Donald Trump (Photo: AP)

Senate Finance and Foreign Relations Committee leaders plan to push the Senate when it returns from the August recess to take up and immediately pass in September the Presidential Tax Transparency Act, legislation requiring candidates to release their tax returns shortly after becoming the official nominees of their parties.  

Senate Finance Committee Ranking Member Ron Wyden, D-Ore., and Senate Foreign Relations Committee Member Chris Murphy, D-Conn., are pressing for the bill’s passage in light of Republican presidential nominee Donald Trump’s continuing refusal to release his tax returns, “and with reports raising questions about his financial ties abroad, charitable giving and the zero tax rate he has paid some years in the past,” the two said in a Wednesday statement.

The two senators plan to hold a media conference call on Thursday to call on Trump “to make his returns public in accordance with four decades of bipartisan tradition.”

Wyden introduced the Presidential Tax Transparency Act in late May, stating then that “since the days of Watergate, the American people have had an expectation that nominees to be the leader of the free world not hide their finances and personal tax returns.”

The Presidential Tax Transparency Act says that within 15 days of becoming the nominee at the party convention, the candidate must release their most recent three years of tax returns to the Federal Election Commission. Should the candidate refuse to comply, the Treasury secretary will provide the tax returns directly to the FEC for public release.

— Check out How Greg Valliere Sees ‘the Nastiest Election of Our Lifetime’ on ThinkAdvisor.