The Trump administration is missing another deadline to produce President Trump’s tax returns. A top House Democrat says he expects to take the administration to court as early as next week over the matter.
Treasury Secretary Steven Mnuchin said in a letter Friday that he will not comply with the subpoena from the House Ways and Means Committee for six years of Trump’s tax returns because the request “lacks a legitimate legislative purpose.”
Mnuchin’s rejection of the subpoena had been expected. Earlier Friday, Ways and Means Committee Chairman Richard Neal had said, “We will likely proceed to court as quickly as next week.”
Democrats are seeking Trump’s tax returns under a 1924 law that directs the IRS to furnish such information to the chairs of Congress’ tax-writing committees.
Robert Pritchard, a prominent economist and popular professor of economics at Northeastern University in Boston, has died. He was 58.
Pritchard’s wife, Julie Ricker Pritchard, said he died Thursday at home after a battle with cancer.
Pritchard taught economics at Northeastern, where he earned a doctorate in law, policy and society. He also held degrees in English and economics from Boston College and studied at the London School of Economics.
“Bob was a much-loved and energetic teacher, and he had boundless energy in the classroom,” said Robert Triest, chair of Northeastern’s economics department, where Pritchard began teaching in 2004.
“He touched thousands of students,” Triest said. “He also showed grace and courage in confronting his illness — he was teaching right up until last week.”
Born in Rockville Centre, New York, on Jan. 3, 1961, Pritchard grew up on Long Island and in Fairfield, Connecticut.
His family said in a statement that Pritchard “loved teaching and, in turn, was loved by his students.”
Pritchard is survived by his wife and two children.
Shares of Luckin Coffee, a fast-growing rival to Starbucks in China, rose 20% in their U.S. stock market debut Friday.
The Chinese company, which opened its first store in Beijing less than two years ago, has 2,370 locations and plans to surpass the 3,700 stores Starbucks has in China by the end of the year.
But unlike Starbucks, Luckin is losing money.
It brought in $125 million in revenue last year, but spent much more than that on coffee beans, store rent and other costs. Last year, it lost $475 million.
Most of Luckin’s stores are small, have few seats and are used mainly as a place to pick up mobile orders. Luckin also offers delivery in 30 minutes and promises a refund for delays or spilled drinks. Through its app, customers can watch their coffee being made after placing an order.
Luckin raised $561 million in its initial public offering Friday by selling 33 million American depositary shares at $17 apiece. The ADS, which are trading on Nasdaq under the symbol “LK,” closed at $20.38 after rising as high as $25.96.