From a New York Times investigation that revealed embarrassing and perhaps illegal business stigz. It was a bombshell. The New York Times out with a report detailing years of President Trumps tax returns. He has paid no federal income taxes recently. He reportedly paid no taxes at all. Makes my blood boil. Dont put stock . It, it does not phase me. What makes him exempt, that is not fair. The New York Times giving a look at the trump empire. Detailing how his businesses were losing money year after year t president paying only 750 in federal income tax in the year he won the white house and he paid no taxes at all in the 15 years previous. For those saying he is a billionaire, to have only paid 750 in federal taxes, what do you think it says . Rich people engage in tax shaenanigans all the time. This appears to be a different level of that. You could be really rich and have a really bad year and end up paying no federal income taxes. The issue here is, it was year after year after year. Its a startling revelation about the manhattan real estate mogul who built his reputation on the art of deal and his reality show fame on the apprentice. I think the american taxpayers deserve to know more about his returns. What do you think that this report tells us about how President Trump has portrayed himself as a very successful, very wealthy businessman . That, he is not the, the art of deal uber businessman had that he portrayed himself as. That is new and important is the times has put irrefutable numbers around the reality of trumps Business Life and the extent to where he pushes the law. He has known and reported on trump for years. This is the donald trump we have known for decades. He is someone who is a serial bankruptcy artist and accustomed to gorging on debt that often gets him in trouble. The president calling the report fake news when it first broke. First of all, i paid a lot, and i paid a lot of state income taxes too. The new york state charges a lot. And i paid a lot of money in state. Tell us what you paid in federal income taxes . I didnt call on you. Tweeting today, i paid millions dollars in taxes but was entitled like everyone els to depreciation and tax credits. His rival, joe biden pouncing. Releasing a commercial showing what average americans paid in income tax and what the president paid. Abc news has not independently reviewed the two decades of documents from the New York Times. On the headlines, the 70,000 in write offs of hairstyling when he was on the apprentice and how his Marquis Hotel blocks from the white house has lost 55 million since opening in 2016. Would you say that President Trump essentially owes the American People money . Even if people look at this and say, how could this be . That doesnt mean necessarily he didnt have a legal right to be able to do some of this stuff. The president has boasted of paying little or no taxes. He didnt pay any federal income tax. So that makes me smart. What is your tax rate . Its none of your business, will see it when i release. I fight hard to pay as little tax as possible. In 2018, he claimed in possible filing that he made nearly 435 million. But now, in private tax records, the times reports the president lost 47. 4 million. I have anybody. I dont need debt. Im so liquid i dont need debt. He may say he doesnt need it, but he has it. His personal obligations total 421 million, some of that coming due as close at next year. Trump who vowed to pursue no new foreign deals in office. He has received deals while in the white house. The president of the United States could owe, 300, 400 million. He may be able to figure out how to negotiate this. But you never want the president of the United States to be beholdened to anyone. Any president who has business dealings overseas and who is financially stressed poses a National Security threat to the country because we cant trust that his or her judgment as president is not impaired by their own financial self interests. Those famous businesses the president touts from his golf courses here and in europe to his hotels lost millions year after year according to the times. It really seems as though, its a business or a series of businesses that are on life support. The paper also accuses the president and his companies of claiming aggressive deductions on some of those businesses. Including at mara lago when the president was in office, more than 109,000 for linens and silver wear and 200,000 for landscaping. I ask myself every time im entering a deduction or a suggesting a refund, is this something that the American People should be paying for, because every refund, every deduction means few er resources that the American People have at their finger tips. Every president dating back to jimmy carter has publically released his tax returns except one. For years trump has pinned his secretsy on an ongoing audit . Its under routine audit. When the audit ends, i will present them. I have been under audit for 15 years. The irs does not treat me well. The audit likely stems from a 36 million tax refund that he received in 2010. The irs is looking in to whether its a legitimate writeoff. An adverse ruling could cost trump more than 100 million. Stories about trumps business acumen have been swirling for years. In 1990, our Barbara Walters sat down with the then real estate man about other deals. Being on the verge of bankruptcy, being bailed out by the banks, skating on thin ice and almost drowning. That is a, that is a businessman to be admired . You say on the verge of bankruptcy, barbara, and you say on the verge i talked to your bankers. Thats fine, what did they say, depending what banker you are talking to, i dont know what the bankers have said, the plaza is a valuable property. They are saying he paid too much, he paid too. And now they are saying what a great deal. No, they are not. It does not shake his faith. I dont think it will change anything from a trump base. As a person who has attended 71 trump rallies over the last five years, eight this year, i see nothing but a ground swell of even more enthusiasm for the president. Delaware businessman richard sn snowden is a front row yo. A trump devotee who tries to go to as many trump rallies as he can. We met with snowden in cincinnati in 2019. We wake up every day, thanking the lord that donald trump is ourpresident. He thinks todays news is nothing more than a distraction. All of us know as Business People as tax paying citizens, that you do everything you can to legally avoid paying a ton of tacks. Snowden thinks its okay that trump tried to avoid paying taxes. But one thing that will probably not be avoided is the topic of taxes when the president ial debate happens tomorrow. Coming up, what our political experts think with 36 days until the election. And youre going to find yourself where you need to be. The race is never over. The journey has no port. The adventure never ends, because we are always on the way. Kisave it slimeball. Ting her congestion. Ive upgraded to mucinex. We still have 12 hours to australia. Mucinex lasts 12 hours, so im good. Now move kim, no mucinex lasts 3x longer for 12 hours. Struggling to clean tough messes with wipes . Try mr. Clean magic eraser sheets. Just wet, squeeze and erase icky messes in microwaves and on stovetops for an amazing clean, get the power of mr. Clean magic eraser in disposable sheets. I have moderate to severe pnow, theres skyrizi. Things are getting clearer, yeah i feel free to bare my skin yeah thats all me. 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With the carrier rated 1 in customer satisfaction. Call, click, or visit your local xfinity store today. The New York Times investigation in to the president s tax returns comes at a pivotal moment, ahead of the president ial debate tomorrow. How can it reshape the political battleground . I spoke to a chief political analyst, and founder of purple strategies, and ceo of democracy of america and sarah fagan, ceo of deep root analytics. Thank you for joining us, we are a month away from election day. Sarah i want to start with you, how important do you think the investigation by the New York Times about President Trumps tax returns will be to his base and moderate voters that he is hoping to sway . I think for the base. They are loyal to him. I dont think that they are going to give credence to anything that the New York Times writes. But to moderate voters and the few people undecided, its a problem for a couple of reasons. The first is every day we are talking about something negative for donald trump. He is not talking about his improvements to the economy precovid. How he is the leader to bring the economy back post covid. Progress in the middle east, the things that he has done well, he is a not talking about them. The other reason that i think its potentially very much a problem across the board. Theres so much information in this this story, and so many unanswered questions. He is either going to be forced to put something out to combat this this and put an end to it, ie, his taxes which he has been unwilling to do so far. Or we are going to talk about it for the next month. And we have already seen joe biden coming out with an ad about average americans and how much they are paying for taxes. Do you think it will change bidens strategy . I dont know if it changes his strategy, but it shifts the dynamic in his favor. So we are going in to a debate tomorrow will donald trump is kind of already on the ropes. He will be on the defense, on the defensive side and i hope joe biden takes advantage of that. I worry though, that that means that donald trump is going to come out swinging, and i had hope that joe biden is ready to stick it to him and make sure that he answers to the american peep about how he went ten years without paying taxes, how he went two years paying less taxes than most americans and how he measures that with America First strategy, so i think it will be an interesting shift in the dynamic. I hope that joe biden takes advantage of it and makes sure that donald trump has to answer that difficult question tomorrow. Even with so much in the article, still, so many questions unanswered, of course the president is denying the reporting, but alex, what do you think republicans make of all of this . I think the first thing republicans are going to do is run out and hire Donald Trumps account apts and figure out how to not pay taxes. Kind of a wizardry trick. Republicans so far have been quiet on this one. They would rather be talking about a Supreme Court justice, talking about whos the best candidate to get the economy growing again. Once we get beyond the covid threat. But thats not what we are talking about today. So, look, this election is kind of like the ocean, you know, its set in so many ways. Very little has changed since it started. The tide does go in and out. And for the reason sarah said, people, this is not donald trump talking about why he should be reelected, this is the Campaign Running against donald trump. That is a great point. And matt the president has weathered a lot of controversies, that do most can da didates, is this any different . Its different because we are heading in to a president ial election that is just over a month away. He has weathered this, and he has kept his numbers 40, 42 , that is a problem when you want to win a number of states, when you are behind in the fourth quarter, every minute you are spending trying to tend to injuries on your side is a minute you are not spending coming back from how far behind you are, and thats the problem for donald trump. He is behind nationally. He is behind in all the key states. And so, everyone time theres a day where he is not fighting to gain that, those points back, that momentum back is a problem. Thats what his problem is. He cannot win an election with 43 of the vote. He has to take away points from joe biden. And the voters have been trying to get back suburban women, thats a demographic that trump has been trying to appeal to. Lost in the news, he nominated Amy Coney Barrett to the Supreme Court, do you think the nomination could help him win back suburban women . I think hit can, she is an incredible example of a working mom. A working mom with small children. She would be the first Supreme Court justice if confirmed to have school age children. She is a diverse person, working mom, well educated professor, law clerk. Theses are incredible accomplishments and she really, really are puts, i think, a dagger in the argument in the left that are so focused on such polarizing usuals and presents herself and talks about her background and who she is, that helps her and it helps donald trump. Ahead of the big Supreme Court nomination fight, what do you think biden has to do . First, he has to live to fight another day. Theres a lot of pressure on joe biden, people already know that donald trump is a skadisaster, think biden has to have a flawless execution. And he has to not take the bait. Trump is like a rat in a cage and he is doing to come out swings. Biden has to not take the bait and talk about who he is to the American People and distinguishidistinguis distinguishing himself. Donald trump does not win if joe biden remains steady. If he has a rough night, it may not have people feeling confident in his ability to lead. Do not take the bait from donald trump and focus, and he will win the day. What do you think each candidate has to do tomorrow . Donald trump, if he spends all his time attacking joe biden, its a problem. The only way he gains is if he rehabilitates his image with the american public. He should spend more time about rebuilding his image. Joe biden has to stay calm, cool, and collected, there will come a time and he will have to pick it and pick it well and respond well. Otherwise, stay calm, cool and collected. Alex back to you for the last word. One word answer, who do you think will win tomorrow . I think i hope its the American People. But my guess is joe biden. All right. Thank you so much to everyone for your time tonight. And we will be right back with the final note. Your happy place. Find your breaking point. Then break it. 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