President Donald Trump now says of his tax returns, “I might release them after I’m out of office,” but the public may not have to wait that long if State Senator Daniel Squadron has his way.
In April, Mr. Squadron introduced a bill, now pending in the State Senate, which would require the New York State Department of Taxation and Finance to post on its website copies of New York State tax returns filed by any person holding the office of President or Vice President of the United States. This law would not apply to federal tax returns, but would still shed considerable light on the personal finances of any New York resident who is elected to the highest office in the land.
In the case of the most recent presidential election, it would have applied to the nominees of both major parties (both of whom lived in New York State), and would also be relevant in the event of a future presidential candidacy by current Governor Andrew Cuomo. In practice, however, the bill’s effect would be limited to just one candidate and occupant of the Oval Office, because all presidents and presidential aspirants since the 1970s have disclosed their tax filings as a matter of course — with the exception of Mr. Trump.
Senator Squadron’s measure would also require Albany to publish a summary, containing information like adjusted gross income, taxable income, standard or itemized deductions, payments and credits, and the amount of any refund. The Department of Taxation and Finance would additionally have to disclose State tax returns of the president and vice president for the previous five years, along with information about delinquencies, penalties, and requests for extensions. Finally, the bill contains provisions ordering the Taxation and Finance commissioner to redact information social security numbers for the taxpayer and his or her spouse and dependents, home addresses, account numbers, and any additional details, “if the commissioner determines that the disclosure of such information will violate federal law.”
In a statement accompanying the bill (which is now before the State Senate’s Committee on Investigations and Government Operations), Mr. Squadron says, “disclosure of a president’s and vice president’s New York State income tax returns will increase transparency into their financial interests. This bill will ensure that all those who occupy America’s highest office keep with the long history of presidents releasing their returns.”