A 1924 law that could compel Treasury Secretary Steven Mnuchin to hand over Trump's tax returns was forged amid the fallout from the Teapot Dome Scandal.
By Isaac Stanley-Becker Isaac Stanley-Becker Reporter based in the U.K. Email Bio Follow May 7 at 6:36 AM Washington was convulsed by accusations of spying, self-dealing and hypocrisy. Investigations multiplied.
The story behind the 1924 law reveals how the currents creating chaos in present-day America reach back to the period before the Great Depression. The congressional probes all ultimately concerned the question of how to control the powerful — how to erect a firewall between their financial interests and the work of governing the country.
Making his case against the administration’s plans, Couzens disclosed that he had paid relatively little in taxes by investing much of his wealth in tax-exempt securities, which Mellon thought he could limit by reducing surtax rates. But Couzens argued that the administration’s fiscal agenda would “help the rich.”
So, too, the probe helped lead to a change in tax law that could compel Trump to surrender his tax returns. An initial proposal to make tax returns fully accessible to the public was rejected in favor of more modest legislation allowing congressional committees to secure the information. That difference, which reflected privacy concerns, could bear on Mnuchin’s argument to House Democrats that handing over Trump’s tax returns would open him up to potential privacy violations.
A fellow Democrat, Rep. Ralph. F. Lozier of Missouri, sounded a more populist note. To applause, he argued that the wealthy required scrutiny.
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