Bill > S588

This bill establishes new requirements for examining and publicly disclosing income tax returns for Presidents and Presidential candidates. Specifically, the bill mandates that the Internal Revenue Service (IRS) conduct a rapid and comprehensive examination of a sitting President's tax returns and publish detailed public reports about the audit process. The bill requires the IRS to release an initial report within 90 days of a Presidential tax return being filed, periodic reports every 180 days, and a final report within 90 days of completing the examination. Additionally, the bill requires Presidential candidates from major political parties to disclose their tax returns for the three most recent years, with these returns to be filed with the Federal Election Commission and made publicly available. The bill also includes provisions for redacting sensitive personal information from these returns and establishes penalties for knowingly failing to disclose or falsifying required tax return information. The goal of the legislation is to increase transparency around the financial affairs of Presidents and Presidential candidates by ensuring their tax returns are thoroughly reviewed and made accessible to the public.

Budget and Finance

https://www.congress.gov/bill/119th-congress/senate-bill/588/all-info