Trump cannot use executive privilege to stop release of tax records

President Donald Trump can't invoke "presidential immunity" to block a New York grand jury subpoena for eight years of his tax returns, a federal appeals court ruled Monday.

It's the latest loss for the president in his bid to stop any disclosure of his personal financial records, especially his tax returns. The US Court of Appeals for the 2nd Circuit ruled that any immunity Trump might be entitled to against criminal prosecution didn't apply to a state grand jury subpoena to his accounting firm, and rejected his argument that there was a "serious stigma" associated with being the "target" of a criminal investigation.

"Even assuming, without deciding, that a formal criminal charge against the President carries a stigma too great for the Constitution to tolerate, we cannot conclude that mere investigation is so debilitating," 2nd Circuit Chief Judge Robert Katzmann wrote for the court.

Even assuming that a sitting president can't be criminally prosecuted — an issue the 2nd Circuit made clear it was not ruling on in Monday's order — the court noted that Trump conceded that any immunity would only last while a president was in office and that he could be charged after leaving the White House.

"There is no obvious reason why a state could not begin to investigate a President during his term and, with the information secured during that search, ultimately determine to prosecute him after he leaves office," Katzmann wrote.