Trump Loses Appeal, Ordered To Hand Over Tax Returns

Forbes Finance 1 week ago
As part of the ruling, Trump is instructed to hand over eight years of tax returns to Manhattan district attorney Cyrus Vance.
As part of the ruling, Trump is instructed to hand over eight years of tax returns to Manhattan ... [+] district attorney Cyrus Vance.

Topline: The battle for President Trump’s tax returns escalated Monday with a federal court ruling that the records must be turned over to a New York grand jury, a decision that will likely be appealed by the president’s lawyers to the U.S. Supreme Court.

Crucial quote: “This appeal does not require us to consider whether the president is immune from indictment and prosecution while in office, nor to consider whether the president may lawfully be ordered to produce documents for use in a state criminal proceeding,” read the judges’ decision.

Surprising fact: According to the New York Times, the immunity argument has never been tested in court. Although federal prosecutors can’t charge a sitting president with a crime due to a Justice Department decision granting temporary immunity, presidents can still be subjected to federal criminal investigations.

Key background: Vance is seeking eight years of Trump’s personal and business tax returns as part of a grand jury investigation into hush-money payments. Prosecutors argued that presidential immunity for tax returns doesn’t exist and have assured the courts that the records, if obtained, would be kept confidential. A U.S. district judge rejected Trump’s argument that a sitting president is immune from all investigation and prosecution in an October 7 ruling, calling the effort to prohibit investigations of the president “repugnant.” Trump’s lawyers appealed the decision, leading to the October 23 hearing.

Tangent: When Trump speculated about shooting someone in 2016 during an Iowa campaign stop, NPR reported that his base mostly enjoyed the statement, with few of his supporters criticizing it.

Tags: Business

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Forbes › 6 days ago
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NBC News › Politics › 1 week ago
The president had filed appeal after losing the initial case at the district court level.
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President Trump wants to take his tax battle all the way up. On Monday, Trump lost another court fight to withhold his tax returns from prosecutors, with a federal court of appeals ruling his accounting firm must give Manhattan prosecutors eight years...
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U.S. President Donald Trump must hand over eight years of tax returns to Manhattan prosecutors, a federal judge ruled, after Trump claimed he was immune from being sued.
Reuters › Politics › 1 week ago
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 New York Times › 1 week ago
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.
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