The House Ways and Means Committee voted Tuesday to publicly release the tax returns of former President Donald J. Trump, the culmination of a yearslong battle during which he defied modern tradition by keeping his finances confidential during his campaign and while in office.
Here’s what to know:
– After debating behind closed doors for hours on Tuesday afternoon into the evening, the Democrat-controlled committee approved the release of six years’ worth of Mr. Trump’s tax returns. But it could take some time before anything is available to the public.
– Democrats have said they needed those records to assess an I.R.S. program that audits presidents. Republicans have insisted that rationale was a pretext for a politically motivated fishing expedition. Even before the hearing, committee Republicans made their view clear, holding a news conference in front of a bright red sign that read, “Dangerous new political weapon.”
– While the public release of the documents will provide the most up-to-date information about Mr. Trump’s finances, much is already known. The New York Times in 2020 released findings of an investigation into Mr. Trump’s tax-return data covering more than two decades. He paid no federal income taxes in 11 of 18 years that The Times examined; he also reduced his tax bill with questionable measures, including a $72.9 million tax refund that, as of 2020, was the subject of an I.R.S. audit.
– Prosecutors in New York had already obtained access to some Trump-related tax data, and his family business has been the subject of multiple investigations. The Trump Organization was convicted of a tax fraud scheme this month in a case brought by Manhattan prosecutors, and the New York attorney general has sued Mr. Trump and three of his children, accusing them of lying to lenders and insurers by fraudulently overvaluing his assets.
