'The Supreme Court has lost its honor': Donald Trump rants after SCOTUS rules he must hand over his tax returns

The Supreme Court on Tuesday ruled in favor of the imminent handover of former President Donald Trump’s tax returns. Trump was the first president in 40 years not to release his taxes after announcing his first presidential run. The House of Representatives Ways and Means Committee has been seeking access to Mr. Trump's taxes since 2019.

Tuesday's ruling allows a lower court's order to stand, authorizing the documents to be handed over to the committee.

Watch below to see ABC news correspondent Jonathan Karl break down the implications of the ruling:

Trump, who launched his third campaign for the White House last week, is facing multiple investigations related to his business practices, all of which he denies any wrongdoing.

Trump, reported heavy losses from his business enterprises over several years to offset hundreds of millions of dollars in income, according to news media reporting and trial testimony about his finances. That allowed him to pay very little in taxes.

In 2020, the New York Times, citing two decades of tax return data, said Trump paid no federal income tax in 10 of the 15 years through 2017 despite receiving $427.4 million in income from his reality television program and other endorsement and licensing deals through 2018. The newspaper reported that Trump paid just $750 in federal income tax in 2016 and 2017.

Trump in 2020 called the article “fake news.” A Trump Organization lawyer in 2020 said that Trump “paid tens of millions of dollars in personal taxes to the federal government” over the prior decade.

The recent SCOTUS decision clears the U.S. treasury department to deliver tax returns from 2013-2018 for Mr. Trump and some of his businesses to the Democratic-controlled committee.

The Supreme Court's brief response did not note dissent from any of the judges, three of whom were appointed by Trump.

The former president trashed the right-wing majority court on his social media platform Truth Social following the ruling. He claimed, “Why would anyone be surprised that the Supreme Court has ruled against me, they always do! It is unprecedented for me to be turning over Tax Returns, & it creates terrible precedent for future Presidents. Has Joe Biden paid taxes on all of the money he made illegally from Hunter Biden and beyond. The Supreme Court has lost it’s honor, prestige and standing, & haws become nothing more than a political body, with our Country paying the price. They refuse to even look at the Election Hoax of 2020. Shame on them!"

The Ways and Means Committee is set to receive the tax records next week, following the Thanksgiving holiday. The records will not be made public and the committee will have a little over a month to review the documents before the new House is sworn in January 3, 2023.