Tag: Trump Treasury Department

Watch: Steve Mnuchin squirms after Iowa Democrat corners him on the negative impact of Trump’s tariffs in her state

Trump Treasury Secretary Steve Mnuchin on Wednesday had a tough time defending President Donald Trump’s tariffs under tough questioning from Rep. Cindy Axne (D-IA).

During a hearing at the House Financial Services Committee, Axne asked Mnuchin pointed questions about the impact that tariffs were having on American businesses and consumers — and Mnuchin at one point even tried to deny that tariffs were taxes.

After Mnuchin repeatedly dodged her questions about whether businesses would most likely pass on increased production costs to American consumers thanks to Trump’s tariffs, Axne stopped him and told him he was not giving her a “straight answer.”

“Do you agree that American consumers will be paying more as a result of these tariffs?” she asked.

Watch the video below: Continue reading “Watch: Steve Mnuchin squirms after Iowa Democrat corners him on the negative impact of Trump’s tariffs in her state”

Confidential draft IRS memo says tax returns must be given to Congress unless president invokes executive privilege

A confidential Internal Revenue Service legal memo says tax returns must be given to Congress unless the president takes the rare step of asserting executive privilege, according to a copy of the memo obtained by The Washington Post.

The memo contradicts the Trump administration’s justification for denying lawmakers’ request for President Trump’s tax returns, exposing fissures in the executive branch.

Trump has refused to turn over his tax returns but has not invoked executive privilege. Treasury Secretary Steven Mnuchin has instead denied the returns by arguing there is no legislative purpose for demanding them.

View the complete May 21 article by Jeff Stein and Josh Dawsey on The Washington Post website here.

Treasury, IRS set to miss subpoena deadline on Trump tax returns

The Treasury Department and IRS are set to miss a Friday deadline to comply with subpoenas for Trump’s tax returns, setting up a prolonged legal battle.

Democrats are examining options for their next steps. But both sides agree the matter is headed to the courts.

“I think Friday is the turning point,” said Rep. Bill Pascrell (D-N.J.). “There’s no more letters to be written.”

View the complete May 17 article by Naomi Jagoda on The Hill website here.

A day after blocking House demand for Trump’s tax returns, Mnuchin addressed gathering of his top fundraisers

Treasury Secretary Steven Mnuchin addressed a group of top donors backing President Trump’s reelection Tuesday evening, making an unusual political appearance at a gathering that included industry executives his agency is tasked with regulating.

Mnuchin’s attendance at the kickoff event for the Trump Victory Committee came a day after he rejected a request from House Democrats for Trump’s tax returns and as the Dow Jones industrial average fell sharply amid a trade standoff between the United States and China.

Mnuchin was not listed as an official speaker at the event, held at the Trump International Hotel in Washington, according to a copy of the agenda obtained by The Washington Post.

View the complete May 7 article by Michelle Ye Here Lee, Josh Dawsey and Damian Paletta on The New York Times website here.

Treasury misses second Dem deadline on Trump tax returns

The Treasury Department on Tuesday missed a second deadline from House Democrats to provide President Trump’s tax returns.

Treasury Secretary Steven Mnuchin said in a letter that the department can’t act on the request “unless and until it is determined to be consistent with law.”

He said that he expects Treasury to provide the House Ways and Means Committee with a final decision by May 6 after receiving legal conclusions from the Department of Justice.

View the complete April 23 article by Naomi Jagoda on The Hill website he

Mnuchin schooled on law that says turn over Trump’s taxes or face 5 years in prison: ‘There is no wriggle room’

On Thursday, Pultizer Prize-winning business writer David Cay Johnston wrote an editorial laying out the hard truth for Treasury Secretary Steve Mnuchin: he has no legal choice but to hand over President Donald Trump’s tax returns to Congress. The law says he must.

“The reason will no doubt surprise those who think Trump can thumb his nose at the law governing Congressional access to anyone’s tax returns, including his,” wrote Johnston. “It will for sure shock Trump, who claims that ‘the law is 100 percent on my side.’”

But not so: “Under Section 6103 of our tax code, Treasury officials ‘shall’ turn over the tax returns ‘upon written request’ of the chair of either Congressional tax committee or the federal employee who runs the Congressional Joint Committee on Taxation. No request has ever been refused, a host of former Congressional tax aides tell me.”

View the complete April 12 article by Matthew Chapman of Raw Story on the AlterNet website here.

Treasury misses congressional deadline for turning

Treasury secretary says he is consulting with the Justice Department as a court battle edges closer.

The Trump administration missed a Wednesday deadline set by Democrats to hand over the president’s tax returns, as the two sides edge closer to an epic legal battle that could rise all the way to the Supreme Court.

In a letter released Wednesday evening, Treasury Secretary Steven Mnuchin said he needs more time to consider House Ways and Means Committee Chairman Richard Neal’s demand while also making clear the administration looks dimly on the request.

“The legal implications of this request could affect protections of all Americans against politically-motivated disclosures of personal tax information, regardless of which party is in power,” Mnuchin said. He is consulting with the Justice Department “to ensure that our response is fully consistent with the law and the Constitution.”

View the complete April 10 article by Brian Faler on the Politico website here.

Treasury expected to miss Dem deadline on Trump tax returns

The Trump administration is expected to miss the Wednesday deadline set by Democrats to hand over President Trump’s tax returns, raising the odds that the battle will turn into a lengthy court fight.

Treasury Secretary Steven Mnuchin testified to two congressional committees on Tuesday, telling lawmakers the White House had discussed the tax-return issue with Treasury’s legal department before Democrats asked for the documents. Mnuchin said he personally had not spoken to Trump over the tax returns.

Trump has said he cannot make the records public because of an audit, and his acting chief of staff on Sunday publicly said the administration will never hand them over to Democrats

View the complete April 9 article by Naomi Jagoda and Sylvan Lane on The Hill website here.

Mnuchin reveals White House lawyers consulted Treasury on Trump tax returns, despite law meant to limit political involvement

Treasury Secretary Steven Mnuchin said Treasury Department lawyers consulted with the White House general counsel’s office on President Trump’s tax returns. (The Washington Post)

Treasury Department lawyers consulted with the White House general counsel’s office about the potential release of President Trump’s tax returns before House Democrats formally requested the records, Treasury Secretary Steven Mnuchin said Tuesday.

Mnuchin had not previously revealed that the White House was playing any official role in the Treasury Department’s decision on releasing Trump’s tax returns.

Democrats are asking for six years of Trump’s returns, using a federal law that says the treasury secretary “shall furnish” the records upon the request of House or Senate chairmen. The process is designed to be walled off from White House interference, in part because of corruption that took place during the Teapot Dome scandal in the 1920s.

View the complete April 9 article by Damian Paletta on The Washington Post website here.

Trump says he’s reversing North Korea sanctions imposed by his Treasury Department

President Trump said Friday he would reverse sanctions against North Korea that were recently announced by the Treasury Department, a surprise declaration that sparked confusion in Washington and raised fresh doubts about the White House’s policy process.

In a tweet, Trump wrote that “it was announced today by the U.S. Treasury that additional large scale Sanctions” would be imposed in addition to “already existing Sanctions on North Korea.”

“I have today ordered the withdrawal of those additional Sanctions!” the president added.