Supreme Court to rule Thursday on President Trump's effort to keep taxes, financial records secret

WASHINGTON – The Supreme Court will complete its 2019 term Thursday with rulings on President Donald Trump's effort to keep his tax returns and other financial records away from congressional investigators and New York prosecutors.

The long-awaited decisions are important for several reasons: They could result in Trump's finances becoming public in the midst of his re-election campaign. They could redefine the separation of powers between the executive and legislative branches. And they could determine if a sitting president, unlike other citizens, is above the law. 

The court announced Wednesday that it would release its final opinions Thursday beginning at 10 a.m. ET. The two cases involving Trump's finances were heard on May 12, the second to last day of oral arguments, and were conducted by telephone because of the coronavirus pandemic.

The justices' rulings will carry political, legal and constitutional implications for the president, Congress and law enforcement officials who have argued the records could reveal evidence of criminal wrongdoing or lead to new legislation on Capitol Hill.

More:Supreme Court grills both sides in landmark battle over Trump's financial records

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Trump, acting through his personal legal team, has refused to comply with subpoenas from three House committees controlled by Democrats, as well as Manhattan District Attorney Cyrus Vance Jr., seeking information from his accounting firm and banks. 

The House Committee on Oversight and Reform issued a subpoena to Mazars USA, Trump's accounting firm, more than a year ago seeking financial records from the president, his family business, a trust and the company that runs Trump International Hotel in Washington, D.C. Thus far, two federal courts have upheld the subpoena.

Trump's former personal lawyer, Michael Cohen, testified before Congress that as a private citizen, Trump routinely overstated or understated his holdings for financial gain. The panel wants to compare eight years of financial documents to Cohen's testimony and government disclosures. 

The House Financial Services Committee and the House Intelligence Committee issued subpoenas to Deutsche Bank and Capital One more than a year ago seeking records from Trump, his three oldest children and the Trump Organization. The panels are probing risky lending practices by major financial institutions and efforts by Russia to influence U.S. elections. They, too, have been upheld twice in lower courts.

The Manhattan district attorney's subpoenas came later as part of a criminal probe of hush-money payments that Cohen said were made to adult film star Stormy Daniels and former Playboy model Karen McDougal, who claimed they had affairs with Trump that he has denied. Once again, two lower courts upheld the subpoenas. 

Trump's lawyers have argued that the president has absolute immunity while in office from grand jury investigations of criminal conduct. During oral arguments before the U.S. Court of Appeals for the 2nd Circuit, they contended Trump could shoot someone on Fifth Avenue and escape prosecution until he leaves office. 

In previous separation-of-powers battles over documents or testimony, the Supreme Court ruled unanimously against Presidents Richard Nixon in 1974 and Bill Clinton in 1997, with their nominees in agreement. The decisions led eventually to Nixon's resignation and Clinton's impeachment, though he was not ultimately removed from office by the Senate.