President Trump Loses Bigly in Supreme Court Ruling on Tax Returns

The 2018 tax filing season is upon us. With all of the changes affecting taxpayers under the new tax law, you are encouraged to seek self-help resources and/or professional assistance with understanding and filing your taxes this year. (U.S. Army photo illustration by Thomas Hamilton III)

As a business mogul in New York City, Donald Trump was certainly on the radar of the IRS. This isn’t too out-of-the-ordinary for successful people.  The IRS always wants to find a way to squeeze these folks, and that means that audits are far more prevalent in the higher tax brackets.

But Trump is now the President of the United States, and that title had previously been accompanied by an openness about your personal finances.  This wasn’t going to work for the Big Apple businessman, as he was still suffering through an audit.

On top of that, Donald Trump’s lawyers have advised him not to risk it.

The issues has been so contentious, in fact, that the Supreme Court has now ruled on it.

The Supreme Court ruled Thursday that President Donald Trump cannot keep his tax returns and financial records away from a New York City prosecutor pursuing possible hush-money payments during the 2016 White House race.

The court temporarily blocked congressional investigators from gaining access to many of the same records. It sent the effort by House Democrats back to a lower court for further review of the separation of powers between the executive and legislative branches.

Both 7-2 decisions were written by Chief Justice John Roberts and joined by Trump’s two nominees, Associate Justices Neil Gorsuch and Brett Kavanaugh. The court’s two other conservatives, Associate Justices Clarence Thomas and Samuel Alito, dissented.

The landmark rulings carry political, legal and constitutional implications for the president, Congress and law enforcement officials who argued the records could reveal evidence of criminal wrongdoing. For the time being, they mean the public won’t see Trump’s financial documents: Grand jury investigations are secret, and three House committees won’t get the records in the midst of the presidential campaign.

There is sure to be some venom coming from the White House in the coming days.