Donald Trump wants to release copies of his recent tax returns, but says he is unable to do so because the IRS is currently auditing him. He added he would be willing to release the returns after the audit is complete.

Trump told the audience and his Republican competitors at Thursday's CNN Republican debate that his returns from the past two to three years are being audited.

Trump Could Release Tax Returns if He Wanted

Individual tax payers have the final decision of whether or not they want the public, a lender or anyone else to see their returns.

But Trump insisted that everybody would agree with him he should not release his returns.

The audit being performed by the IRS might change how much Trump owes in taxes, but the tax returns are what he and his tax preparers sent to the IRS initially. If he wanted to, there is nothing stopping the candidate from releasing the returns to the public.

Romney Says Trump Hiding Something

Former Republican presidential nominee Mitt Romney is one interested party, curious to see what Trump has in his returns. Romney said there may be a "bombshell" in the forms that the public has the right to see.

Romney said he personally believes Trump is hiding something in his taxes. He suggested either Trump is not as rich as he says he is, or he has not been paying the amount of taxes voters think he should be paying.

Trump fired back on Twitter, criticizing Romney for holding back his own tax returns until late in his campaign in 2012.

Audits Rare for Most Tax Payers

Less than 1 percent of individual tax payers face audits. However, high income earners, those who make $10 million or more per year, see an audit rate closer to 10 percent. Trump said the audits are routine, and his returns have been monitored closely by the IRS in recent years.

Trump Says He Is Worth $10 Billion or More

Trump said he has filed documents to prove he is worth at least $10 billion. He added voters would be able to find out more about his financial situation by viewing those documents rather than viewing his tax returns.

Trump's Republican competitors, Sens. Marco Rubio and Ted Cruz, plan to release their tax returns to the public. Rubio said he would be releasing his over the weekend, while Cruz has already released five years of his returns and plans to release two more on Friday.

Do you think Trump will release his tax returns or will he wait for several months? Leave us a comment below and let us know what you think.

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