Steve Westly: Will Trump still have to reveal his taxes? – TribLIVE

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Every American president since Jimmy Carter has revealed their tax records. In fact, President Trump personally promised to make his taxes public, tweeting in May 2016: I told AP that my taxes are under routine audit, and I would release my tax returns when the audit is complete, not after the (2016) election.

For some reason, Trump changed his mind. In a stunning rebuke to the president, the Supreme Court ruled that Trump is not immune from prosecution. His case will now go to the grand jury, so the public may not know what is lurking in his tax returns until after the election. Friendly porn stars? Russian financiers?

If the judges side with state prosecutors, the grand jury may have his tax records in hand before November. But the trillion-dollar question is, will someone leak the information before Nov. 7 and what will his finances tell us? Here is a primer on the three things to look for.

First, scandals with porn stars are not advisable for anyone especially presidents. But paying them off while running for office is a violation of U.S. election law. If, as adult actress Stormy Daniels has claimed, Trumps personal lawyer paid her $130,000, this would have violated federal election law a felony worth five years in federal prison under Federal Employees Compensation Act and a gross disregard for the American voters.

Second, whenever an investor buys luxury real estate, via all-cash deals and shell companies, there is an increased probability of money laundering. By subtly manipulating property values, a would-be launderer has the potential to clean money in real estate profit from purposely undervalued property or from servicing loan debt for overvalued property.

Trumps tax returns would likely show whether money laundering occurred, another felony potentially exposing Trump to blackmail risk and coercion from those who know his dirty laundry. There are four different degrees of money laundering under New York state law, but theyre all felonies so we can just call it a felony without deciding what one he may qualify for.

Third, Trump has not shied away from dealing with Russian oligarchs. In 2004, he bought a property for slightly over $40 million only to sell it for $95 million four years later to Russian oligarch Dmitry Rybolovlev. Since the 1980s, Trump sold 20% of his condos through secretive, all-cash transactions.

Earlier this year, allegations arose connecting a Deutsche Bank subsidiary whose parent bank loaned Trump $350 million to Russian state-run bank VTB. If Trumps taxes show VTB was underwriting his loans when he was financially insolvent, it could help explain why Trumps chess moves nearly always play to a Russian audience. For New York prosecutors, they see fraud. This Deutsche Bank concern could not only cost Trump the election but be another felony crime under New York state law.

We may not know what Trumps tax returns will show until after the election. But the Supreme Courts decision puts the presidents tax issues under a microscope. If federal prosecutors get the information before November, or one person with a smartphone leaks the returns (as Chelsea Manning did via Wikileaks), Americans could come face to face with proof that the president of the United States has committed a serious crime.

With the Supreme Courts Mazars decision, we are one step closer to knowing whether Trump merely admires the autocratic Russian president, or whether they are partners in crime.

Americans deserve an answer before Election Day.

Steve Westly is a former California state controller and California co-chair for Obama for America. He is founder and managing partner of The Westly Group, a venture capital firm in Menlo Park, Calif.

Categories:Featured Commentary | Opinion

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Steve Westly: Will Trump still have to reveal his taxes? - TribLIVE