Image Sourced ShutterStock
The Market Online - At The Bell

Join our daily newsletter At The Bell to receive exclusive market insights

  • U.S. President Donald Trump has had his latest effort to block the Manhattan DA from obtaining his tax returns knocked back by a Federal Judge
  • Judge Victor Marrero of Federal District Court in Manhattan ruled Trump’s personal and corporate tax returns should be handed over to a New York grand jury
  • The Manhattan DA is seeking the tax records as part of a wider investigation in to Trump’s business operation and alleged cover-up payments
  • The President has been fighting the DA’s subpoena for over a year, with the case already going to the Supreme Court once before
  • It’s likely to end up there again, with Trump’s lawyers filing papers stating they would appeal this latest setback

U.S. President Donald Trump’s latest effort to avoid handing over his tax records to the Manhattan DA has failed, with a Federal Judge knocking back his lawyer’s arguments.

The President’s lawyers have already announced an appeal, meaning the case will head back to the Supreme Court again and an ultimate decision on the inquiry into alleged 2016 cover-up payments won’t be reached before the November election.

The DA case

Trump’s lawyers have been working for over a year to block the Manhattan District Attorney from obtaining his company and personal tax returns from 2011 onwards.

The District Attorney’s, Cyrus R. Vance Jr., subpoena is part of a wider investigation into Trump’s conduct in the lead-up to the 2016 election, including claims Trump paid off an adult film star, Stormey Daniel, to keep her quiet about a supposed affair.

The U.S. President has long maintained the investigation is politically motivated, as Vance Jr. is a democrat, and has labelled it a “witch hunt.”

Trump’s legal team took their appeal of the supbonea, requesting his tax records, to the Supreme Court earlier this year, but their argument was knocked back.

Latest appeal

In this latest appeal, they argued the grand jury subpoena by the Manhattan DA was “wildly overbroad” and issued in bad faith.

But, Judge Victor Marrero of Federal District Court in Manhattan dismissed the objections, stating he could not allow “absolute immunity through a back door.”

The U.S. President’s legal team have already filed papers announcing their intention to appeal the decision, meaning the case is likely headed back to the Supreme Court.

Importantly, if Trump did hand over his records to the Manhattan DA, it’s unlikely they would be made public due to strict secrecy laws.

Meantime, today’s ruling – and wider case – is not to be confused with another case by Democratic lawmakers to have Trump’s tax records made public.

The U.S. President did state he’d release his records in the lead-up to the 2016 election, as is tradition, but has since declined to do so and fought any attempt to make them public.

The U.S. will head to the polls on November 3, to decide between Donald Trump and Joe Biden as President.

More From The Market Online
AI concept

The great AI scare sell-off is still permeating Wall Street; a speculative blog from the not-so-distant future stands as the latest culprit

The ongoing tech sell-off in the United States, ironically driven by the larger AI thematic itself, continues to define
US and Aus flag

The XJO benefitted from geopolitical calm last week. New tariff fears perhaps feel more familiar

Last week, I wrote that the ASX200 was having a good week, where Australian investors were reacting to Australian earnings reports and how

Okay, so just where is gold heading? Experts say its nowhere near finishline yet

Leading industry, government and investment groups are still confident that the gold’s bull run is nowhere…
Koala share trading AI

The ASX 200 is up over 4% YTD. What EOY targets are floating around?

It’s been a pretty good year for the ASX200 so far, helped greatly by the ‘commodity supercycle’ narrative – which isn’t really a