Washington, D.C. – Nevada Senator Harry Reid released the following statement after the New York Times reported that Donald Trump declared a $916 million loss indicating he may have evaded paying federal income tax for up to 18 years.
“As I was saying.
“Trump is a billion-dollar loser who won’t release his taxes because they’ll expose him as a spoiled, rich brat who lost the millions he inherited from his father. Despite losing a billion dollars, Trump wants to reward himself with more tax breaks on inherited wealth while stiffing middle-class families who earn their paychecks with hard work.
“Trump is over-leveraged and deeply indebted to someone, but until he releases his taxes we won’t know who. The implications for America’s security are severe. The American people deserve to know who has leverage over this man who wants to be president. In the name of the public interest, the Senate should immediately pass the Presidential Tax Transparency Act, which would force all presidential candidates to release their tax returns. If all senators agreed to pass this act for the good of the country, we could pass it in a matter of minutes.
“Let’s step back and take stock: Senate Republicans have put party so far ahead of country, they’ve endorsed a racist, incompetent failure who managed to lose a billion dollars in a boom year. Now they are helping Trump hide his tax returns and preventing the American people from knowing what individuals, businesses or foreign interests could have leverage over Trump.”
Background: The Presidential Tax Transparency Act requires any candidate of a major party for the office of President to file with the Federal Election Commission (FEC) a copy of the candidate’s income tax returns for the three most recent taxable years for which such a return has been filed with the Internal Revenue Service as of the date of the nomination. In any case in which such a candidate has not filed with the FEC such income tax returns within 30 days after the nomination date, the FEC shall request the Department of the Treasury to furnish the returns.
For more information: https://www.congress.gov/bill/114th-congress/senate-bill/2979
Background: The Senate will convene for a pro forma session this week. By rule, no business can be conducted during these sessions. (These sessions became routine in recent years as an attempt to block recess appointments). However, by unanimous consent, the Senate could quickly convene in working session and pass the Presidential Tax Transparency Act before returning to pro forma session.