A panel of federal appeals judges upheld this morning a House subpoena for President Trump's financial records to Mazars USA, the president's longtime accounting firm.
- Why it matters: Unless the full D.C. Circuit Court of Appeals hears the case or the Supreme Court takes it up on appeal from Trump's legal team, the president could lose his long, bitter fight to keep his finances private.
It's just one of many ongoing battles to gain access to Trump's tax returns and financial records — but it might be Democrats' best chance.
- House Democrats have sought financial records for Trump, his family members and his businesses via Deutsche Bank in federal court in New York. But the court indicated in a ruling this week that Deutsche Bank is not in possession of the president's tax returns.
- Trump won an emergency stay from a federal appeals court earlier this week after losing a key ruling in a case brought by Manhattan's district attorney for 8 years of the president's personal and corporate tax returns. The case is awaiting "expedited review" by a court panel.
- The House Ways and Means Committee sued the Treasury Department in July to compel the IRS to turn over 6 years of Trump's tax returns. That case is awaiting a hearing next month.
California and New York have passed their own laws to attempt to get a look at Trump's taxes, but both have faced quick lawsuits from the president — resulting in injunctions while the cases proceed.
The other side: The Trump administration's position is that the requests for his returns serve no "legitimate legislative purpose," and therefore don't have to be fulfilled.
- The Justice Department also says it's for this reason that Congress can't subpoena the documents.
What we do know: A decade of Trump's tax documents received by the New York Times in May revealed that he racked up $1.17 billion in losses from 1985 to 1994.
- He seems to have lost enough money that he was able to avoid paying income taxes for 8 of the 10 years.