U.S. Sen. Tammy Baldwin
Press Release

U.S. Senator Tammy Baldwin Joins Legislation Calling on President-Elect Trump, Future Presidential Nominees to Release Tax Return

Measure would give insight into foreign deals, increase transparency

By - Jan 5th, 2017 07:58 am

WASHINGTON, D.C. – U.S. Senator Tammy Baldwin today cosponsored legislation introduced by Senator Ron Wyden (D-OR) requiring President-elect Trump to release his recent tax returns in order to give the public honest insight into the President-elect’s actions, values and foreign business dealings.

“President-elect Trump’s refusal to release his tax returns makes it clear he has something to hide from the American people, ” said Senator Baldwin. “The public deserves to know if their President has taken advantage of tax loopholes or put his income or profits in off shore accounts in order to pay a lower tax rate than Wisconsin middle class families. People also deserve to know how President-elect Trump will personally benefit from foreign deals or his own tax cut proposals. Either President-elect Trump releases his tax returns or he explains to the people he works for why he believes he is entitled to keep secrets.”

The Presidential Tax Transparency Act requires all sitting presidents to release their most recent 3 years of tax returns to the Office of Government Ethics (OGE).  It also requires that, within 15 days of becoming the nominee at the party convention, presidential nominees must release their most recent 3 years of tax returns to the Federal Election Commission (FEC). Should the sitting president or future candidates refuse to comply, the Treasury Secretary will be required to provide the tax returns directly to the OGE or FEC respectively for public release.

For nearly 40 years—since Watergate—candidates from major political parties have voluntarily released tax returns during the campaign.

In addition to Baldwin, original cosponsors of the Presidential Tax Transparency Act include Senators Michael Bennet (D-CO), Ben Cardin (D-MD), Dianne Feinstein (D-CA), Tim Kaine (D-VA), Jeff Merkley (D-OR) Chris Murphy (D-CT), Debbie Stabenow (D-MI), Tom Udall (D-NM), and Elizabeth Warren (D-MA).

A one-page summary of the legislative proposal can be found here.

The bill text can be found here.

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