Presidential Tax Transparency: Mandatory Audits and Public Disclosure of Returns
This law mandates the public disclosure of income tax returns by the sitting President and major presidential candidates, significantly increasing government transparency. Citizens will gain full insight into the finances of the highest officeholders, fostering greater public trust. Furthermore, the Internal Revenue Service (IRS) is required to conduct rapid, mandatory audits of the President's tax returns, with results regularly published.
Key points
Mandatory Audit: The IRS must conduct an audit of the income tax returns of the President and related entities (spouse, controlled corporations, trusts) as rapidly as practicable after filing.
Public Disclosure: Tax returns (for the 3 most recent years) of the President and major party candidates must be made publicly available, with sensitive information like account numbers or home addresses redacted.
Audit Reports: The IRS must publish initial, periodic, and final reports detailing the status and findings of the President's tax audit, including a description of any proposed adjustments or controversies.
Failure to Disclose: Candidates and Presidents who fail to disclose the required returns may face penalties, and the IRS or Federal Election Commission can request these documents directly from the Treasury Department.
Introduced
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