Press Releases

PLASKETT ISSUES STATEMENT ON HOUSE VOTE TO REQUIRE ANNUAL IRS AUDIT OF SITTING PRESIDENTS

Washington, DC–Congresswoman Stacey Plaskett, of the Ways and Means, Budget and Agriculture Committee co-sponsored common-sense legislation to guard the public trust and ensure tax laws are applied evenly and justly to every American – especially the President of the United States.  The Presidential Tax Filings and Audit Transparency Act will require the IRS to conduct an annual, publicly-disclosed audit of the President's finances.

"Today, House Democrats proudly voted to ensure that the federal government serves the interests of the American people above all else," said Rep. Plaskett.  "Virgin Islanders and all Americans deserve to know that nobody is above the law – not only in the case of Donald Trump, but for any President. By requiring the IRS to audit the President's finances, this legislation will strengthen faith in our public institutions and uphold transparency in the halls of power."

In 1977, the IRS adopted a policy of conducting mandatory audits on the President.  However, over the course of a four-year investigation, the House Ways and Means Committee found that this policy was "dormant, at best" under the previous administration.  Plaskett was honored to be a member of this esteemed Committee which worked vigilantly to secure this finding.

The Presidential Tax Filings and Audit Transparency Act will formally codify this policy into federal law, requiring the IRS to:

• Conduct an audit of the President's tax returns, along with any entities controlled by the President, as rapidly as possible after filing.
• Provide public updates on the status of the audits.
• Publicly disclose the President's tax returns, along with those of any entities, within 90 days of filing to allow for public examination.

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