Donald Trump has spent the last four years refusing to release his tax returns. When the New York Times published 20 years worth of them, it revealed a possible reason why. The president’s balance sheet listed huge losses, which he used to dramatically cut down what he owed in taxes.

Were these the dealings of a savvy businessman, or an unscrupulous swindler? And what does it mean for the election to have a candidate who still has a stake in their business and an alarming amount of debt?

Guest: Andrea Bernstein, co-host of the Trump, Inc. podcast and the author of “American Oligarchs: the Kushners, the Trumps and the Marriage of Money and Power.”

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Podcast production by Mary Wilson, Jayson De Leon, Danielle Hewitt, and Elena Schwartz.

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The Bottom Line on Trump’s Taxes