This is pure speculation. If I were his tax accountant (I am a CPA and did international tax planning earlier in my career) and responsible for preparing his tax returns, I would strongly encourage him not to release his tax returns. He is involved in international business and real estate, I would suspect there are many things he has done to minimize his tax liabilities. Remember how much Romney got hammered for his offshore trusts… let me remind you…

https://abcnews.go.com/Blotter/romney-parks-millions-offshore-tax-haven/story?id=15378566

Other wealthy individuals use personal and public Foundations to convert their traveling costs into tax deductions (as the audit of the Clinton Foundation revealed). While legal, it does raise eyebrows from those of us that do not have Foundations.

While arguing tax positions in court is how the game is played between the IRS and wealthy individuals, arguing those positions in the “court” of public opinion with the media presenting evidence in a selective way and where one gets none of the legal rights one has in a real court makes releasing his tax returns a dumb idea.

But just as importantly, if Trump succeeds in protecting his right not to release his tax returns, it is a big win for every American. We all have privacy rights and they are under attack everywhere we turn. People have a choice not to vote for someone that does not make their tax returns public, but one should never be forced to do so. Nancy Pelosi for example refuses to release her tax returns as do many other members of Congress.

Arguably, the tax returns of members of Congress is more important information than the tax returns of a President. Presidents have enormous power but that power does not extend to making laws. In contrast, Congress passes laws and to the extent members of Congress or their families benefit from legislation passed by Congress, it would be helpful to know. So perhaps there is a middle ground, one that is similar to the laws impose on executives of company in their public SEC reporting.

Perhaps rather than releasing their whole tax returns, members of government and their immediate families must disclose through public filing any income they derive from sources where their influence as a government official appears to raise conflicts of interest. Using Trump as an example, while not revealing his tax returns, he should disclose the amount of money government agencies spent at his hotels and which agencies they were. Maxine Waters should disclose how much business her husband does with banks, since she sits on the House’s Banking and Finance Committee. These reports would be subject to audit by the IRS for accuracy.

The important thing is trying “to get” Trump is a dumb reason to change our privacy laws. Trying to improve government official disclosures on conflicts of interest like the money your son earns from a foreign oil company where you have tremendous influence is helpful.