Hi, I'm Dan Premack and welcome to Axios Recap, presented by Bridge Bank.

Today's Monday, September 28th.

Stocks are up, college enrollment is down, and we're focused on President Trump's taxes.

As you've almost certainly heard by now, the New York Times got its hands on what it says

are 15 years or so of President Trump's personal and business tax information.

The headline takeaway is that he reportedly paid just $750 in 2016 and 2017 and $0 in 10 of those 15 years. We also learned that he's got upwards

of $400 million in loans from unidentified lenders, most of which would come due during a second term,

thus raising the specter of all sorts of possible conflicts of interest. And just to exacerbate

Trump's situation a little bit more, he continues to haggle with the IRS over a $70 million-plus

refund that he claimed, which is the apparent source of his ongoing audit. Now, President Trump

is calling the New York Times report fake news, and one of his attorneys

told the Times that the president has paid millions of dollars in taxes. Two notes. First,

Trump could just clear all this up by releasing his tax returns, which he is legally able to do

despite being audited. Two, Trump's attorney did not specify what types of taxes constitute those

millions in payments. The Times reporting is specifically about federal income tax payments,

not state taxes or payroll taxes or Social Security taxes. The bottom line, expect the president's

personal tax record to become a major issue during tomorrow night's presidential debate.

In 15 seconds, we'll go deeper with Francine McKenna, an independent financial journalist and certified public accountant.

We'll talk about how real estate developers are taxed differently than you or I,

and what she still wants to learn about Trump's finances.

But first, this.

We're joined now by Francine McKenna, an independent financial journalist, an adjunct professor

...