Mr. President -- Release Your Tax Returns, Palo Alto Rep Contends

PALO ALTO, CA -- It's a new day with a big new wave of legislation anticipated in Congress.

In a complete shot over the bow to President Donald Trump, U.S. Rep. Anna Eshoo (D-Palo) has joined her Democratic colleague Rep. Bill Pascrell, Jr. in bringing back legislation Wednesday making it a requirement sitting presidents and presidential candidates publicly release their tax returns.

H.R. 273, the Presidential Tax Transparency Act, also applies to vice-presidents and candidates of major parties to disclose their 10 most recent federal income tax returns.

“The American people expect those who seek or hold the highest office in the land to be open and transparent about their tax returns,” Eshoo said. “Tax returns contain vital information for voters and the public, including whether an individual has paid any taxes; whether they made charitable donations; and whether they took advantage of tax loopholes or offshore tax shelters."

All presidents and candidates with the exception of Trump have publicly unveiled these returns voluntarily since the practice was taken up in 1976, according to the Tax History Project. The public advocacy initiative provides a safe haven of transparent records for scholars, policymakers, journalists and the general public.

However, the bipartisan practice has never been required by law.

Eshoo initially brought up the proposed legislation during the 2016 presidential race. As the Peninsula lawmaker's party has taken control of the house, she may be more emboldened by the chance of passage in this new divided government.

"While we continue to work to expose Donald Trump's tax returns to vital congressional sunlight, this legislation will codify that future candidates cannot repeat Trump's cover-up," Pascrell, Jr. said. "Being able to scrutinize the tax returns of a man or woman seeking to occupy the most powerful position on Earth is a low bar, and one that candidates long abided by until 2016."

The congressman pulled no punches in adding: "Americans have a right to know if their President is a crook."

“Major parties” are defined in the tax code as parties whose candidate received more than 25 percent of the popular vote in the previous presidential election.

If H.R.273 passes and a president or candidate fails to disclose their tax returns, the Internal Revnue Service would be required to provide redacted copies to the Federal Elections Commission for public disclosure.

--Image courtesy of U.S. Rep. Anna Eshoo's Washington, D.C. office