Trump Wins Battle Over Taxes?

Former President Donald Trump has been given a 45-day extension on filing a personal financial disclosure which could help provide further clarity on his wealth status, including his income, assets and debts.

The financial disclosure is a mandatory part of running for office, which Trump previously declared he was doing.

According to Compass Legal Group senior counsel Derek H. Ross who wrote to the Federal Election Commission on Thursday, the nature of Trump’s complex finances meant that there was the additional time needed in order for all of the necessary documents to be compiled.

The following day, FEC Acting General Counsel Lisa Stevenson granted the extension request which will allow Trump to provide the information by January 29, 2023.

Currently, federal law requires presidential candidates to submit their financial disclosures within 30 days of announcing that they are a candidate. However, there is space for them to ask for two 45-day extensions. These financial disclosures are not structured like tax returns.

On Nov. 30, the Ways and Means Committee had said that they would need access to Trump’s tax returns to gauge the IRS’ auditing process for presidential records. During his time in office, Trump had been the only president in four decades to have kept his taxes concealed from the public.

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