Why Trump Refuses to Disclose His Finances and the Implications

Introduction

Donald Trump, the former President of the United States, has faced significant scrutiny regarding his financial dealings. One of the most contentious issues is his refusal to disclose his finances to the scrutiny of the public and regulatory bodies. This article delves into the reasons behind this resistance and the implications for both Trump and the American public.

The Reasons Behind Trump's Resistance

Secrecy in Business and Personal Life

Trump's reluctance to disclose his financial records can be traced back to his business record and ego. In the business world, secrecy is often seen as a sign of superiority, as it can protect one from competition and maintain a certain level of mystery. However, when it comes to public figures, transparency is expected, and Trump views his financial affairs as his own private business.

Bank and IRS Conflicts

One reason for Trump's refusal to disclose his finances lies in the potential conflicts with financial institutions and the Internal Revenue Service (IRS). For instance, if Trump stated a property's value to get a loan approved and then provided a lower figure to the IRS for tax purposes, banking and tax authorities could become concerned. Releasing financial records could lead to legal and financial repercussions from both entities.

Legal Actions and Defense

Another reason is the legal and defensive stance Trump has taken. There have been instances where Trump threatened to sue organizations or individuals who dared to release his financial records or educational background. This approach is indicative of his protective stance on his assets and reputation.

The Implications and Suggestions

Public Interest and Transparency

The public's right to know about the financial dealings of those in public office, particularly a former president, is a fundamental aspect of transparency and accountability. However, Trump's stance poses a challenge to this principle. His refusal to disclose his financial records raises questions about his honesty and the extent of his financial dealings.

Proposed Legislation

To address this issue, Congress could consider passing a law requiring all candidates for national public office to disclose their tax returns for the previous three years. This would ensure that the public can access important financial information and understand the financial interests of elected officials.

Public Servant vs. Private Citizen

The argument for this legislation is that once an individual seeks public office, they should be held to a higher standard of transparency. As public servants, they have a responsibility to the public and should be accountable for their financial dealings. This would level the playing field and ensure that the public can make informed decisions about their elected representatives.

Conclusion

Donald Trump's refusal to disclose his financial records has sparked significant debate about transparency, accountability, and the expectations of public figures. While his business tactics may be valid within the realm of private enterprise, his behavior as a public servant raises questions about his commitment to the American public. Propositional legislation could help address this issue and foster a culture of transparency in public service.