only hurt him, why would he want to release them?

In addition there are business loss carry forwards that the financially illiterate general public will misinterpret not understand, and that will be exploited by the liberal media with headlines and buzzwords.

Why would any one not want to use ANY and EVERY legal means to pay the least amount of taxes possible? I'm sure Trump has a top team of CPA's and tax attorneys handling his returns and has for years. He has probably been audited by the IRA for the last 50 yrs, if he was doing something bad or illegal wouldn't he have had issues with the IRS?

2banana
2banana

Use the "Eric Holder" Defense for ignoring subpoenas...

Ebowalker
Ebowalker

Its an outrage that government can bully people like this. Yes i get the irony given trump is a big bully, but remember who our real enemy is.

awc13
awc13

we need to see that tax returns of everyone in congress and those of the media so that we know that are not being influenced by outside entities

Duncan Burns
Duncan Burns

First, look at some of these morons in CONgress from my home state of Massachusetts that know they're safe, they can say and do anything without recourse. Second, I didn't vote for Trump (I wrote in my dog), but his tax returns will not make my life better, nor anyone else's.

Sechel
Sechel

the house should begin impeachment proceedings. not because it would be successful, as the senate would clearly not remove trump, but because it will improve their legal position to obtain documents they are entitled to. contrary to trup mueller did not exonerate him he simply didn't charge him and in our legal system there is no double jeopardy when someone else picks up that investigation.

Kenautical
Kenautical

Almost looks like Congress is powerless Trump has the most cards, and is not afraid to play them - Watch this

Sechel
Sechel

taxes may be a witch hunt. it could also be a legitimate request. they can clearly argue it is a valid request.

Harbour
Harbour

How about all individuals elected to a political position that allows insider trading show their tax returns before and after office...?

frozeninthenorth
frozeninthenorth

Mish for what its worth, if memory serves it was Session that started the whole Russiagate thing, the original Steele file was Oppo research by one of the Candidates to the GOP nomination. Let's be clear here, none of this Russiagate was started by the Democrats -- they, however, certainly cheered on

Sechel
Sechel

the house will be on shaky ground for getting trump's taxes while he was a private citizen, but as president its a whole different matter. the investigations are reasonable oversight efforts to ensure the President is personally profiting from the office he holds. Trump Has Now Shifted $1.3 Million Of Campaign-Donor Money Into His Business, so there's reason to be concerned