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May 27—Bill would require Presidential candidates to release tax returns

On May 25, Senate Finance Committee Ranking Member Ron Wyden (D-OR) introduced S. 2979, the “Presidential Tax Transparency Act, ” which would amend the Federal Election Campaign Act of 1971 to require candidates of major parties for the office of President to disclose recent tax return information.

Specifically, the bill would require that not later than 15 days after the nomination of a candidate of a major party for the office of President, the candidate must file with the Federal Election Commission a copy of the candidate’s income tax returns for the 3 most recent tax years for which a return has been filed with IRS, as of the date of the nomination. If the returns aren’t filed, the Chairman of the Commission must request that Treasury provide the returns. The returns are to be made publicly available in the same manner as other reports and statements filed with the Commission.

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