kristen holmes has more on that. kristen, what are you hearing from inside the republican party?ainly especially to donald trump. we have already started hearing republicans, some of them in more veiled language, not using trump's name directly, saying it's time to reevaluate the party, it's time that they should be a moment of reckoning. others are blaming trump outright. prominent i will republican bob van drew plots, who once supported trump, tweeted that republicans conservatives are tired of losing, that 2024 should be a time to reevaluate, and that they need twos well. the big question here now for those around trump's whether he can actually hold on to his base. i spoke to one former trump advisor who said there is still a large portion of the republican base who only cares about donald trump. but some in his orbit just are not so sure. jake, i'm glad to say what i said at the beginning of the night and repeat it again now. donald trump needed herschel walker to win. he needed him to win after those lackluster midterm results, after a number of candidates that he had put f

>> kristen holmes, thank you. >>> today joe biden is expected to ring in 2023 from the u.s.ew year comes the next phase of his presidency. >> republicans are set to retake the house, granting the gop new investigative powers and ending two years of democrats' control of congress. cnn's kevin liptak is traveling with the president. hello, kevin. what else does the new year have in store for biden? >> it will be a changed political environmental in washington. there's been intense planning on how to operate in the new legislative environment. certainly he says he has hopes for bipartisan work in the new year. he did have some success with that over the last two years. most recently, the $1.7 trillion spending bill the president signed this week. there's not a lot of optimism in the white house. they will find a lot to work with with republicans when they assume the majority. one thing president biden and his aides are watching very closely is the race for house speaker and certainly the expectation among the president's aides had been that kevin mccarthy would be elevated to t

cnn national correspondent kristen holmes has been going through these documents also made public by the house ways and means committee. so what are the main takeaways from trump's tax returns? >> so just to keep in mind, these are the tax returns from 2015 to 2020, six years here, and it was hundreds and hundreds of pages. and there was quite a bit in there. let's start with the headline, which is how much income tax that trump paid while he was in office. you take a look here, we know that in 2017 he paid only $750. now, in 2018 and 2019, he paid a combined $1.1 million, and in 2020 he paid $0. i'm going to come back to that figure. you see the income loss. that is because trump was claiming these large losses in order to offset his income. the reason why this zero number is so interesting, and i've talked to a lot of tax experts about it, is that they believe that this signifies real business failure and real losses. some of this is moving money around. it is strategic accounting. but when you see the zero number in 2020, they say this requires more looking into and that it actual

cnn national correspondent kristen holmes is here with me with a preview. a very, very long time to try to keep his tax information secret, but now it's about to be made public. >> that's right. what we know so far is after a years' long legal battle, the democratic-led house ways and means committee will be releasing trump's taxes tomorrow morning. what we're expecting to see is six years of returns. this is from 2012 to 2020. it will include his personal tax returns, the federal as well as some of his business tax returns. it would also include irs audit materials. now this is a huge deal, because as you said, trump has spent decades shielding the public from his financial information. in fact, when he was president, he became one of the first presidents in modern history not to release his tax returns. and in part, this is because he was protecting his image. he built an entire brand on the idea that he was a wealthy and therefore successful businessman. if you remember, when he was running for president, he ran in part on that idea. that if he could succ

cnn's kristen holmes has been scanning through these returns. isten, a pretty shocking revelation about the amount the former president paid in foreign taxes, especially compared to what he pay in the u.s. >> that's right. so we just found this. again, we're going through hundreds of pages of documents. what we found trump paid more in foreign taxes in 2017 so when he was in office than he did in u.s. federal income tax. as we have previously discussed he only paid $750 in income tax that year. largely because he had claimed these large losses that he was able to offset his income with. now we have found that he paid nearly a million dollars that same year in foreign taxes. now, why is this important? well, it's not a surprise that he would be paying these foreign taxes, because he has these business relations but what is a surprise is just how far we are seeing that his business interests spanned and i want to read you some of the countries here that he indicated that he had some kind of notable financial item in. paid taxes, income, expenses. a

senior national correspondent kristen holmes is with us now. through what we learned from this new transcript. >> reporter: so victor, this is exactly how you laid it out. this is cassidy hutchinson in her own words describing what she says was a pressure campaign from her trump-backed lawyer and others in his orbit to get her to downplay the information she had, even at some point indicating if she was loyal to trump, that she would be taken care of, and just to give a little bit of an understanding of what we're looking at here, these are transcripts from what events that happened in september after we saw that live testimony, and after she had left that lawyer and gotten a separate lawyer. she addresses this, and what her breaking point was, and it was a point when he was urging her no longer to cooperate with the committee, instead saying that even being found in contempt would be better than that. he said, contempt is a small risk, but running to the right is better for you, which, again, she says was her breaking point to move on from hav

as kristen holmes reports, the former president has a lot at stake here. >> after a years long legalbattle, the house ways and means committee, led by democrats, will release trump's taxes on friday morning. so, here is what we are expecting to see. these are going to be returns for six years, from 2015 to 2020. these are going to be his personal federal tax returns as well as the returns of some of his businesses -- it will also include irs audit materials. this is a big deal for a number of reasons. trump himself has built an entire brand on being a wealthy, and therefore, successful businessman. and in that process, he has done everything in his power to protect that image. and that meant shielding his finances for decades. that includes his net worth, who he did business with, how exactly he made his money. and the big question now is what this pulling back of the curtain is going to reveal. will it have a political impact? one thing to remind you of here is that when trump ran for office and when he was president, he became the first president in modern history not to release hi

kristen holmes, cnn, washington. >>> well, it is to talk about the political fall-out is a professorrnment at the university of essex in england. so good to have you with us, professor. what have you learned about the former president from these documents from a political perspective? >> well, i think the most important thing that trump was trying to prevent getting out there is the fact that he's not a particularly good businessman. this is the most significant thing of his persona, the thing that he brags about the most, is that he is so intelligent and he is an amazing entrepreneur. what we see is that's not the case at all. he's just suffered chronic losses and tried to get around it by not paying his taxes, and actually the only thing that was really successful was what he inherited from his father, fred trump. he's not that great a businessman, and that's why he didn't want this to be released. that might be the only thing that might roughly ruffle repub little bit, that this is all fake, it is just a persona, that he is really just marketing himself and that in reality there i

cnn's kristen holmes following all of that for us.nald trump taking this serious or the people around him? >> he is taking this seriously and they are as well. about two minutes ago, trump put out a video response to the january 6th committee report. it was very similar to that social media post, but he went on to talk about how the events were not an insurrection on january 6th. they were a protest that got out of control, something we've heard before, but but again, after the report release it is important to say he believes it is a protest that got out of control. he talks about no one is talking about why this happened, the corrupt election. we don't have any proof, it has never been proven, there was any evidence of widespread fraud in the 2020 election. clearly holding on to a lot of those old grievances and once again, falsely blaming nancy pelosi for the events on the capitol, which the report clearly laid out was not the case involving the national guard. he is responding now in a video as well. now when we talk about whether

let me go to cnn national correspondent kristen holmes. let's start with those foreign accounts.rning about those? >> well, look, let's pull them up here. i want to show exactly what they looked like. one of them is going to stand out in particular to our viewers. if you look at 2015, he hat accounts in the united kingdom, ireland and china. 2018, through 2020, only uk. there's obviously one location there that is pretty interesting and that is the fact that he had bank accounts in china while he was serving in office. now this is raising some questions. it's going to continue raising questions as we look into this. when was this bank account open? what were trump's business interests in this country and is there a chance that it could have impacted the political side of relations between the u.s. and china? and this goes to another finding that we saw within these returns and that was how much foreign taxes that trump paid. when we look at 2017 in particular, this was a year in which trump paid only $750 in u.s. income tax. that same year, he spent nearly a million dollars in fo

kristen holmes has the reporting. and she is "outfront."y to see what trump will do and what those around him are thinking. just how worried is team trump now after the walker loss? >> well, erin, the aides, advisers and allies that i've talked to are deeply concerned. they had hoped that for a walker win obviously. but walker wasn't just endorsed by trump. he was heavily recruited by trump. trump is the one who actually pushed him forward. and they had hoped that if he won, this would stop these calls for new republican leadership, particularly after so many of trump's picks failed in the midterms. and they also hoped that it would breathe some sort of new life and energy into what has really been a lackluster launch of a 2024 campaign. and now they are fearful that it's going to do just the opposite because of this loss, that it's actually going to boost the demand for people to challenge trump in 2024. and their fears are not unfounded. i want to read to you what one person who is close to trump told us. they basically said that trump's

joining us now is cnn's kristen holmes who has more on that. ent has said. former president. >> the former president's response has been essentially being hopeful out loud that this criminal referral will do the same thing that previous investigation impeachments did. even the most recent mar-a-lago search by the fbi, which has galvanized his base and had republicans rally around him, he would not truth social. what the people don't understand is that when they come after me, people who love freedom rally around me. the advisers that i've spoken to are just not so sure that that is going to happen this time. as we have seen republicans and donors move away from former president trump. they worry that he no longer has as much of a grip on the party and that he can no longer actually rally republicans in the ventilate this but instead it is going to be a cloud over his 2024 campaign? . obviously, as we've discussed on multiple occasions, he is mounting a third presidential bid and we expect him to actually campaigning in january. but so far he has

and our reporting tonight from kristen holmes and sara murray, a federal judge didn't hold donald trump in contempt today. we also understand that both trump side and the justice department were urged to try and find a resolution amongst themselves. right now this does not mean the end of the criminal investigation being led by jack smith. it's not even clear if this is the end of this dispute in court. we don't know much else from this hearing because today more than 12 members of the media and news organizations, national press and a lawyer that we were using to represent all of us, we tried to get into this hearing. we were asking the court for transparency to be heard, to open it up to the public. we know about the existence of the subpoena and the justice departments, many months of being dissatisfied with it. that was not going to be the case today. the media did not get to witness this hearing. it happened behind closed doors. and the attorneys left in the courthouse through back hallways after about 90 minutes. cnn, katelyn polantz, washington. >>> a shakeup for democrats days a

cnn national correspondent kristen holmes has been following this story. a lot in here, but give us some context on these burned documents. these are just to remind everyone these are the waning days of the trump presidency, there is a lot going on and he's burning documents in the fireplace. >> right. also to remind everyone there is a protocol for these kind of documents that are going in and out of the white house and it is not to throw them in your fireplace. according to hutchinson's testimony she says she witnessed him throw these documents into his fireplace in his office on more than a dozen occasions. the key part here, though, is that twice, two of the times she witnessed this, was after a meeting with pennsylvania gop congressman scott perry, who we know has been linked to efforts to try to use the justice department to try and overturn the 2020 election. that is a key there, just because of that meeting, because the context we know about perry. now, i do want to point out a couple of other things we saw in hutchinson's testimony but also severa

kristen holmes, thank you very much. >>> let's discuss what is going on with cnn legal analyst gary corderoank you so much for joining us. you look at trump's major business losses, potential discrepancies here for auditors, foreign bank kaccounts includin in china during his presidency. what stands out to you from the new details? >> well i think one of the issues is that the irs has had this information for very long time. it is just becoming public now. so i do tend to think if there was going to be any kind of federal enforcement mechanism, that that probably would already be underway. but it does provide a whole new level of transparency. the foreign aspect of it, i think it underscores the concerns that many in the national security community had when he was running for president and when he was president. that his foreign business dealings could have impacted his decisions as president. and so the fact that he had business interests there, that he paid taxes to foreign countries that he had tax bills to -- to a variety of foreign countries with intersecting national security interest

and our reporting from kristen holmes and sara murray, a federal judge didn't hold him in con contemptstand both trump's side and the justice department were urged to find a resolution among themselves. this does not mean the end of the criminal investigation. it is being led my jack smith. it's not clear if this is the end of the dispute in court. we don't know much else because of the hearing. more than 12 members of the media and news organizations, national press and a lawyer that we were using to represent all of us, we tried to get into this hearing. we were asking the court for transparency to be heard to potentially open this up. we know the existence of the subpoena and the justice department, many months of being dissatisfied with it. but that was not going to be the case today. the media did not get to witness this hearing. it happened behind closed doors. and the attorneys left in the courthouse through back hallways after 90 minutes. >> our thanks to kaitlan polantz for that. they are waiving criminal referrals for former president trump and a number of his closest allies.

kristen holmes, cnn, washington. >>> let's continue on the topic. a defense attorney is joining us. you see in the tax returns? >> all the issues that have been flagged in the reporting as well as what was brought out in the "new york times" and the joint committee on taxation, these kinds of valuations of his businesses, the perfect matching of expenses to revenue to make sure he pay not income taxes, how he would inflate values of properties in new york, these all warrant further investigation. that may already be happening. no reason why doj couldn't have been looking at this earlier. but unlikely -- i mean, i think that they likeack the appetite take on another trump investigation. i think it points out the lack of courage. it is a small family owned business. small step to charge trump as well. but he chose to derail that invest investigation. my question is why aren't more looking at this. >> and there is a question whether the tax returns show that trump may have disguised gifts to his children. tell us what that would mean and how difficult that would be to prove. >> it woul

cnn's national correspondent kristen holmes has the details. >> reporter: little or no income tax, foreignising details to some of his children. the house ways and means committee released six years' worth of former president trump's tax returns. since the year trump announced the first run for president 2015 through his last year in office 2020. >> the research that was done as it relates to the mandatory audit program was nonexistent. the tax forms were really never audited. >> reporter: previous reporting from the joint committee on taxation revealed shockingly low tax amounts paid by the former president. including paying only $750 in 2017. and in 2018 and 2019, paying a combined $1.1 million. and pay no income tax in 2020, his final year in office. trump offset his income by claiming millions of dollars in losses raising questions about the former president's business failures. >> i've been successful in every business i've been in. >> reporter: while trump paid less than $1,000 in u.s. income tax in 2017, the former president's tax bill totaled nearly $1 million in foreign taxes the

>> reporter: wolf, this comes just now from my colleague kristen holmes, and she is hearing from a sourcehat this judge didn't hold donald trump in contempt of court today at this hearing. now, we do know a hearing took place, we also know from an abc news report that the judge was urging the two sides, the justice department and lawyers for donald trump, to go and try and reach some sort of consensus between the two of them. the justice department for months has been trying to make sure that there are no federal records, no national security secrets still in the possession of donald trump post-presidency, but other than that, about this hearing today, we don't know much. it was entirely conducted behind closed doors. there were more than a dozen members of the media standing outside of the courtroom. we had a lawyer there, we asked to be heard, we asked for transparency. we were not even invited in to be able to make that argument. but the court did acknowledge that a hearing took place. at the end of the hearing, after about 90 minutes, the lawyers from both sides disappeared out of the

kristen holmes joins us now to talk about this.i thought was key in this was when, after meetings with people like rep scott perry that he was throwing away -- not throwing away, burning these documents. >> reporter: that's right, poppy. the thing to point out too is that this cassidy hutchinson testimony just continues to stun as we see the release of the transcripts and before we talk about the burning of the documents, it's fascinating to see the breakdown happening between her and her trump-backed lawyer in these transcripts that were just released. you can see them going back and forth bickering at points he stops her. it shows why it was she felt she needed to get a new attorney. when it comes to the burning, as you mentioned, obviously this is not the way to get rid of these kind of government documents she notes this happened roughly a dozen times, two instances at least were after meadows met with republican pennsylvania congressman scott perry who was linked to trying to use the justice department to overturn the 2020 ele

so kristen holmes, jeremy herb, a few others around our justice team, we dug into it and learned a few things. one, it doesn't -- this seems like it could almost be obvious, but one of the things that the team of people who are prosecuting especially january 6th cases are asking about is intent of donald trump. the knowledge donald trump had in leading up to january 6th. i say that seems office. we've seen people from the white house council's office, from the office of the vice presidency going in and being forced to give more answers to a federal grand jury, but that's not always an obvious thing that they would be asking about. we know that they're looking at a lot of different things, not just trump. that is one thing that we heard and found. another thing that we learned is that there's always been a hint of the question of finances. people who have expertise in public corruption, fraud and money laundering, who have started working in this special counsel's office, but we do understand that there is a pretty sizable financial investigation, that continues on as well. > >> that's

kristen holmes is part of our team going through the pages and pages of transcripts and joining us nowiews, and how does she describe this pressure campaign? >> reporter: kate, these are from two different interview, two days of interviews done after we saw that live testimony behind closed doors in september and after she had switched lawyers from her trump-backed lawyer, stefan passantino, and addresses why it was she changed lawyers, which is one of the most striking parts and said he was urging her no longer to communicate and to cooperate with the january 6th committee and, in fact, said, contempt is a small risk, but running to the right is better for you and that was the time she decided she needed to get a new lawyer. now, just for a little bit of context here, earlier this week the january 6th committee alleged that they had evidence that a trump-backed lawyer was urging one of their clients not to cooperate with the january 6th committee and say they didn't recall anything. cnn reported that person was former white house ethics lawyer stefan passantino. here is what she lays

we also are learning that the trump team as well, kristen holmes here at cnn was reporting today them is going to be watching for those transcripts, too, to see if they could get insight into the justice department investigation. but we know that's going to continue on and we know they are looking at the types of possible crimes that the house select committee is recommending. >> thank you so much. >>> january 6th house committee member jamie raskin explained why the panel is asking the justice department to criminally charge donald trump. take a listen. >> ours is not a system of justice where foot soldiers go to jail and the masterminds and ringleaders get a free pass. we believe that the evidence described by my colleagues today and assembled throughout our hearings warrants a criminal referral of former president donald j. trump. >> let's discuss with my panel. gloria, mm mark meadows just released a statement about the january 6th referrals, quote, the entire nation knows who is responsible for that day. beyond that, i don't have any immediate observations. he is is obviously re

cnn's kristen holmes joins us now. what can you tell us? >> reporter: this is, as you said, cassidy hutchinson in her own words describing what she says was a pressure campaign from trump world including her trump paid attorney, stefan passantino, to really downplay her testimony, even being encouraged that if she was loyal she would be taken care of. now, i do want to tell you specifically because she talks about when she had this breaking point with her attorney. she says that she was cooperating with the committee and then he told her not to and said this, contempt is a small risk, but running to the right is better for you. now, a couple things to note here. these are two interviews from september after we saw that live interview and after she had moved on from passantino. this, again, is why she said she had that breaking point and as you'll remember on monday the january 6th committee alleged they had information that a white house or excuse me, a trump backed attorney had been pressuring their client in this way to say essentially do

and kristen holmes is ziggdiggin on that. what are you learning?ld from multiple sources that president trump has been telling people that he's not going to be watching but his aides will be watching closely and updating in realtime, meaning sending him clips and highlights. those aides have met multiple times since the committee announced they're going to be issuing multiple referrals. getting a handle on this. talking to legal counsel, trying to get an idea how publicly to respond to this, as kaitlan reported earlier, the legal team is not possibly taking this seriously, which is why today you should expect to hear more from the political side. while trump is telling people he doesn't plan on watching, one thing to note, he was absolutely fixated on this over the weekend. all over truth social bashing the committee, committee members, whether he can stay away remains to be seen. >> kristen holmes, thank you so much. stephanie griffin, elissa pfarrh griffin and sarah matthews who nose a little bit about donald trump and how he works. stephanie, le

world, apparently with ties to elizabeth holmes at one point, but is now going to be advising sam bankman-fried with any of his legal troubles going forward. kristenall right, so what is next for sam? the hearing will be next week by the house? would he be testifying? liz: unclear. i'm not sure. kristen: what about his parents? they have property in the bahamas. will they be implicated in this? liz: that is unclear, but i think they said the property was not owned and would be the property of the company, either ftx or alameda research. kristen: super intriguing. a lot more to come. thank you for joining me. liz: thank you for having me. kristen: you can check out the other regional porting on the san francisco standard online and we will bring you more segments featuring the city-focused journalism twice a week right here on getting answers at 3:00. when a truck hit my car, the insurance company wasn't fair. i didn't know what my case was worth. so i called the barnes firm. i was hit by a car and needed help. i called the barnes firm, that was the best call i could've made. i'm rich barnes. it's hard for people to know how much their accident cas