The filing observes "a wide range of 'alternative remedies and deterrents' to presidential wrongdoing" that fall outside strict judicial action.
This is the first time that Trump's personal dealings have come before the nation's top court since he was elected president.
The president wants to keep the financial records his accountants Mazars holds private from Congress, but a federal appeals court ruled to hand them over.
A New York federal appeals court ruled on Monday that Trump's tax returns can be turned over to criminal investigators in the state. The president's lawyers are expected to appeal the decision.
"The grand jury could indict them," former Manhattan assistant district attorney Steven Cash told Newsweek, referring to Trump and his family.
The bank told a federal appeals court that it no longer holds records of President Donald Trump's tax returns.
The California senator, a candidate in the Democratic Party's 2020 race, said President Donald Trump is intimidating witnesses.
Trump's legal team argued that the president would suffer "irreparable harm" if his tax returns were made public.
"I can't believe they sent the check in the first place,'' his attorney said of the IRS. "Wasn't there any oversight?''
On Monday, speaking to reporters about the Turnberry scandal, the president vowed to release a report on his personal finances.
Deutsche Bank all but admitted that it holds President Donald Trump's tax returns in a federal appeals court filing.
It's past time for Congress to hold Steven Mnuchin in contempt.
"The famous contractors and subcontractors he didn't pay, but he never suffered at all," noted legal analyst Jeffrey Toobin.
"To lose over $1 billion over 10 years, Trump lost $11,416 per hour," Morning Joe co-host Mika Brzezinski said.
Trump's seminal memoir and business-advice book was publish in the midst of huge losses for his businesses.
President Donald Trump reportedly used hype about a potential takeover to lift the price of stocks he recently purchased until investors figured out what he was up to.
"Wouldn't you think someone who personally lost over a BILLION dollars [might] be vulnerable to shady activity to get out of that hole?" New York Representative Alexandria Ocasio-Cortez said.
Trump's businesses lost more than $250 million in 1990 and again in 1991, according to The New York Times. Between 1985 and 1994, he reported roughly $1.17 billion in losses.
"I have determined that the Committee's request lacks a legitimate legislative purpose, and… the Department is therefore not authorized to disclose the requested returns and return information," Treasury Secretary Steven Mnuchin said.
"Once they state something even related to a congressional purpose, the court, I think, will allow this to go through," said Andrew Napolitano, a former judge.
President Donald Trump is not obliged by the law to release his tax returns, Lara Trump, 2020 campaign adviser and wife of Eric Trump, told Fox News.
Although the Democratic Senator and 2020 Presidential candidate has never denied his status as a millionaire, the release of his tax returns spanning 10 years proved how his 2016 presidential run elevated him into wealth.
"How about sending us the tax returns of @POTUS as required by law," Rep. Ted Lieu tweeted. "If we are not smart enough to understand them, we will send them back. Pinky promise."
House Democrats told Newsweek they plan to "use every legal recourse available" if Treasury continues to refuse to provide the president's tax returns.
Vermont Senator Bernie Sanders has been compared to President Donald Trump for failing to release his full tax returns, but he said he will by April 15.
House Financial Services Committee Chair Maxine Waters said: "Please don't instruct me on how I'm supposed to conduct this committee."
Mick Mulvaney also said that Democrats would "never" see the president's tax returns.
"We wouldn't need to go through this exercise if he had simply done what he had promised to do," Representative Dan Kildee said.