Dems say NYT report on Trump's business losses boosts need to see president's tax returns

Dems say NYT report on Trump's business losses boosts need to see president's tax returns
© Greg Nash

Congressional Democrats are seizing on a New York Times article published Tuesday that found President TrumpDonald John TrumpTrump reversed course on flavored e-cigarette ban over fear of job losses: report Trump to award National Medal of Arts to actor Jon Voight Sondland notified Trump officials of investigation push ahead of Ukraine call: report MORE reported more than $1 billion in business losses from 1985 to 1994, saying the report enhances the need for the Trump administration to comply with their request for Trump's recent tax returns.

"It does tell us … that it would be useful to see his tax returns," Speaker Nancy PelosiNancy PelosiSchumer calls on Trump to testify as part of impeachment inquiry Sunday shows — Spotlight shifts to Sondland ahead of impeachment inquiry testimony Perception won't be reality, once AI can manipulate what we see MORE (D-Calif.) said at a public interview Wednesday hosted by The Washington Post.

Pelosi noted that the statute under which Democrats requested Trump's tax returns states that the Treasury Secretary "shall" provide requested returns.

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"It doesn't say 'may,' 'should,' 'could' [or] 'under certain circumstances,'" Pelosi said. 

Rep. Dan KildeeDaniel (Dan) Timothy KildeeOvernight Energy: Senate eyes nixing 'forever chemicals' fix from defense bill | Former Obama EPA chief named CEO of green group | Senate reviews Interior, FERC nominees criticized on ethics Senate eyes nixing 'forever chemicals' from major defense policy bill EPA touts Great Lakes funding after Trump tried to ax the program MORE (D-Mich.), a Ways and Means Committee member, said it seems that during the period of time covered by the Times report, Trump has done "everything he can in his power to avoid paying taxes."

"It makes us question whether or not he's continued that practice, and that's one of the reasons we're interested [in his tax returns]," Kildee told The Hill.

Rep. Bill PascrellWilliam (Bill) James PascrellHillicon Valley: Critics press feds to block Google, Fitbit deal | Twitter takes down Hamas, Hezbollah-linked accounts | TikTok looks to join online anti-terrorism effort | Apple pledges .5B to affordable housing Dem lawmakers ask Twitter how it will guard against census disinformation Trade deal talks manage to weather Trump impeachment storm MORE (D-N.J.), another Ways and Means Committee member, added that the article demonstrates the need for Congress to see Trump's more recent tax returns.

"We now have another part of the truth," Pascrell tweeted shortly after the article was published Tuesday evening. "We need a lot more."

The comments from Pelosi and other Democrats on Capitol Hill come in the wake of a bombshell New York Times article, which reported that copies of Trump's IRS tax transcripts for 10 years in the 1980s and 1990s showed business losses of $1.17 billion.

The Times reported that Trump appeared to have lost more money during that period than nearly any other American and found that Trump only paid income taxes in two of the 10 years.

Trump responded to the report on Twitter Wednesday morning, lambasting it as a "highly inaccurate Fake News hit job" and claiming that real-estate developers in the 1980s and 1990s, "were entitled to massive write offs and depreciation which would, if one was actively building, show losses and tax losses in almost all cases."

The Times report was published one day after Treasury Secretary Steven MnuchinSteven Terner MnuchinLawmakers skeptical of progress on spending deal as wall battle looms Trump to tour Apple factory with Tim Cook on Wednesday The Hill's Morning Report — Public impeachment drama resumes today MORE rejected a request from House Ways and Means Committee Chairman Rep. Richard NealRichard Edmund NealKrystal Ball accuses Democrats of having 'zero moral authority' amid impeachment inquiry House Democrats object to giving Trump notice before seeking NY tax returns On The Money: Trump appeals to Supreme Court to keep tax returns from NY prosecutors | Pelosi says deal on new NAFTA 'imminent' | Mnuchin downplays shutdown threat | Trump hits Fed after Walmart boasts strong earnings MORE (D-Mass.) for Trump's personal and business tax returns from 2013 to 2018. 

Neal has said he expects to decide his next steps for acquiring the tax returns by the end of the week, and has signaled that he may go straight to filing a lawsuit rather than first issuing a subpoena for the documents.

He told reporters Wednesday that the Times article is "not related to the legality of the case."

 

Rep. Brad ShermanBradley (Brad) James ShermanOvernight Defense: Protests at Trump's NYC Veterans Day speech | House Dems release Pentagon official's deposition transcript | Lawmakers ask Trump to rescind Erdogan invite Bipartisan House members call on Trump to rescind Erdoğan invitation Live coverage: Zuckerberg testifies before House on Facebook's Libra project MORE (D-Calif.), a certified public accountant, said the article raises questions about whether Trump is supporting tax policies that personally benefits him.

"It raises the question, is Trump helping guide us toward tax justice, or does he believe it's tax justice that he should pay zero income tax," he told The Hill.

Senate Finance Committee ranking member Ron WydenRonald (Ron) Lee WydenDemocratic senators introduce bill to block funding for border wall live stream Booker, Sanders propose new federal agency to control drug prices Hillicon Valley: Amazon to challenge Pentagon cloud contract in court | State antitrust investigation into Google expands | Intel agencies no longer collecting location data without warrant MORE (D-Ore.) said the article demonstrates why presidents should be required to release their tax returns. Trump broke with longstanding precedent in 2016 by declining to make his tax returns public. Wyden has offered legislation that would require presidents to do so, and the House passed a wide-ranging ethics bill earlier this year that would require presidents to release 10 years of personal and business tax returns.

“Releasing one’s tax returns is the lowest ethical bar for presidential candidates," Wyden said in a statement.

Congressional Republicans have opposed Democrats' request for the president's tax returns. The top Republican on the Ways and Means Committee, Kevin BradyKevin Patrick BradyLawmakers under pressure to pass benefits fix for military families How centrist Dems learned to stop worrying and love impeachment On The Money: Senate passes first spending package as shutdown looms | Treasury moves to roll back Obama rules on offshore tax deals | Trade deal talks manage to weather Trump impeachment storm MORE (R-Texas), said Wednesday that the Times story hasn't changed his opinion that Democrats' request for Trump's returns is inappropriate.

"It gives [Democrats] no ammunition at all," he said. "I still think this is all part of this rush to impeachment."

Democrats also said the Times report shows that the image that Trump presented during his 2016 presidential campaign of being a successful businessman was a lie.

"It certainly, I think, blows up the entire foundation of his career and his image. It should anyway," House Budget Committee Chairman John YarmuthJohn Allen YarmuthOvernight Defense: Erdoğan gets earful from GOP senators | Amazon to challenge Pentagon cloud contract decision in court | Lawmakers under pressure to pass benefits fix for military families Lawmakers under pressure to pass benefits fix for military families Kentucky Democrat: McConnell's agenda driven by 'power without a purpose' MORE (D-Ky.) told reporters.

— Mike Lillis contributed.