This bill would require the president to publicly disclose their federal income tax return and all related attachments by making it available on the internet at providing the returns to relevant congressional committees. If a president fails to provide the required tax information or falsifies it, the Attorney General would be able to bring a civil action against them with penalty of up to $50,000. When a new president takes office, they would be required to submit their prior year’s federal income tax return within 90 days.
Certain redactions would be allowed, including the president’s Social Security number, taxpayer identification number, account numbers, and the name of any dependents of the president. If a president’s spouse files a joint return or a separate return, it would be subject to this legislation’s requirements.