I believe Trump should release his tax returns. That is just my belief. There is no law compelling a president to do that.

And given the total failure of Democrats to prove anything of substance in the Russiagate witch hunt, there is no compelling reason for the House to act.

Nonetheless, House Ways and Means Chairman Issues Subpoenas for Trump's Tax Returns.

Rep. Richard Neal issued subpoenas Friday to the Treasury secretary and IRS chief seeking six years of President Trump’s tax returns and audit records, taking the next formal step in the dispute between House Democrats and the Treasury Department.

Mr. Neal, a Massachusetts Democrat, requested the tax records last month, using a power the tax code gives him as chairman of the Ways and Means Committee. Under that provision, which dates to the aftermath of the Teapot Dome scandal in 1924, the chairman can seek any taxpayer’s returns and the Treasury secretary “shall furnish” them.

The law is clear, but Mr. Mnuchin argued in a letter on Monday that Mr. Neal’s request exceeded Congress’s constitutional authority because it lacked a legitimate legislative purpose. Mr. Mnuchin wrote that the Justice Department would publish a more detailed legal opinion, though that hasn’t happened yet.

Although the tax-code provision requires Mr. Mnuchin to produce any requested documents, it doesn’t outline deadlines or penalties for noncompliance. The subpoenas, which set a May 17 deadline, could help address those issues because courts may treat that deadline like they would treat that of any other congressional subpoena.

Another Witch Hunt?

Of course it is. What else could it possibly be?

Some times witch hunts turn up something, but typically that something is other than the alleged witch.

It would not surprise me in the least for Trump to be hiding something. If he wasn't, he would release the returns. Yet, perhaps all he is hiding is the fact that he is all talk and little show.


Deep Losses, So what?

Leaked returns show Trump reported Deep Losses for Tax Purposes.

Mr. Trump has bucked decades of tradition set by every sitting president since Richard Nixon by refusing to make public his tax returns. Mr. Trump’s predecessors and many of his potential rivals in the 2020 campaign have released tax returns as a show of transparency, allowing voters to see how they made money and where potential conflicts of interest may exist.

Tradition, So What?

Tradition and law are not the same thing.

There is no legal or compelling reason for another witch hunt. Every president should not be at the mercy of an aggressive opposite-party House for political purposes.

The Democrats already embarrassed themselves massively over Russiagate. They should have learned a lesson but didn't.

Would it be even a tiny bit surprising to discover the losses were in fact real and Trump is not the great deal maker that Trump pretends that he is?

Tariff policy failures already prove Trump is piss poor at making deals.

That observation does not merit another political witch hunt.

Mike "Mish" Shedlock

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