Trump reacts to Dem request for tax returns: 'Is that all?'

President TrumpDonald John TrumpBiden says his faith is 'bedrock foundation of my life' after Trump claim Coronavirus talks on life support as parties dig in, pass blame Ohio governor tests negative in second coronavirus test MORE on Wednesday downplayed a move by House Democrats to secure six years of his personal and business tax returns, the latest escalation in the party's efforts to probe the president's administration, campaign and business.

“Is that all?" Trump responded when notified Democrats had asked for six years of returns. "Usually it’s 10 so I guess they’re giving up."

The president told reporters in the Cabinet Room that he would not voluntarily release his tax returns, insisting that he remains under audit. 


“We’re under audit despite what people said, and we’re working that out," Trump said. "I’m always under audit it seems. But I’ve been under audit for many years because the numbers are big, and I guess when you have a name you’re audited."

House Ways and Means Committee Chairman Richard NealRichard Edmund NealConservatives urge Trump to take unilateral action to suspend payroll tax collection Treasury to conduct policy review of tax-exempt status for universities after Trump tweets Stimulus checks debate now focuses on size, eligibility MORE (D-Mass.) on Wednesday evening formally requested copies of six years of Trump’s personal and business tax returns, covering 2013 to 2018. Neal set a deadline of April 10 for the IRS to turn over the documents.

"On behalf of the American people, the Ways and Means Committee must determine if that policy is being followed, and, if so, whether these audits are conducted fully and appropriately," Neal said of the IRS auditing a sitting president.

"In order to fairly make that determination, we must obtain President Trump’s tax returns and review whether the IRS is carrying out its responsibilities," he added.

Trump broke with decades of precedent during the 2016 presidential campaign when he refused to release his tax returns. The president and White House officials have insisted that his taxes are under audit, and therefore cannot be made public. The IRS has said that audits don’t prevent people from releasing their own tax information.

Democrats have asserted that Trump's tax returns could reveal potential conflicts of interest or improper financial dealings. 

Trump's former personal attorney, Michael CohenMichael Dean CohenThe Hill's 12:30 Report: White House, Dems debate coronavirus relief package Michael Cohen offered job as political consultant, lawyer says On The Money: Democratic leaders report 'some progress' in stimulus talks | Prosecutors hint at probe into 'possibly extensive and protracted criminal conduct at the Trump Organization' MORE, testified before a House panel in February that he doubted the president is under audit as he's claimed. Cohen further alleged that Trump had inflated and deflated his assets for insurance purposes.

Democrats are attempting to obtain Trump's taxes using a provision in the federal tax code that gives the chairmen of Congress’s tax committees the power to ask for any tax returns and return information and examine them in a closed session.

The statute says that the Treasury secretary “shall furnish” the documents, so long as they are reviewed in a closed session. But it’s unclear how quickly the IRS will respond and if they will provide Neal with the documents.