0
Presidential Audit and Tax Transparency Act
3/12/2024, 10:37 PM
Summary of Bill S 1272
The bill states that within 30 days of taking office, the President and Vice President must submit their tax returns to the Federal Election Commission (FEC). These tax returns will then be made available to the public on the FEC's website. Additionally, the bill requires the President and Vice President to undergo an audit by the Internal Revenue Service (IRS) while in office.
The Presidential Audit and Tax Transparency Act aims to increase transparency and accountability in the highest levels of government by ensuring that the American people have access to information about the financial dealings of their elected officials. Proponents of the bill argue that releasing tax returns and undergoing audits will help prevent conflicts of interest and potential corruption. Opponents of the bill, however, argue that it infringes on the privacy rights of the President and Vice President and sets a dangerous precedent for future administrations. They also argue that the IRS audit requirement could be used as a political tool to target and harass the President and Vice President. Overall, the Presidential Audit and Tax Transparency Act is a controversial piece of legislation that seeks to hold the President and Vice President accountable for their financial actions while in office. It remains to be seen whether this bill will gain enough support in Congress to become law.
Congressional Summary of S 1272
Presidential Audit and Tax Transparency Act
This bill requires the Internal Revenue Service (IRS) to conduct an examination to determine the correctness of a Presidential income tax return as rapidly as practicable after it is filed.
The IRS must disclose and make publicly available (on the internet) an initial report, periodic reports, and a final report on the examination of such tax returns. The final report must include the date on which the IRS examination of the return was completed, a list of audit materials, and a description of each proposed adjustment to a return and any controversy relating to its examination. This disclosure of tax return information is an exception to the general rule of confidentiality of taxpayer returns.
The bill defines Presidential income tax return as any relevant income tax return of (1) a president while the president is in office, (2) the spouse of a president, (3) a corporation or partnership controlled by a president or a president's spouse, and (4) the estate of a president or a president's spouse.
The bill imposes additional disclosure requirements by presidents and presidential candidates under the Ethics in Government Act of 1978.
