President Trump on Thursday filed a petition asking the Supreme Court to reverse a lower court ruling compelling his longtime accounting firm Mazars USA to turn over his tax returns to the Manhattan district attorney.
Why it matters: The request, which was expected, marks a significant escalation of the president's fight to stop prosecutors and Congress from obtaining his financial records — one that will test the limits of Trump's argument that he is immune from criminal investigation while in office.
The backdrop: The legal fight over Trump's tax returns started in August when Manhattan District Attorney Cyrus Vance Jr. subpoenaed Mazars as part of a criminal investigation into allegations that the Trump Organization made hush money payment during the 2016 presidential election to two women who had affairs with Trump.
- Vance Jr. requested the president's tax returns and those of his family business dating back to 2011.
- Michael Cohen, Trump's former personal lawyer, is currently serving out a 3-year sentence for campaign finance violations for making a $130,000 payment to adult film star Stormy Daniels and a $150,000 payment to Playboy model Karen McDougal on the condition that they did not reveal their past relationships with Trump.
- Vance Jr. is investigating whether the Trump Organization falsely listed its reimbursement of Cohen for the $130,000 payment to Daniels as a legal expense.
The big picture: Trump has filed at least three lawsuits to block the release of his tax returns. The president, his family and his company also filed a lawsuit against Deutsche Bank to block the bank from complying with congressional subpoenas for their business records.
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