Report: Trump’s Refusal To Release His Tax Returns Could Unravel His Tax Reform Plan
- 7 years ago
President Trump’s promise of a tax overhaul appears at risk, in part because of his reluctance to release his taxes, notes the New York Times.
As President Trump nears his 100-day mark, two of his key campaign promises appear unlikely to be realized, at least with the speed he suggested.
Not only did his attempt to repeal and replace the Affordable Care Act, or, if you prefer, Obamacare, failed, but Trump’s assurances of a tax overhaul also appear at risk.
While there are a number of factors contributing to the peril, one is of the president’s own making.
According to the New York Times, Trump’s reluctance to release his tax returns, as every president has for the last four decades, appears to be compromising his potential support in the House and the Senate.
The Times notes many have expressed reservations about passing tax-related legislation without knowing how it may benefit the Trump family's vast business empire. That group reportedly includes a unified Democratic resistance and an increasing number of Republicans.
The media outlet quotes Senate Minority Leader Chuck Schumer as saying, “If he [President Trump] doesn’t release his returns, it is going to make it much more difficult to get tax reform done...it's in his own self-interest."
In a press briefing on Monday, White House press secretary Sean Spicer declined to say when or even if the country would ever see Trump’s tax documents, commenting, “It’s the same thing that was discussed during the campaign trail. The President is under audit.”
When asked if Trump would authorize the IRS to confirm the existence of the stated delay, Spicer responded, “I think the President’s view on this has been very clear from the campaign, and the American people understood it when they elected him in November.”
That matter is not the only one that makes speedy tax reform improbable. At this time, the tax plan is still very much a work in progress.
While the proposal was once slated to be ready by August, Treasury Secretary Steven Mnuchin recently told the Financial Times that goal is “highly aggressive to not realistic at this point."
As President Trump nears his 100-day mark, two of his key campaign promises appear unlikely to be realized, at least with the speed he suggested.
Not only did his attempt to repeal and replace the Affordable Care Act, or, if you prefer, Obamacare, failed, but Trump’s assurances of a tax overhaul also appear at risk.
While there are a number of factors contributing to the peril, one is of the president’s own making.
According to the New York Times, Trump’s reluctance to release his tax returns, as every president has for the last four decades, appears to be compromising his potential support in the House and the Senate.
The Times notes many have expressed reservations about passing tax-related legislation without knowing how it may benefit the Trump family's vast business empire. That group reportedly includes a unified Democratic resistance and an increasing number of Republicans.
The media outlet quotes Senate Minority Leader Chuck Schumer as saying, “If he [President Trump] doesn’t release his returns, it is going to make it much more difficult to get tax reform done...it's in his own self-interest."
In a press briefing on Monday, White House press secretary Sean Spicer declined to say when or even if the country would ever see Trump’s tax documents, commenting, “It’s the same thing that was discussed during the campaign trail. The President is under audit.”
When asked if Trump would authorize the IRS to confirm the existence of the stated delay, Spicer responded, “I think the President’s view on this has been very clear from the campaign, and the American people understood it when they elected him in November.”
That matter is not the only one that makes speedy tax reform improbable. At this time, the tax plan is still very much a work in progress.
While the proposal was once slated to be ready by August, Treasury Secretary Steven Mnuchin recently told the Financial Times that goal is “highly aggressive to not realistic at this point."