Dems and Republicans want the House Ways and Means Committee to look into the IRS tax returns of Donald Trump and the Interior Secretary Richard Neal

The House Ways and Means Committee is set to receive former President Donald Trump’s IRS tax returns in one week after a federal appeals court on Thursday declined Trump’s request to hold up the release.

After the full appeals court rejected Trump’s request that they review an earlier decision allowing for the release of the returns, a three judge panel on the DC Circuit Court of Appeals decided not to put the handover of the former president’s tax returns on hold.

Three years later, the Democrats’ fight for Trump’s tax returns continues with the new House Ways and Means Committee Chairman, Richard Neal.

The decision here will control the future disputes between Congress and the Executive, including those of sitting Presidents, Trump said.

According to CNN legal analyst and former federal prosecutor, Shan Wu, the ruling by the DC Circuit is significant in that it breaks down legal precedents surrounding the presidency.

The no-fly zone that has been developed around the presidency is a gradual change from this one. The courts can improve Congress’ oversight ability if they say this is legitimate oversight. The Supreme Court has a chance to take a look at things here.

Under tax privacy laws, Neal, a Democrat from Massachusetts, has limited options for what he can do next, but the chairman is also facing mounting political pressure to finish what he started and share information gleaned from the returns with the public before Republicans take control of the House in January.

Democrats have long argued that Trump’s taxes could provide necessary information about whether the president had any entanglements that could impact his decision making as president. The tax returns of Donald Trump were requested by Democrats in the House Ways and Means committee in order to gain better understanding of the presidential audit program.

The Treasury Department, which oversees the IRS, denied the request to turn over President Trump’s tax returns. The department said the request was not supported by a legitimate legislative purpose, NPR previously reported, and was “pretextual.”

Republicans are expected to argue that Democrats hid their true desire to reveal the returns for political gain, and that the presidential review process should not require a dump of Mr. Trump’s private documents.

Democrats are set to lose the House of Representatives in less than a month, meaning they will have little time to reform the presidential audit program.

The information contained in the returns could be a treasure trove of financial information about the former president who has already declared his intent to run for president again in 2024. There could be answers to questions about Trump’s personal wealth and success in business, as well as information about Trump’s finance investments.

What to do with the tax code? The high-stakes meeting on Trump’s personal tax information, and the consequences for the House

I want to see this through. We are in the majority for the next 33 days. I tend to see it through,” Neal said. “After that, everyone can speak to what they do after that. I expect they won’t check with me either.”

Democrats would rely on a tax code provision in order to release information about Trump’s taxes, but Republicans are ready to argue that Democrats are abusing the provision in order to attack a political foe, and that even individuals could have their personal information exposed if they become targets.

The high-stakes meeting, which is expected to go into a private session, will be the first opportunity for members on the powerful committee to openly discuss and make a decision about what – if any – personal tax information to release about the former President.

The Democrats are in the middle of a crunch to decide on what to do with Trump’s taxes before Republicans take over the majority in the House on January 3.

Republicans argue that if the former president’s tax records are released it would set a dangerous precedent.

Brady added that releasing confidential records wouldn’t be limited to public officials, but potentially private citizens, businesses, labor leaders and even Supreme Court Justices.