Presidential Tax Transparency Act

Hozzl · 2023-03-08T20:12:49Z

Explore the details of House Bill 347 Presidential Tax Transparency Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Taxation. Stay informed on legislative developments.

3/8/2023, 8:12 PM

Summary of Bill HR 347

The Presidential Tax Transparency Act, also known as Bill 117 hr 347, is a piece of legislation introduced in the US Congress. The main purpose of this bill is to require the President and Vice President of the United States to disclose their tax returns to the public.

The bill states that within 30 days of taking office, the President and Vice President must submit copies of their federal income tax returns for the previous 10 years to the Federal Election Commission (FEC). The FEC would then be responsible for making these tax returns publicly available on their website.

The rationale behind this bill is to increase transparency and accountability in government by allowing the American public to have access to important financial information about the President and Vice President. Supporters of the bill argue that this transparency is necessary in order to ensure that the country's leaders are not influenced by personal financial interests. Opponents of the bill, however, argue that it is an invasion of privacy and sets a dangerous precedent for future presidential candidates. They believe that tax returns are private documents and should not be subject to public scrutiny. Overall, the Presidential Tax Transparency Act is a controversial piece of legislation that seeks to increase transparency in government by requiring the President and Vice President to disclose their tax returns to the public.

Congressional Summary of HR 347

Presidential Tax Transparency Act

This bill requires the President, the Vice President, and certain candidates for President and Vice President to disclose federal income tax returns for the ten most recent taxable years.

The returns must be disclosed to the Federal Election Commission (FEC), which must make the returns publicly available after redacting information that is necessary for protecting against identity theft, such as Social Security numbers.

If the tax returns are not disclosed to the FEC as required by this bill, the Internal Revenue Service must provide the returns to the FEC upon receiving a written request from the FEC.

Read the Full Bill

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Current Status of Bill HR 347

Bill HR 347 is currently in the status of Bill Introduced since January 19, 2021. Bill HR 347 was introduced during Congress 117 and was introduced to the House on January 19, 2021. Bill HR 347's most recent activity was Referred to the Committee on Ways and Means, and in addition to the Committee on House Administration, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of January 19, 2021

Bipartisan Support of Bill HR 347

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

100

Democrat Cosponsors

100

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 347

Primary Policy Focus

Taxation

Potential Impact Areas

Elections, voting, political campaign regulationGovernment ethics and transparency, public corruptionGovernment information and archivesPresidents and presidential powers, Vice PresidentsTax administration and collection, taxpayers

Alternate Title(s) of Bill HR 347

Presidential Tax Transparency ActTo amend the Internal Revenue Code of 1986 to require the disclosure of tax returns of Presidents and Vice Presidents and certain candidates for President and Vice President, and for other purposes.Presidential Tax Transparency Act

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