Trump’s shocking income tax revelations

The New York Times is reporting that President Trump paid only $750 in taxes the year he won the presidency.
2:02 | 09/28/20

Coming up in the next {{countdown}} {{countdownlbl}}

Coming up next:

{{nextVideo.title}}

{{nextVideo.description}}

Skip to this video now

Now Playing:

{{currentVideo.title}}

Comments
Related Extras
Related Videos
Video Transcript
Transcript for Trump’s shocking income tax revelations
We turn now to ABC's Kyra Phillips in Washington with the latest headlines. Good afternoon, Kyra. Good afternoon. We begin here today with the shockwaves over president trump's taxes, chronic losses and years of tax avoidance reported by "The New York Times." The staggering front-page accusations reporting records that the president has long fought to conceal saying he paid only $750 in federal income taxes the year he won the presidency and his first year in the white house. Now just to put that into perspective, $750 is about what an elementary schoolteacher pays. The report also finding no income tax paid in about 11 years of the 18, so far, debts into the hundreds of millions of dollars that the president would owe in a second term. Trump also reportedly writing off $70,000 in hair cuts. The paper says it obtained the tax filings legally. The president calling it fake news. ABC by the way hasn't independently reviewed these documents. The new wildfires erupting in the west, more than 2500 acres now igniting in wine country. In northern California. Evacuations under way there, as flames from the glass fire start to close in and just two years after the devastating campfire, the embattled town of paradise under new evacuation warnings now, due to that fire threat. Dangerous fire conditions forecast for most of California now. And look for the Lakers in the upcoming NBA finals, their first appearance there since 2010. James leading the Lakers' victory this weekend over the Denver nuggets, clinching his own tenth finals appearance. Oh, and by the way, I got a call, king James -- what? Wanted to know where you got that tie. He said you looked fantastic. We found it outside in the Hang in there, Amy, hang in there. Stay with us, folks. Going to need your moral

This transcript has been automatically generated and may not be 100% accurate.

{"duration":"2:02","description":"The New York Times is reporting that President Trump paid only $750 in taxes the year he won the presidency.","mediaType":"default","section":"ABCNews/GMA","id":"73294446","title":"Trump’s shocking income tax revelations","url":"/GMA/GMA3/video/trumps-shocking-income-tax-revelations-73294446"}