Congressman Bill Pascrell, Jr. has built a life of public service around the principles he learned while growing up on the south side of Paterson, New Jersey. The first member of his family to graduate high school, Congressman Pascrell went on to receive dual degrees from Fordham University, serve in the United States Army, and become a teacher and adjunct professor. He served as a State Assemblyman and Mayor of Paterson before his election to the United States Congress in 1996. In the Congress, Congressman Pascrell has prioritized funding public safety, supporting educators, protecting our environment, and making our tax system fairer. He now serves as Chairman of the Ways and Means Oversight Subcommittee, where he works tirelessly to improve our tax system for working families.
"The Presidential campaign is over and the fear that a political opponent will try to use tax returns for electoral benefit is passed. President Trump is now governing while also owning a business with international investments. The Constitution faces unprecedented threats due to this arrangement. I believe the powerful Ways and Means Committee has the responsibility to use that power to ensure proper oversight of the executive branch by requesting a review of President Trump’s tax returns and moving towards a formal release of these documents to the public." – U.S. Rep. Bill Pascrell, member of the Ways and Means Committee
President Trump has chosen to keep an ownership stake in his businesses, the scope of which we have no knowledge of as he has refused to disclose his tax returns. We believe that it is imperative for the public to know and understand his 564 financial positions in domestic and foreign companies, and his self-reported net worth of more than $10 billion. We know that state-owned enterprises in China and the United Arab Emirates are involved in his businesses, and that his business ties stretch to India, Turkey, the Philippines, and beyond. Russia, Saudi Arabia, and Taiwan may also have ties to his businesses.
These foreign entities are paying rents, licensing agreement payments, and issuing permits for developments -- effectively giving them a tool to influence our new President. None of these potential conflicts can be verified until and unless we have disclosure from President Trump. Every major Presidential candidate since Richard Nixon, with the exception of President Gerald Ford who released a summary of tax data, has released his or her tax returns for public review. Until now.
New York State’s TRUST Act
The New York State legislature provided a possible avenue for the U.S. House Ways and Means Committee to obtain Trump’s NY state tax returns with the enactment of the TRUST Act in July 2019. However, upon enactment of that law, Donald Trump filed a lawsuit in the U.S. District Court for the District of Columbia to block New York officials and the Committee from utilizing the new law, despite the fact that Chairman Neal had given no indication that he would request Trump’s state tax returns under the new law. A different judge, Carl Nichols, another Trump appointee, was assigned to the case.
The New York officials responded with a motion to dismiss Trump’s suit on the grounds that a Washington, D.C. court had no jurisdiction over the actions of New York official regarding a law of New York. The judge agreed and dismissed the New York defendants from the case in November 2019. Shortly thereafter, the court issued an order requiring that Chairman Neal give Trump contemporaneous notice of any request that might be made for Trump’s tax returns under the New York law. In addition, the Committee was ordered not to accept the returns for 14 days after the request in order to give Trump time to contest their release. The House has appealed this decision to the U.S. Court of Appeals for the District of Columbia. Chairman Neal has not requested the returns thus far.