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Senate OKs tax disclosure bill for presidential candidates

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The state senate today passed on a 32-19 vote a bill sponsored by Sen. Daniel Biss (D-Evanston) that would require presidential candidates to disclose five years’ worth of income tax returns to appear on the ballot in Illinois.

“This is about transparency and good government,” Biss said. “It’s something we need, and, frankly, it’s something I wish we’d had a year and a half ago.”

The proposal, Senate Bill 982, now goes to to the Illinois House for consideration.

Federal law requires presidential candidates to complete financial disclosure forms that include information about income, property, liabilities, investments and certain financial interests of family members, but candidates are not required to release tax returns. Until 2016, major-party candidates for president voluntarily had released their returns since the Ford administration in an effort to appear transparent with voters.

Biss said voters should be able to look at information about a presidential candidate’s sources of income and investments so they can understand where potential conflicts of interests may lie – a critical consideration for the most powerful elected office in the nation.

“Voters should be able to make up their own minds a candidate based upon their own priorities and their own interests,” Biss said. “I think we can all agree that it is in the public’s best interest to make sure they have all the information they need to make the best possible decision at the polls.”

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