Trump Tax Returns: Appeals Court Judges Strike Down President’s Legal Team Over Subpoena

Federal judges in the 2nd Circuit Court of Appeals in New York on Friday struck down arguments from Donald Trump’s legal team, as the president seeks to prevent Manhattan District Attorney Cyrus Vance Jr. from accessing his tax returns. Vance has issued a subpoena for eight years of Trump’s tax returns and other financial documents from his longtime accounting firm, Mazars LLC.

Trump’s lawyers have argued that the subpoena is overbroad and issued in bad faith. The president has called Vance’s investigation a “fishing expedition” and a “witch hunt.”

“Is there a request for documents … that would not, in your view, be overbroad?” Judge Raymond Lohier asked Trump attorney William Consovoy.

“No,” Consovoy shot back.

“That’s a problem. You see why that’s a problem,” Lohier said in response.

“You haven’t set forth evidence that could justify staying the subpoena or quashing it,” Judge Pierre N. Leval said to Consovoy. He characterized Trump’s allegations against Vance as “deeply contrived.”

A ruling on the subpoena is expected to be made in the coming weeks. Yet, it’s unlikely that Vance would be able to access the tax returns prior to the presidential election on Nov. 3.

Vance is currently trying to determine whether Trump paid hush money to several women to conceal affairs prior to the 2016 election. Trump has denied the affairs and involvement in the hush money scheme.

Court documents also reveal that Vance is investigating possible bank and insurance fraud by Trump’s family business, The Trump Organization. Vance believes Trump may have broken state laws by inflating the values of his properties to obtain loans and other financial benefits.

Trump’s legal team has previously argued that he is immune from criminal investigations as president. The Supreme Court shot down that argument in a July ruling.

“Courts must generally treat a President like any other citizen,” Chief Justice John Roberts said. The case was then returned to a lower court.

During a congressional testimony in February 2019, former Trump personal attorney Michael Cohen claimed the president “inflated his total assets when it served his purposes, such as trying to be listed amongst the wealthiest people in Forbes, and deflated his assets to reduce his real estate taxes.” Cohen alleged Trump falsely inflated his wealth by $4 billion in 2014 in a failed bid to buy the NFL's Buffalo Bills.

In 2015, Trump claimed that his net worth exceeded $10 billion. Forbes estimates Trump’s net worth to be $2.5 billion.