Treasury Secretary Steve Mnuchin sent a letter to House Ways and Means Chairman Richard Neal (D-Mass.) Tuesday informing him that the Treasury Department will decide by May 6 whether to release President Trump's tax returns to Congress — effectively ignoring the April 23 deadline that Neal had set.

"Due to the serious constitutional questions raised by this request and the serious consequences that a resolution of those questions could have for taxpayer privacy, the Department is consulting with the Department of Justice. Although federal law establishes no deadline for a response to your request, we expect to provide the Committee with a final decision by May 6, after receiving the Justice Department's legal conclusions."

The big picture: In the past few days, the Trump administration has taken a number of steps to block oversight by House Democrats, or — as the president and his defenders have labeled it — "presidential harassment."

  • On Monday, Trump and the Trump Organization sued House Oversight Chairman Elijah Cummings in an attempt to block Cummings' subpoena of Trump's longtime accountant, Mazars USA LLP.
  • Also on Monday, White House directed former security clearance official Carl Kline not to comply with an Oversight subpoena. Cummings is now moving to hold Kline in contempt of Congress.
  • And as the Washington Post reported Tuesday, the administration also plans on fighting a House Judiciary subpoena of former White House counsel Don McGahn.

Go deeper

Dion Rabouin, author of Markets
12 mins ago - Economy & Business

Big Tech's share of the S&P 500 reached record level in August

Expand chart
Reproduced from The Leuthold Group; Chart: Axios Visuals

The gap between the weighting of the five largest companies in the S&P 500 and the 300 smallest rose to the highest ever at the end of August, according to data from the Leuthold Group.

Why it matters: The concentration of wealth in a few massive U.S. tech companies has reached a scale significantly greater than it was before the dot-com bubble burst.

Fortune 100 companies commit $3.3 billion to fight racism and inequality

Data: Fortune 500, Axios analysis of company statements, get the data; Chart: Andrew Witherspoon, Naema Ahmed/Axios

Big businesses continue to push funding toward fighting inequality and racism, with the 100 largest U.S. companies' monetary commitments rising to $3.33 billion since the death of George Floyd at the hands of Minneapolis police earlier this year, according to an Axios analysis.

Why it matters: The continued pace of funding commitments shows that months after Floyd's death there remains pressure for the wealthiest corporations to put their money behind social issues and efforts.

Kendall Baker, author of Sports
22 mins ago - Sports

Lakers vs. Heat for the NBA's bubble title

Illustration: Sarah Grillo/Axios

Six years after the "Big Three" broke up, the Heat are back in the NBA Finals, where they will face the Lakers and LeBron James, the man who brought them to four straight last decade.

The state of play: For the first time in NBA history, both finalists didn't make the playoffs in the prior season.

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