Mandatory Audits and Public Disclosure of Presidential Tax Returns.
This law mandates that the IRS must conduct a rapid and compulsory audit of the income tax returns filed by the President, their spouse, and related entities. Crucially, the law requires the public disclosure of these tax returns and detailed reports on the status and findings of the audits online. Furthermore, major presidential candidates must also publicly release their tax returns for the three most recent years, enhancing financial transparency for those seeking the highest office.
Key points
Establishes a mandatory and rapid audit process for the income tax returns of the President, their spouse, and controlled business entities.
Requires the IRS to publicly disclose the full Presidential tax returns and detailed reports on the progress and final results of these audits.
Major party presidential candidates must publicly disclose their income tax returns for the three most recent years to ensure greater financial transparency.
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