Equities
Appeals court rejects Trump appeal of subpoena for tax returns

President Donald Trump speaks to reporters as he departs for travel to Minnesota from the South Lawn of the White House in Washington, U.S. October 10, 2019.Jonathan Ernst | ReutersA federal appeals court in a split ruling Friday rejected President Donald Trump’s bid to block a House committee subpoena for his income tax returns.The subpoena was issued earlier this year to Trump’s accountants at Mazars USA by the Democrat-controlled House Committee on Oversight and Reform for his tax returns.A federal judge had denied Trump’s effort to block the subpoena.Trump then appealed that ruling to the U.S. Circuit Court of Appeals for the District of ColumbiaThat appeals court, in a 2-1 decision, upheld the lower court’s ruling on Friday.The dissent came from Judge Neomi Rao, who was appointed by Trump to that the DC appeals court.The ruling does not mean that Trump’s tax returns will immediately be released to the House committee.The appeals panel ordered that the effect of the ruling be put on hold until seven days after the disposition of a petition for a rehearing of the case by either the same panel or for a rehearing of the case by the entire lineup of judges in the 2nd Circuit.In addition to seeking a rehearing of the case at the D.C. Circuit Trump can ask the U.S. Supreme Court to take his appeal.Neal Katyal, a former acting U.S. Solicitor General — the lawyer who argues for the federal government at the Supreme Corut — said on Twitter that Trump could have a tough time getting the high court to overturn the decision given the fact that a federal judge and a highly respected appeals court have both ruled for the House.Trump currently is asking the 2nd Circuit Court of Appeals in Manhattan to block another subpoena for his corporate and personal income tax returns that was issued by a state grand jury in New York City.That other subpoena was sought by the Manhattan District Attorney’s Office as part of an ongoing criminal investigation.Manhattan DA Cyrus Vance Jr. is probing how the Trump Organization accounted for hush money payments paid before the 2016 presidential election to two women, porn star Stormy Daniels and Playboy model Karen McDougal, in exchange for their keeping quiet about their alleged affairs withTrump years earlier.Trump has denied having sex with either woman.A federal judge in Manhattan had dismissed Trump’s effort to block the DA’s subpoena. The 2nd Circuit is set to hear Trump’s appeal of that decision later this month.This is a breaking news story. Check back for updates.