Trump Tells Senators They Might See His Taxes One Day

Intellectus' Emons: Markets Banking on Tax Reform

President Donald Trump told a bipartisan group of senators Wednesday that they may see his tax returns one day, according to a Democratic aide who was briefed on the meeting.

The aide said the remark appeared to be flippant, and it’s not clear the attendees believed the president. Democrats have pushed for Trump to release his tax returns; he departed from roughly four decades of tradition for presidential candidates by refusing to disclose any of them during the 2016 campaign. Trump has said he’s under an Internal Revenue Service audit and that he won’t release his returns while it’s pending.

During a meeting with Democratic and Republican members of the tax-writing Senate Finance Committee, Trump also said he didn’t want to gain from the tax bill, the aide said. That comment came the same day that Treasury Secretary Steven Mnuchin said in a published interview that it’ll be difficult to avoid giving the highest earners a tax cut.

“The top 20 percent of the people pay 95 percent of the taxes. The top 10 percent of the people pay 81 percent of the taxes,” Mnuchin told Politico. “So when you’re cutting taxes across the board, it’s very hard not to give tax cuts to the wealthy with tax cuts to the middle class. The math, given how much you are collecting, is just hard to do.”

Mnuchin and White House economic adviser Gary Cohn also attended Wednesday’s meeting, where they urged the attendees not to pay attention to independent analyses of the tax framework, which have suggested that it would benefit high earners and hurt some middle-income taxpayers, the aide said. Democrats were skeptical, the aide said.

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