A three-judge panel of the U.S. Court of Appeals for the District of Columbia Circuit, in a 2-1 decision, affirmed a lower court ruling that the House Oversight Committee's subpoena to Mazars LLP for the data was valid.
In a statement, the accounting firm wrote: Mazars USA will respect the legal process and fully comply with its legal obligations.
"Instead of working with the president to pass bipartisan legislation that would actually benefit Americans, Democrats are singularly obsessed with finding something they can use to damage the president politically", Trump's suit said.
The House Oversight Committee subpoenaed Mazars in April - prompting a lawsuit from the president, who said the move had "no legislative objective".
House Democrats are looking for evidence of conflicts of interest and payments from foreign governments that could justify impeaching President Trump.
Trump will have seven days to ask for another appeal on the decision endorsing the House's subpoena of his tax documents.
Rao, in her dissent, criticized the majority for breaking new ground in upholding the subpoena as part of Congress's legislative power. Judge Patricia Millett, who joined him in the majority ruling, was appointed by former President Barack Obama.
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The court is expected to hear arguments in that case on October 23.
Pending an appeal, Trump's lawyers may turn to the US Supreme Court to rule on the issue.
As Rachel noted on the show, Trump's legal team argued in that case that a sitting American president can not be investigated by anyone for any reason, no matter how serious the underlying accusation.
Tatel wrote that "we detect no inherent constitutional flaw in laws requiring Presidents to publicly disclose certain financial information".
"The constitution and our historical practice draw a consistent line between the legislative and judicial powers of Congress", she wrote.
"When Congress seeks information about the President's wrongdoing, it does not matter whether the investigation also has a legislative objective", Rao continued. He can either appeal this to the full DC Circuit for an en banc ruling, or he can take it to the Supreme Court - where the balance at least appears to favor him. The president's lawyers, hired specifically to help keep his tax returns hidden, sued to block enforcement of the subpoena, arguing that Congress lacks the legal authority to scrutinize alleged presidential misdeeds.
As of this morning, we're one step closer to seeing Donald Trump's hidden tax returns. That appearance is precisely why the Supreme Court would rather rehash Roe than get involved in any way, but it seems highly likely that Trump would get the requisite four votes for a grant of cert when he appeals this ruling.