WASHINGTON ― President Donald Trump has “no intention” of releasing his tax returns, Treasury Secretary Steven Mnuchin said Wednesday.
“The president has no intention. The president has released plenty of information and I think has given more financial disclosure than anybody else. I think the American population has plenty of information on his taxes,” Mnuchin said at a White House press briefing, contradicting prior statements from the administration that the president would release his tax returns once they were audited by the IRS.
Mnuchin’s comments about the level of the president’s disclosure are blatantly false. During the campaign, Trump released a financial disclosure form as required by all presidential candidates. But he has not released any of his tax filings, as has been done by every major party nominee in the past 40 years. His tax returns would provide a much more comprehensive picture of his financial holdings, assets and charitable givings. Most importantly, they would reveal the effective rate of tax he pays on his income.
Such information would offer crucial context regarding Trump’s tax reform proposal that Mnuchin laid out at the White House on Wednesday. The plan, while similar to the one Trump unveiled during the campaign, calls for sharp reductions to both individual and corporate income tax rates ― a huge boon to wealthy Americans. The proposal would also repeal the estate tax and the alternative minimum tax ― which would save the wealthy real estate mogul and his family billions of dollars.
Democrats on Wednesday slammed Trump’s plan as an unpaid giveaway to the wealthiest Americans and again called on him to release his tax returns.
“President Trump should release his own tax returns if he wants to have any credibility in a debate about America’s tax code,” said Sen. Dick Durbin (D-Ill.), the No. 2 Democrat in the Senate. “Let’s be clear, his ‘plan’ would add dramatically to the national deficit to fund a massive tax giveaway to corporations and millionaires.”