Transcript for Trump: New York Times allegations of improper tax schemes boring

and new fallout this evening from that sweeping investigation in "The New York Times" reporting president trump took part in what they call dubious schemes to avoid taxes for years. And that the money he received from his father was much more than the story he told for years. ABC's Kyra Phillips on what the president is now saying tonight. Reporter: Tonight, president trump calling the bombshell allegations that he engaged in improper tax schemes "Boring." Tweeting that "The New York Times" report is "An often told hit piece," adding that the paper "Never recovered from bad election call." The investigation raising serious questions about the story of Donald Trump, the self-made billionaire. It has not been easy for me. It has not been easy for me. And, you know, I started off in Brooklyn, my father gave me a small loan of $1 million. And I built it into a company that's worth many, many millions of dollars with some of the greatest assets in the world. Reporter: For years, he's cultivated an image. I built what I built myself. Everything I touched turned to gold immediately. Reporter: But the new report suggests that image was just a myth. By the way, he is a chip off the old block. This is my father, Fred trump. Reporter: According to the paper, Fred trump gave his son at least $413 million in today's dollars from his real estate empire, much of it through "Dubious tax schemes" including "Instances of outright fraud." The president's attorney calling the allegations "100% false and highly defamatory." "The times" investigation asserts more than a billion dollars of his parents' wealth was transferred to trump and his siblings, creating a potential tax bill of "At least $550 million," but instead, it's alleged if family used "Tax dodges" and paid "$52.2 million." New York state tax department now investigating. The city of New York is looking to recoup any money that Donald Trump owes the people of New York City, period. Reporter: Authorities say they could pursue back taxes and penalties. And the other outstanding question? The president has repeatedly promised to release his tax returns after an audit is complete. Here's what he told David during the campaign. You won't reveal what you've paid in taxes unless the audit is done? When the audit is done, I will release. And Kyra Phillips, the white house was pressed on that question today. Do these audits continue? And are those tax returns ever coming? Reporter: David, Sarah Sanders was asked if the president's taxes were still under audit, and she replied, a number of them still are. When asked if any of his tax returns would be made public, Sanders saying, quote, I'm not aware of any plans to do so. David? Kyra Phillips with us again tonight. Thank you, Kyra.

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