Feb 15, 2017 02:58 AM EST
President Donald Trump will not be asked for his tax returns, says the House Tax Chief Kevin Brady. He believes his panel doesn't have the authority to ask for President elect's tax returns.
According to CNN, a democrat from New Jersey, Bill Pascrell had sent a letter to Brady asking about Trump's tax returns to be obtained by the House Way and Means. Pascrell argued that the President's tax returns can be obtained even without his consent. He also urged Brady to come out with the records of Trump's tax returns for the last 10 years.
Responding to the request, Brady said that demanding the President's tax returns was out of his authority. He is in complete disagreement with the letter sent by Pascrell and believes in federal law's policy of safekeeping these records.
On the other hand, Professor George Yin, former chief of staff for the Joint Commission on Taxation has said that the law does not restrict the chairman of Ways and Means, the Senate Finance Committee or the Joint Committee on Taxation from inquiring the President's tax returns from the Treasury secretary. According to Yin, they can do that even without the President's consent.
Earlier President Donald Trump had stated during the 2016 election campaign that he would release his tax returns only after an IRS audit. Brady has also not been pleased with the IRS Commissioner John Koskinen. He has accused Koskinen of being the most corrupt IRS commissioner which has also been misleading congress. Brandy claimed that it was because of people like Koskinen that the IRS was losing its credibility.
Responding to the allegations, the IRS stated that Koskinen has always "testified truthfully" before the congress and has always been focused on his job. IRS added that Koskinen played his part in this year's successful filing of taxes.
According to the Washington Examiner, Pascrell demanded the President's tax returns to come out in public as he has preferred to hold a stake in his business. As per Pascrell, it is in favor of the nation that the people sitting in the federal office should not accept foreign gifts and should forbid such relationships which might lead to corruption.
Pascrell also stated that President's tax returns will also reveal his financial position both in national and international companies. It will also help the public to understand whether the president's stake-holding is more than his self-declared net worth of $10 billion.
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