'TRUMP Act' would require public release of Trump's tax returns

A new bill in New York would require the release President Trump's tax returns online.

The legislation, proposed by New York state senators, is called the Tax Returns Uniformly Made Public (TRUMP) Act.

According to CNN, the state would be obligated to post the state tax returns of those elected to federal or state office online for the public.

Yet it only extends to those elected to office in a statewide election.

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A protester demonstrates near Trump Tower against U.S. President Donald Trump in the Manhattan borough of New York City, U.S. May 4, 2017. REUTERS/Mike Segar
U.S. President Donald Trump (2nd R) and first lady Melania Trump (R) arrive with Australia's Prime Minister Malcolm Turnbull (L) and his wife Lucy Turnbull (C, back) at an event commemorating the 75th anniversary of the Battle of the Coral Sea, aboard the USS Intrepid Sea, Air and Space Museum in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst
U.S. President Donald Trump lands via Marine One helicopter at the Wall Street landing zone in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst
U.S. President Donald Trump arrives aboard Air Force One at JFK International Airport in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst
An anti-Trump demonstrator (L) interacts with pro-Trump supporters near the Intrepid Sea, Air & Space Museum ahead of an expected visit by U.S. President Donald Trump in the Manhattan borough of New York City, U.S., May 4, 2017. REUTERS/Brendan McDermid
A man with "No" written on his jacket stands in front of the Intrepid Sea, Air & Space Museum ahead of an expected visit by U.S. President Donald Trump in the Manhattan borough of New York City, U.S., May 4, 2017. REUTERS/Brendan McDermid
U.S. President Donald Trump (L) and Australia's Prime Minister Malcolm Turnbull (R) deliver brief remarks to reporters as they meet ahead of an event commemorating the 75th anniversary of the Battle of the Coral Sea, aboard the USS Intrepid Sea, Air and Space Museum in New York, U.S. May 4, 2017. REUTERS/Jonathan Ernst
Protesters hold signs near the Intrepid Sea, Air & Space Museum ahead of an expected visit by U.S. President Donald Trump in the Manhattan borough of New York City, U.S., May 4, 2017. REUTERS/Shannon Stapleton
A pro-Trump supporter taunts anti-Trump protesters near the Intrepid Sea, Air & Space Museum ahead of an expected visit by U.S. President Donald Trump in the Manhattan borough of New York City, U.S., May 4, 2017. REUTERS/Brendan McDermid
Protesters hold a ""Dump Trump" sign from a bridge to the Intrepid Sea, Air & Space Museum ahead of an expected visit by U.S. President Donald Trump in the Manhattan borough of New York City, U.S. May 4, 2017. REUTERS/Shannon Stapleton
Protesters demonstrate near Trump Tower against U.S. President Donald Trump in the Manhattan borough of New York City, U.S. May 4, 2017. REUTERS/Mike Segar
A protester holds effigies of chief strategist Steve Bannon (top) and U.S. President Donald Trump near the Intrepid Sea, Air & Space Museum ahead of an expected visit by the president in the Manhattan borough of New York City, U.S. May 4, 2017. REUTERS/Shannon Stapleton TPX IMAGES OF THE DAY
Pro-Trump supporters walk near the Intrepid Sea, Air & Space Museum ahead of an expected visit by U.S. President Donald Trump in the Manhattan borough of New York City, U.S., May 4, 2017. REUTERS/Brendan McDermid
New York City Sanitation trucks are pictured parked outside of Trump Tower in the Manhattan borough of New York City, U.S. May 4, 2017. REUTERS/Mike Segar
Protesters hold signs near the Intrepid Sea, Air & Space Museum ahead of an expected visit by U.S. President Donald Trump in the Manhattan borough of New York City, U.S., May 4, 2017. REUTERS/Shannon Stapleton
Protesters gather ahead of the anticipated arrival of U.S. President Donald Trump in the Manhattan borough of New York, U.S., May 4, 2017. REUTERS/Brendan McDermid
Protesters demonstrate near Trump Tower against U.S. President Donald Trump in the Manhattan borough of New York City, U.S. May 4, 2017. REUTERS/Mike Segar
Protesters, including a person impersonating U.S. President Donald Trump, gather ahead of the anticipated arrival of the president in the Manhattan borough of New York, U.S. May 4, 2017. REUTERS/Brendan McDermid
A child holds a sign during a protest near Trump Tower against U.S. President Donald Trump in the Manhattan borough of New York City, U.S. May 4, 2017. REUTERS/Mike Segar
Protesters demonstrate near Trump Tower against U.S. President Donald Trump in the Manhattan borough of New York City, U.S. May 4, 2017. REUTERS/Mike Segar
Protesters demonstrate ahead of the anticipated arrival of U.S. President Donald Trump in the Manhattan borough of New York, U.S., May 4, 2017. REUTERS/Brendan McDermid
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That means it wouldn't apply to New York's state representatives and senators, but both the president and vice president would be subject to this law.

Democratic Senator Brad Hoylman, who sponsored the bill, tells CNN, "The tax experts I've spoken to think we'll get a good snapshot of what's on his federal form."

He was inspired by an op-ed in the Washington Post by a University of Chicago law professor, suggesting publishing his state tax returns would likely be a quicker and easier route than a plan involving the disclosure of his federal tax returns.

With Congress turning to tax reform, Hoylman is doubling down on the importance of releasing Trump's taxes.

Hoylman has also introduced another bill mandating that anyone on a statewide ballot in New York would have to release their federal tax returns themselves.

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