Bombshell report of Trump's taxes

The New York Times report shows Trump paid only $750 in federal income taxes the year he was elected president, and none in 10 other years. ABC's Kenneth Moton reports.
2:56 | 09/28/20

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Transcript for Bombshell report of Trump's taxes
This morning president Trump's finances under fire. After years are refusing to release is tax returns the New York Times says it's obtained more than two decades of tax data for trump. And as business organization. The documents which have not been seen by ABC news reportedly showed the president is hemorrhaging cash. The New York Times reports Trump's endorsement deals from the apprentice are drying up he reportedly sold off its stockholdings years ago. And the times rights within the next four years more than 300 million dollars in loans for which he is personally responsible. Come due president trump has repeatedly refused to release his taxes. Saying he's under IRS audit. Well rest is not troop morale they treat me like the temporary like victory Mickelson birdied. They don't turn around they trip over Bentley. You have people that India arrested though they could move very very badly. But the lender on it. Truck previously boasted a rock trying to avoid paying taxes. I have legally use the tax laws that might benefit. I fight very hard. Because this country wastes our money. According to the New York Times trump paid only 750 dollars in federal income taxes and 2016. Between 2000 Tony fifteen he pay taxes only five times because most years he reported losing millions more than he earned. You made what about 250 million dollars in last year. 605. Million token 605 while the New York Times has the wall not publish the actual records to avoid revealing its sources. The article reveals that among the write offs trump has taken over the years. Are more than 70000 dollars for hair cuts won't be apprentice nearly 96000 dollars. For the Russia inquiry. Probe reportedly racked up 26 million dollars in quote and explain consulting fees paid a lot of money is still. According to the times the documents also unearthing transactions that could be seen as conflicts of interest. Including payments from for an official staying at resorts like moral Argo and other properties in the president never divested from. In response to the allegations trump slammed the New York Times overnight. So who knows it's terrific news will have flown. We're doing the same stirs your personal the same questions rumors around litigate this and talk about it. Terrific news now actually paid tax. In a statement to ABC news the Trump Organization says in part the story is quote. Riddle would gross inaccuracies. Over the past decade the president has paid tens of millions of dollars in personal taxes to the federal government. But Democrats are Palestine. House Speaker Nancy Pelosi saying it is a sign or president trumps disdain for America's working families. Until president trump every president back to Jimmy Carter have publicly release his tax returns. I'm back in 2012 front criticize President Obama for paying a 20% tax rate.

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

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