A federal appeals court has ruled against Donald Trump in his fight to keep his tax returns private. From the New York Times:

The three-judge appeals panel did not take a position on the president’s biggest argument — that he is immune from all criminal investigations. A lower court had called that argument “repugnant to the nation’s governmental structure and constitutional values.”

Instead, the appeals court said the president’s accounting firm, not Mr. Trump himself, was subpoenaed for the documents, so it did not matter whether presidents have immunity.

The case now appears headed for the U.S. Supreme Court, so don’t expect to see the tax returns anytime soon. The Washington Post writes:

The decision is the second time in recent weeks that a federal appeals court has ruled against the president in his bid to stop investigators from scrutinizing his private financial records. The case is one of several legal clashes testing the limits of presidential power that is expected to reach the Supreme Court as soon as this term.

The case began earlier this year when the Manhattan district attorney subpoenaed the returns in an investigation into hush-money payments Trump made to two women before the 2016 election.

Trump’s attorneys have argued that the criminal investigation of a sitting president is unconstitutional.