Thursday, February 2, 2023

Lower house tightens fiscal controls on US presidents

The United States House of Representatives on Thursday approved a bill in favor of tax returns of presidents being audited each year, after it became known that Donald Trump (2017-2021) did not control his first two years in office. Were.

The House of Representatives approved by 222 votes in favor and 201 against, but the process is still pending in the Senate.

Among the five Republicans who supported that measure were Adam Kinzinger and Liz Cheney, members of the legislative committee that investigated Trump’s role in the January 6, 2021 attack on the Capitol and concluded that he was most likely responsible.

The US Treasury (IRS) requires White House tenants’ taxes to be audited annually, but those terms are spelled out in that institution’s regulatory manual, not federal law.

Trump was the first US president since Gerald Ford (1974–1977) not to publish his tax returns every year, a tradition that his predecessors considered part of their duty of transparency and accountability to the people.

After a 2019 legal battle, the Supreme Court authorized the Treasury Department to turn over those Trump statements to a House committee that requested them and later this week decided to publish them.

It was then revealed that the IRS did not audit the former Republican president’s taxes in his first two years in office, 2017 and 2018, and did not begin doing so until April 2029, when the aforementioned Committee on Ways and Means, The letter sent Trump requesting his tax information.

The chairman of that commission, Richard Neill, specified in a statement today that the bill does not seek to be “malicious or punitive”: “It will establish safeguards to correct the errors discovered earlier this week and it Will guarantee that the tax code is applied. Accordingly. Equally and fairly to everyone, including the President.

Nation World News Desk
Nation World News Deskhttps://nationworldnews.com
Nation World News is the fastest emerging news website covering all the latest news, world’s top stories, science news entertainment sports cricket’s latest discoveries, new technology gadgets, politics news, and more.
Latest news
Related news