Harry Reid presses legal requirement for tax returns

A New York Times report Sunday that Republican presidential candidate Donald Trump may have used the tax code to avoid paying taxes for up to 18 years prompted Senate Minority Leader Harry Reid to call for a law to force presidential candidates to release their tax returns.

Trump has so far refused to release his returns, despite several calls from Democrats, including Reid, to do so. During Monday’s debate at Hofstra University, Trump first said he couldn’t release his tax returns because they were under audit. When pressed by moderator Lester Holt, Trump said he’d release his tax returns when his opponent, Democratic nominee Hillary Clinton, “releases her 33,000 deleted emails.”

On Sunday, the Times reported, citing tax documents, that Trump declared a $916 million loss on his 1995 income tax returns, a deduction large enough to let him legally avoid paying any federal income taxes for up to 18 years.

In a statement Sunday, Reid criticized Trump.

“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,” Reid, D-Nev., wrote. “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.”

Reid called for the Senate to immediately pass the Presidential Tax Transparency Act, which the statement said would require major-party presidential candidates to file copies of their income tax returns for the three most recent taxable years with the Federal Election Commission. If the candidate fails to cede the returns within 30 days after the nomination date, the commission would ask the Treasury Department to furnish them.

“(Republicans) 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,” Reid wrote.

Sen. Ron Wyden, D-Ore., introduced the act in the Senate in May. Roll Call reported that senate Democrats tried to pass the act Sept. 15, but were rebuffed by Senate Majority Whip John Cornyn, R-Texas.

A Nevada representative for Trump’s campaign didn’t respond to a call or an email for comment on Reid’s statement. But Trump’s national campaign issued a statement responding to the Times article that said the newspaper obtained the tax documents illegally.

“The only news here is that the more than 20-year-old alleged tax document was illegally obtained, a further demonstration that the New York Times, like establishment media in general, is an extension of the Clinton Campaign, the Democratic Party and their global special interests,” the statement said.

Contact Matthew Crowley at mcrowley@reviewjournal.com. Follow @copyjockey on Twitter.