Sarah Reporting News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Pages of previously-confidential financial records that really describe the inner workings of fred trump's real estate empire. >> it really is amazing reporting that you and your team did. so was this legal? >> so, you know, there are parts of it, right, that are perfectly legal, like putting donald trump on his payroll, right, and paying him a salary. but what we also described in this story is that the amount of money that fred trump passed on to donald trump through gifts and inheritance was really significantly inflated by a series of tax schemes that some of the leading gift and the estat...

Fines for tax fraud, and the new york state tax department is now reviewing your reporting, "the new york times" reporting, and in a statement they said they're vigorously pursuing all appropriate avenues of investigation. so what other potential consequences for the president? >> well, i mean i think part of it is we -- it is very difficult to know how -- first of all just to step back for a moment, you know, we document in our year and a half of reporting 295 different revenue streams that fred trump created to benefit donald trump, and donald trump is really quite embedded in a web of trust...

A w-2 at the end of the year, there's really not much you can do to cheat on your taxes. it just isn't possible. however, if you own businesses as the trump family did, you have essentially carte blanche to cheat the irs and the irs is never going to come back to you. the one risk that the trumps run as a result of this story is that if congress, particularly the house of representatives goes to the democrats and the democrats have oversight possibilities, they could subpoena the irs to get all of these tax returns and expose what really went on here, although "the new york times" seems to hav...

Personal tax returns, to see how that -- how that money ultimately got reported in donald trump's personal tax returns. that's something that this story doesn't do because we didn't get donald trump's personal tax returns. what we did get is we got over 200 tax returns that are pertaining to fred trump's business empire and to various trump family partnerships and trusts, and those tax returns for the first time actually give us a window into precisely how much money flowed from fred trump to donald and his siblings. >> the president, as you know, he always portrays himself as a self-made man....

Tax schemes and, quote, outright fraud that greatly increased the wealth he received from his father's real estate empire. the report totally contradicts mr. trump's claims of being a self-made billionaire. i'll get reaction from the senate intelligence committee member, senator abc ngus king a our correspondents an analysts are standing by. first, let's go to kara. tell us about the bombshell report in "the new york times." >> reporter: "the new york times" is reporting that donald trump was involved in dubious tax schemes during the 1990s, including allegations of outright fraud, that "the n...