New York Times reports Trump avoided paying taxes for years

"The View" co-hosts react to a New York Times report claiming President Trump paid just $750 in federal income taxes the year he ran for president and in his first year in the White House.
7:40 | 09/28/20

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Transcript for New York Times reports Trump avoided paying taxes for years
"The New York Times" reports that you-know-whose tax records show he didn't pay one cent in federal income taxes for 10 out of the last 15 years before he was president, and that his businesses have been losing boat loads of money, and he's received $73 million in tax refunds. I guess that's why he's been audited, but here's what he had to say about it. It's totally fake news. Made up, fake. We went through the same you could have asked me the same questions four years ago. I had to litigate this and talk about it. Totally fake news, no. Actually, I paid tax, but -- and you'll see that as soon as my tax returns -- it's under audit. They have been you should audit for a long time. The irs does not treat me well. That's so much to unpack, I mean, what were the biggest revelations, like, for you, sunny? Well, there were so many, whoopi. One of the biggest revelations certainly was that he paid his daughter ivanka. I think it was about almost $1 million in consulting fees even though she worked for his company which there have been many federal prosecutions for -- for that sort of sham arrangement. So that certainly was an interesting revelation for me. The other really troubling revelation is that president trump has such a high personal debt, and I think he'll soon face several major bills that would put further pressure on his finances. Right now it seems that he appears to be responsible for $421 million in loans, most of which will come due within four years, and I think that really gives us a good window into why he has been so wonderful with a lot of despites, like the president of Russia and Turkey, because he owes them and he thinks he's going to get something in return for that. When I was in the justice department, people could not get security clearance if they had high personal debt, if they owed taxes. Right. Because it really shows that you could be corrupted by foreign influence. Blackmailed. And other -- you could be blackmailed and that should be very troubling to the average American. Right. Sara, you think it's bigger than just his taxes. Well, it's not surprising to hear he hasn't been paying taxes. He's kind of shopped that line around that if you are paying taxes, you're not that smart, and I find it interesting and ironic that the people at the rallies support that because those taxes more directly affect their day-to-day lives and the fact that he's not participating in that is concerning, not surprising. But I also think it raises the the issue of how many more Donald trumps are out there because if this is -- if these tax codes serve the wealthiest among us and they can pay, you know, high powered accountants to find loopholes, how many people aren't paying their taxes? There's a divide of wealth in this country that's concerning. I support capitalism and I'm a believer that you should make all the money you want, but I think the divide is too great, and I think the fact that we could equalize some of this if the taxes were more fair, a gad lawyer would tell you not to sign anything that you can't understand, but I was looking into some of these taxes. It's like a 2,600-page document, and even the news about Donald Trump lost me in a lot of the descriptions about what he's earning and not earning and claiming and not claiming. It shouldn't be this confusing. Right. It really shouldn't be. It alerts us all that someone has to fix this tax code so we know what we're signing every year when all of us actually pay our taxes. Well, joy -- Republicans are always -- Republicans are always giving tax breaks to people who don't pay taxes. Yeah. Trump supporters need to know that he is the male version of Leo in a Hemsley. Only the little people pay taxes. Not that I think this will change the cult. Mark Twain said it's easier to fool people than to convince them that they have been fooled. This is a guy whose father handed him $40 million, and he lost $400 million, and they voted for him on the basis that he's a good businessman? Hello? And by the way, there's $70,000 in hair care deductions and that wasn't even counting the glue. I mean -- Right. I'm thinking that maybe in years to come, Giraldo will locate these hair products in somebody's vault. I'm hoping for that anyway. Right. I mean, $70,000 in hair care. It doesn't even look good. I'll tell you what's pissing me off. My mother when I was -- I told this story four years ago when he -- when we found out that his $900,000 -- million dollar debt or whatever it was was forgiven and he said he was smart because he knew what the loopholes were, and I can think of my mother trying desperately every year to pay her taxes to the irs, and the irs coming after my mother because maybe she didn't -- she wasn't able to pay all of it, but she could pay some of it, and how they harassed her to make sure that she paid, and I remember her crying trying to figure out how to pay these taxes, and I remember that she paid them out year after year because she didn't make all that much dough. She was a teacher. And I don't understand -- well, yeah, and I don't understand why my mother had to be harassed, why millions of Americans have to be harassed and a tax code as you brought up, Sara, that was put together by a guy who doesn't pay taxes. So now people who don't have any money because they're working to pay the taxes because now taxes are everything. You can't write anything off. You can't -- you can't catch a break. I don't understand. He paid 750 bucks, and -- my mother and lots of our families, you know, yeah? Yeah? You know what, whoopi? What you are saying about your mother, it rings to true to me in the fact that who are the people in this country who are supposed to pay the taxes? Who are the people who are supposed to pay for the roads and the police department and the fire department? Is it the poor? Is it the working poor? Is it the lower middle, the middle class in this country or are rich people supposed to pay a lot of that? In my opinion, they make more. We're all supposed to pay. It's the opposite of what's going on. We're all supposed to pay. Pay your share. We're all supposed to be paying their fair share, and people look and can't send their kids to camp or buy little bits of things or can't go on vacation because the tax laws are such that they can't write anything off. I don't understand how that why are we having to pay, and I work every day like a whole bunch of people. Why is it all on us to do this? Where is he? How dare you? How dare you?

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

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