Since IRS Deal President Trump Says He May Now Release His Tax Returns

Unlike his predecessors, President Trump has long kept his past tax returns shielded from public scrutiny, something he insisted was necessary because of ongoing IRS audits.

But he says that could change now after his legal team forged a deal with the Justice Department this week that includes permanently dropping tax claims against the president, his family and associates.

“I may even release my current returns,” the president told reporters.

If Trump makes good on that suggestion, it will end years-long speculation over how much the Republican president owes the federal government. But Trump has made dozens of promises in years past to release his returns, as other presidents routinely have done, only to renege on that commitment.

The Justice Department said the government is “forever barred and precluded” from pursuing or prosecuting current tax examinations of Trump, his sons and the Trump Organization, part of the settlement deal meant to resolve Trump’s $10 billion lawsuit against the Internal Revenue Service over a leak of his tax returns.

The Justice Department has said the settlement refers only to existing audits, not future examinations.

The move came after the Justice Department announced, as part of the lawsuit settlement, the creation of a $1.776 billion fund to compensate Trump allies who believe they have been unjustly investigated and prosecuted. Democrats and government watchdogs have called the arrangement “corrupt” and unconstitutional.

With the settlement putting an end to any ongoing examinations of the president’s finances, the question arises about whether Trump will in fact release his returns.

Trump has dangled this carrot before. On many occasions over the years, he has said that he would release his tax returns. In May 2017, Trump said in an interview that he “might” release his tax returns after he stepped down as president.

During his first presidential campaign, he made a commitment to release his tax returns once they were not under audit.

In 2022, after Trump had left office, Democrats in Congress released thousands of pages of his tax returns for the years covering 2015-2020, showing how Trump used the tax code to lower his tax obligation and revealing details about foreign accounts, charitable contributions and the performance of some of his highest-profile business ventures.

Both the newly established “anti-weaponization” fund and the provision shielding prior tax returns from audits are drawing legal scrutiny.

A group of 93 House Democrats filed an amicus brief Monday, seeking to block the creation of the fund. It argued the court should dismiss the underlying lawsuit against the IRS because the president is on both sides of the case.

Brandon DeBot, policy director of the Tax Law Center at New York University, also suggested Monday that the “anti-weaponization fund” may not be a proper use of the Judgment Fund, which is money held at the Treasury Department to pay court judgments and settlements.

Even some Republican lawmakers have questioned the settlement. Senate Majority Leader John Thune (R-N.C.) said Tuesday he was “not a big fan” of the fund and doesn’t “see a purpose for that.”

Sen. Susan Collins (R-Maine) also pressed Blanche during his appearance before a Senate Appropriations subcommittee about the fact that settlements are not typically paid out for “future claims that have yet to be brought.” The acting attorney general responded by describing the fund as “unusual” but “not unprecedented.”