"Tax returns contain vital information for voters and the public, including whether an individual has paid any taxes," Congresswoman Eshoo said in the release. "Since the Watergate era, and up to the 2016 Presidential election, presidents and candidates have publicly disclosed their tax returns voluntarily but this bipartisan practice has never been required by law. The Presidential Tax Transparency Act, which I first introduced during the 2016 presidential race, makes this important precedent the law of the land."
President Donald Trump broke a long-standing tradition when he became the first candidate since the 1960s to not release his personal tax returns during the 2016 presidential election.
"While we continue to work to expose Donald Trump’s tax returns to vital congressional sunlight, this legislation will codify that future candidates cannot repeat Trump’s cover-up," Congressman Pascrell Jr. said in the release.
The legislation also states that should a president or candidate fail to disclose their tax returns, the Internal Revenue Service would be required to provide redacted copies to the Federal Election Committee for public disclosure.