President Trump under fire after bombshell report on tax returns

The New York Times reported that President Trump paid just $750 in federal income taxes in 2016, and again during his first year in office.
3:21 | 09/28/20

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Transcript for President Trump under fire after bombshell report on tax returns
We begin tonight with the breaking news that bombshell headline late today. The New York Times obtaining information on president Trump's tax returns. But Todd reporting the president pay just 750. Dollars in taxes in 2016. And again in his first year in office. In ten of the fifteen years before that. He reportedly paid no taxes at all because you reported losing more money than he made. President trump has repeatedly refuse refuse to release his taxes claiming he's under IRS audit. He was asked about the report just moments ago ABC's Andrew Gilbert leads a soft. President trump has refused for years to release his tax returns. And tonight he's facing new scrutiny over his finances while in office the New York Times obtaining over two decades of tax return data for president trump and his business organization showing he paid just 750. Dollars in federal income taxes in 2016. And 750 dollars more his first year in the White House ABC news has not seen the documents cited by the New York Times the president pressed on the report today. Terrific news now actually pay tax credit and listen that the solos my tax returns at. If it's under they've been underwater for a long time. He has bragged about not paying taxes I have legally use the tax laws to my benefit. Add to the benefit. Of my company. My investors. And my employees I mean honestly I have brilliantly look I have brilliantly used those laws. And defying to decades long tradition for presidential candidates to be transparent about their records. According to the times the president has paid no income taxes at all in ten of the last fifteen years and the self proclaimed millionaire is hemorrhaging cash according to the report. Revenue from the apprentice is running out and the times reports lobbyists and foreign officials paid top dollar at trump properties like its moral logger resort and Washington hotel transactions that could be seen as conflicts of interest. As the president did not divest from those businesses when taking office they report profits Emeril log oh rose after trump announced his candidacy. President bringing in six million dollars an initiation fees for the exclusive club in 2016. Sir. That's news. Interwoven reveals gonna come out but clearly it is a relief it I'm being. Think you're doing thorough assessment. Ruben negotiating room alone time. Our let's get right standard timber in Washington on this late breaking news. And we heard the president in your report pushing back against the claims from the New York Times and the Trump Organization is now pushing back as well. And Tom ABC news reached out to the White House for comment they referred us to the Trump Organization to Trump Organization. Telling the times quote. Most if not all of the facts appear to be inaccurate the president meanwhile is likely to face more questions on this. In the coming days Tom all right Andrew Denver with that breaking news tonight press Andrew fake Q&A reminder George Stephanopoulos will be leaving ABC's three hours of debate coverage on Tuesday beginning with a special edition of tweets when he starting at 8 PM eastern followed. By the first trump Biden debate at 9 PM.

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

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