07:18 GMT30 March 2020
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    Deutsche Bank said Tuesday that it has tax returns relevant to subpoenas by US House Democrats for the financial records of US President Donald Trump, his family and his businesses, however, the financial institution did not publicly identify which particular documents it had, The Hill reported, citing a court filing.

    Deutsche Bank in its letter to a federal appeals court in New York, cited by The Hill, noted that it has tax returns "related to parties not named in the Subpoenas but who may constitute 'immediate family' within the definition provided in the Subpoenas".

    Deutsche Bank also filed a nonredacted letter under seal to the court, according to The Hill.

    The news comes after US appeals court judges ordered Deutsche Bank and Capital One to tell them whether they had tax returns for people and entities named in the subpoenas.

    During a court proceeding on Friday, the banks repeatedly refused, however, to tell the judges whether they possessed Trump's tax returns, citing "contractual obligations", The Hill said.

    Capital One said in a separate letter Tuesday that it doesn't have any tax returns that are responsive to the subpoena, according to The Hill.

    In April, House Intelligence and Financial Services committees issued subpoenas to Deutsche Bank and Capital One. US lawmakers are reportedly seeking to obtain Trump's financial records, as well as the records for his three oldest children and certain business entities connected with the president.

    Trump and his family members filed a lawsuit to prevent the banks from providing lawmakers with the information. In May, a district judge ruled that the banks could provide the financial records to US House Democrats. Trump's lawyers reportedly appealed that ruling.

    Trump is the first US president since the Nixon presidency in the late 1960s and early 1970s to not voluntarily release his federal and state tax returns.

    In June, the state of New York amended its tax code to make Trump’s state tax returns available to the US Congress under legislation signed into law by Governor Andrew Cuomo. The legislation directs New York State tax authorities to provide Trump’s tax returns in response to written requests from chairmen of the US Senate Finance Committee or the US House of Representatives Ways and Means committee.

    Both panels are responsible for writing and overseeing the nation’s tax laws. The legislation applies, however, only to New York state returns, not federal tax returns which have been subpoenaed by the US House of Representatives Ways and Means committee.

    The White House has refused to comply with the subpoena, claiming that the effort to examine Trump tax records lacks a legitimate legislative purpose.

    With New York being Trump's home state and business headquarters, media speculated that his state tax returns would contain much of the same information found in federal filings long sought by congressional Democrats.

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    tax returns, Donald Trump, Deutsche Bank
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