Maxine Waters is taking her new appointment as Chair of the House Intelligence and Financial Services Committee by issuing subpoena’s against Deutsche Bank, JP Morgan Chase, Bank of America and Citigroup. The reasoning? Trump used these banks to launder Russian money… The basis for the charge is that Trump did business with the banks and repaid most of his loans. But Deutsche Bank has been hit several times with money laundering fines, and given that Trump has done business with this bank means he is guilty by association…
Trump’s finances have become the new plume for the Democrats having lost their two year battle in the Mueller Russia investigation. With demands that Trump release his tax returns, to demands that banks provide an entire history of Trump’s dealings, the pillage continues. At taxpayer expense.
Don’t any of these Congressional officials have a real job?
The very person making the demand for Trump to release his tax returns, Richard Neal of the House Ways and Means Committee, has failed to provide his despite numerous demands. In fact 90% of Democrats have failed to provide their tax returns.
Does Congress have the power and authority to demand to see Trump’s tax returns?
While the release is considered ‘standard’ and a ‘tradition’, it has never been cited as law. IRS Section 6103 does not state that any tax return requested by the House must be released. However, based on an obscure law enacted in 1924, that has never been exercised in this manner, or with this objective there is a back door. The law also states that the Treasury can nullify the law if given 30 days notice. Mnunchin states that the request is ‘politically motivated’ and thus the objective is not legal. Constitutionally, the House has to show a ‘need’ in order to make the claim. So Neal and his cohorts concocted a fake agenda wherein they claim to be auditing the IRS’s auditing procedures when it relates to a sitting President.
It is obviously a fake request, and is obviously politically motivated. As such the law will likely be repealed.
The argument the Democrats are using is the Russia collusion theory. The fact that this entire agenda was already declared null by the Mueller investigation would seem credible enough for a Supreme Court ruling in favor of Trump. At some point harassment would become a possible legal backlash.
While the 1924 law also states that in this demand viewing Trump’s taxes would have to take place in a closed executive session, never to be made public, Trump could easily argue that Congress is a ‘leak magnet’, and his right to privacy would be violated.
Legal experts all have differing views on the situation and the outcome, but it is likely Trump will let it go to court. In the meantime, Trump will do what Congress is NOT doing, his job.