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Trump to provide 2016 financial disclosure in "short period of time"

Trump silent on tax returns

President Donald Trump is preparing to go public with information about how last year shaped his personal fortune, a White House official says.

The plan was disclosed Monday as Vice President Mike Pence filed his own 2016 personal financial disclosure form with the Office of Government Ethics. Pence reported earning about $110,000 last year, entirely from his salary as governor of Indiana.

Trump's personal finances are far more complex, since he was at the helm of a global real estate, property management and branding business until taking office in January. 

The White House official told CBS News that while "the president has no obligation to file, he will in a short period of time."

The official did not give details about when exactly it would be released 

Previous presidents, including Barack Obama and George W. Bush, have updated the public on their finances during their first year in office, even though they are not required to do so until the second year. Until Monday, the White House had not indicated whether Trump would follow that tradition or take advantage of his ability under the law to wait a year.

Such documents include an accounting of a person's personal income, assets and liabilities. Trump's 2016 form will span his general election candidacy, election and transition to power — potentially shedding light on the immediate impact his Republican nomination and election had on his Trump Organization.

Last May, then-candidate Trump's disclosure form showed his business empire had grown in value while he was running for office.

However, the information is no substitute for tax returns, which Trump has chosen not to release. Tax documents would show his effective rate of income tax and detail the extent of his charitable giving.

Treasury Secretary Steven Mnuchin told reporter's last month that the president had "no intention" to release his returns.

"The president has released plenty of information, and I think has given more financial disclosure than anybody else," Mnuchin said. "I think the American population has plenty of information."

Mr. Trump has also reiterated his claims that he is still "under audit", which he says is preventing him from releasing his returns, during an interview with CBS' "Face the Nation."

President Trump: I never spoke with Sec. Mnuchin about my tax returns

"Right now, I'm under audit. After the audit is complete. It's a routine audit, but I have a very big tax return. You've seen the pictures. My tax return is probably higher than that from the floor. When you look at other people's tax return, even other wealthy people, their tax return is this big. My tax return is this high."

Laywers for the president recently revealed in a letter that a review of his last 10 years of tax returns do not reflect "any income of any type from Russian sources," with some exceptions.

The White House says Trump asked his lawyers for a letter following a request from Republican Sen. Lindsey Graham of South Carolina, who heads one of the congressional committees investigating Russia's interference in last year's election.

Trump lawyers say tax returns show no income from Russia

While Trump's two previous financial disclosures have run about 100 pages each, Pence's tend to be far shorter.

In his filing Monday, Pence reported between $105,000 and $295,000 in student loan debt for his children. His wife, Karen, valued her "That's My Towel Charm" craft business at less than $1,001, and her work as a painter at less than $1,001, the new report notes.

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