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Photo: SAUL LOEB/Getty Images

A classified Internal Revenue Service draft memo obtained by the Washington Post indicates that President Trump's tax returns must be handed over to Congress unless the president invokes executive privilege.

Details: The memo was reportedly penned last fall by a lawyer in the Office of Chief Counsel and is not reflective of the agency's "official position," per the Post. Disclosure to the committee is "mandatory, requiring the Secretary to disclose returns, and return information, requested by the tax-writing Chairs," per the memo titled "Congressional Access to Returns and Return Information."

  • The law “does not allow the Secretary to exercise discretion in disclosing the information provided the statutory conditions are met” and explicitly denies Treasury Secretary Steven Mnuchin's justification for suppressing Trump's financials.

The backdrop: To date, Trump has rejected calls to turn over his tax returns to Congress, but he has not asserted executive privilege. Mnuchin has denied the returns, arguing there is no legal basis for them to be shared.

Go deeper: Mnuchin rejects subpoena for Trump's tax returns

Go deeper

4 mins ago - World

Scoop: Netanyahu asked Biden to keep Trump's sanctions on International Criminal Court

ICC chief prosecutor Fatou Bensouda. Photo: Bas Czerwinski/ANP/AFP via Getty

Netanyahu asked Biden in their first phone call last week to keep sanctions imposed by the Trump administration on the International Criminal Court (ICC) in place, Israeli officials tell me.

Why it matters: Israeli officials are concerned that removing the sanctions would hamper Israel's efforts to stop a potential war crimes investigation into Israel, and that the court's prosecutor could see it as a signal that the U.S. isn't firmly opposed to that investigation.

Updated 52 mins ago - Health

FDA analysis finds Johnson & Johnson COVID vaccine is safe and effective

Photo: Pavlo Gonchar/SOPA Images/LightRocket via Getty Images

The Food and Drug Administration's staff released a briefing document on Wednesday endorsing Johnson & Johnson's one-shot coronavirus vaccine as safe and effective.

The latest: Assuming the FDA issues an emergency use authorization "without delay," meaning as soon as this weekend, White House coronavirus coordinator Jeff Zients said J&J will have 3 million to 4 million ready for distribution next week.

Dan Primack, author of Pro Rata
2 hours ago - Economy & Business

LinkedIn co-founder's SPAC bets on flying taxis

Illustration: Aïda Amer/Axios

Reid Hoffman knows he isn't the first person who comes to mind when you hear "flying taxis."

Yes, but: The LinkedIn co-founder and venture capitalist insists that his latest deal is more than SPAC silliness, and that its success will be heavily reliant on the sorts of network effects that are in his historical wheelhouse.