Former President Donald Trump received a legal setback on Tuesday after the U.S. Supreme Court cleared the release of his tax returns to a committee made up of lawmakers.
What Happened: The justices, at the highest U.S. court, unanimously denied an application by Trump that sought to block a lower court's ruling which had handed over the tax returns to the Ways and Means Committee, reported Reuters.
The Committee's Chair Richard Neal reportedly hailed the decision. He said, "This rises above politics, and the committee will now conduct the oversight that we’ve sought for the last three and a half years."
Why It Matters: The Committee wanted tax returns dating back to between 2015 and 2020 but will have little time to complete its investigations as the Republicans are due to take over the house after a narrow midterm victory leading to a thin majority in the midterms, noted Reuters.
The panel wanted the tax returns to investigate how the Internal Revenue Service audits presidential tax returns. Trump was the first president in 40 years not to release his tax returns.
Trump announced his candidature for the presidency in 2024 this month. However, his legal troubles have been mounting as his company is in the middle of a criminal trial in New York on fraud charges.
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