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  1. #1
    Senior Member JohnDoe2's Avatar
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    Trump's accounting firm must hand over eight years of tax returns, court rules

    NOVEMBER 4, 2019 / 7:44 AM / UPDATED 33 MINUTES AGO

    Trump's accounting firm must hand over eight years of tax returns, court rules


    Brendan Pierson
    4 MIN READ

    NEW YORK (Reuters) - President Donald Trump’s longtime accounting firm must hand over eight years of his tax returns to New York prosecutors, a U.S. appeals court ruled Monday in the latest setback for Trump in his tenacious efforts to keep his finances secret.


    The ruling by a unanimous three-judge panel of the New York-based 2nd U.S. Circuit Court of Appeals backed the ability of prosecutors to enforce a subpoena for the returns against accounting firm Mazars LLP. Jay Sekulow, a lawyer for Trump, said the Republican president will appeal the ruling to the Supreme Court, whose 5-4 conservative majority includes two justices appointed by Trump.

    The office of Manhattan District Attorney Cyrus Vance, a Democrat, is seeking the returns as part of a criminal investigation into Trump and his family real estate business. The scope of that probe is not publicly known.


    The 2nd Circuit did not decide whether Trump is immune from being charged with a state crime while in office, as the president has argued. However, it found that even if he is, the immunity could not stop Vance from getting the returns from a third party, or from prosecuting him once he leaves office.


    It would “exact a heavy toll on our criminal justice system to prohibit a state from even investigating potential crimes committed by him for potential later prosecution,” 2nd Circuit Chief Judge Robert Katzmann wrote.


    Vance’s office has agreed not to enforce the subpoena while Trump petitions the Supreme Court. Under the agreement, Trump has 10 business days to file the petition.


    Trump, who built a real estate empire with his New York-based business before becoming president, also faces an impeachment inquiry in the Democratic-led U.S. House of Representatives.


    A spokesman for Vance declined comment.

    BREAKING TRADITION

    Trump has refused to make his tax returns public, breaking with a decades-old tradition of U.S. presidential candidates releasing their returns during campaigns and presidents disclosing them while in office. More broadly, Trump has fought efforts by Democrats in Congress and others to obtain information about his finances and a range of other matters.

    In a similar dispute, Treasury Secretary Steven Mnuchin in May refused to release Trump’s tax returns to a House committee, saying the request was not based on “a legitimate legislative purpose.” The House then sued the Treasury Department and the Internal Revenue Service in July to try to get access to the tax records.

    The U.S. Court of Appeals for the District of Columbia Circuit on Oct. 11 ruled in favor of the House bid to obtain Trump’s financial records from Mazars.


    In August, Vance subpoenaed Trump’s personal and corporate tax returns from 2011 to 2018, and other records from Mazars USA, the president’s longtime accounting firm. Trump sued Vance’s office in Manhattan federal court to try to block the subpoena, arguing that as a sitting president, he cannot be subject to criminal investigation.


    On Oct. 7, U.S. District Judge Victor Marrero threw out Trump’s lawsuit, calling his claim of immunity “repugnant to the nation’s governmental structure and constitutional values.” The ruling prompted Trump’s appeal to the 2nd Circuit.


    Arguing before the appeals court on Oct. 23, a lawyer for Trump made the claim of immunity more explicit, saying state authorities would be powerless to act against the president even if he shot someone on the street unless he were removed from office first.


    Trump filed his own lawsuit in July seeking to block the House Ways and Means Committee from invoking a New York law that allows it to request his state tax returns. That case remains pending.

    The House impeachment inquiry focuses on the president’s request in a July phone call for Ukrainian President Volodymyr Zelenskiy to investigate a domestic political rival, Joe Biden, the former vice president and a top contender for the 2020 Democratic presidential nomination to face Trump.


    https://www.reuters.com/article/us-u...-idUSKBN1XE1O8
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  2. #2
    Senior Member JohnDoe2's Avatar
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    Trump will ask Supreme Court to take New York tax returns case after losing appeal

    A federal appeals court ruled Monday that President Donald Trump's tax returns must be turned over to a state grand jury. In a unanimous ruling, the three-judge ...

    CNBC
    3 hours ago


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    Senior Member JohnDoe2's Avatar
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    Listen Live: Supreme Court Hears Oral Arguments In Trump Financial Records Cases | NBC News

    video_youtubeNBC News 1 hour ago

    NBC News

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    The U.S. Supreme Court hears oral arguments via telephone conference in the cases of Trump v. Mazars and Trump v. Vance.
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    Senior Member JohnDoe2's Avatar
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    The secret why Trump won't release his taxes

    CNN's Chris Cillizza says President Donald Trump has constructed a narrative in which he clawed his way to the top by sheer will. The New York Times released a story that calls that narrative into question. Were Trump's financial successes heavily funded by his father Fred? (Spoiler alert: Yes.)
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