WASHINGTON – Senate Finance Committee Ranking Member Ron Wyden, D-Ore., today introduced a bill directing presidential nominees to release recent tax returns in order to give the public honest insights into the candidate’s actions and values.
"Since the days of Watergate, the American people have had an expectation that nominees to be the leader of the free world not hide their finances and personal tax returns,” said Wyden.
The Presidential Tax Transparency Act says that within 15 days of becoming the nominee at the party convention, the candidate must release their most recent 3 years of tax returns to the Federal Election Commission (FEC). Should the candidate refuse to comply, the Treasury Secretary will provide the tax returns directly to the FEC for public release.
“Tax returns deliver honest answers to key questions from the American public,” said Wyden. “Do you even pay taxes? Do you give to charity? Are you abusing tax loopholes at the expense of middle class families? Are you keeping your money offshore? People have a right to know.”
For nearly 40 years presidential candidates from major political parties have voluntarily released tax returns during the campaign.
A one-page summary of the legislative proposal can be found here . The bill text can be found here .