Supreme Court To Announce Ruling On Donald Trump's Financial Records, Taxes
The Supreme Court said it will announce its final decisions of the current term on Thursday, with a ruling expected to be announced on President Trump’s taxes and financial records. The rulings will likely be announced beginning at 10 a.m. ET, unless the Court cannot come to a decision.
Two cases involve subpoenas from Democratic lawmakers who are looking to obtain Trump’s past financial records from his accounting firm Mazars LLP. House Democrats have also subpoenaed Capital One and Deutsche Bank.
In a separate case, Mazars has also been subpoenaed for financial records and a decade of Trump’s tax returns as part of a criminal probe by the office of Manhattan District Attorney Cyrus Vance Jr. The investigation involves whether the Trump Organization falsified records related to two hush-money payments made to adult actress Stormy Daniels and Playboy model Karen McDougal prior to the 2016 election.
Both McDougal and Daniels allege that they had affairs with Trump and were paid to keep silent on the accusations. The payments were facilitated by former Trump attorney Michael Cohen.
Trump’s attorneys have argued that he should not hand over his tax returns, as they believe Trump should not be subjected to criminal process while in the Oval Office. In September, Trump sued Mazars and Vance over the attempt to get the tax returns.
Unlike other presidents, Trump has not released information about his tax returns. Cohen claims Trump inflated his wealth in a failed bid to buy the Buffalo Bills in 2014, but would also deflate his assets to pay less in real estate taxes.
According to Forbes, Trump’s net worth is an estimated $2.1 billion. In 2015, Trump claimed his wealth exceeded $10 billion.
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