The bombshell revelations about President Trump’s tax returns may or may not hurt him at the polls in November. But they could lead to sanctions right here in his hometown.

What You Need To Know

  • The New York Times reported Sunday that President Trump paid no income taxes for years, and just $750 in 2016 and 2017

  • Mayor de Blasio said on NY1's Inside City Hall the city’s Finance Department will investigate whether he underpaid city taxes

  • Governor Cuomo belittled Trump as a “marketing man” who was in fact a business failure

  • President Trump didn’t address the story during an unrelated Rose Garden announcement

Mayor de Blasio said "we're going to pursue this with all we've got” following a New York Times investigation that combed through decades of his tax returns and found that in many years, Trump paid no federal income taxes at all. In both 2016, the year he was elected, and 2017, his first year in office, he paid $750.

"I think we can guarantee, based on the information in the New York Times, that he hasn't payed his city taxes the way he should have,” de Blasio said on Inside City Hall Monday night. “This is going to give us a lot of information to work with, and our city Finance Department will get to work right away to determine if, in fact, the President of the United States cheated New York City on his taxes. But I think it's a foregone conclusion at this point, given everything we've seen from this guy.”

The Times report, published Sunday night, detailed how President Trump used massive business losses to offset his tax burden for years. 

During an unrelated conference call with reporters Monday, Governor Cuomo belittled Trump as a showman who sold a false image of himself as a successful entrepreneur.

"We know the President here in New York. The President is a marketing man,” Cuomo said. "That's what he does. He's a marketer. And he marketed himself as a successful businessman for many years.”

He added: "If you ever look at the specifics, which is what the taxes reveal in terms of the actuality of his business success, he's a business failure.”

Trump left a coronavirus-related announcement in the Rose Garden on Monday without taking questions or addressing the story.

On Twitter earlier Monday, Trump took aim at the report. "The Fake News Media, just like Election time 2016, is bringing up my Taxes & all sorts of other nonsense with illegally obtained information & only bad intent,” Trump wrote. He also said he has little debt compared to the value of his assets.

The Times, which says it's sources had legal access to the documents, found many of his properties, from the Doral Golf Course in south Florida to the Trump International Hotel in Washington, are huge money losers. The report also found the IRS is auditing a $73 million tax refund Trump collected, and that hundreds of millions of dollars in loans will soon come due, potentially during a second term in office.

Leading Congressional Republicans were mostly silent on the issue of Trump's taxes Monday.

Democratic nominee Joe Biden, meanwhile, quickly posted an ad Sunday night contrasting Trump’s $750 tax payment with the typical tax burden of middle-class workers like teachers ($7,239) and firefighters. ($5,283).