October 04, 2016 at 11:36 AM EDT

Stephen Colbert tore into Republican presidential candidate Donald Trump and former New York City mayor Rudy Giuliani on Monday’s episode of The Late Show, mocking the pair for their response to news that Trump could have avoided paying taxes for almost 20 years.

“Three pages of Donald Trump’s 1995 tax return were leaked, revealing that he declared a $916 million loss from his three Atlantic City Casinos,” Colbert said, referring to an explosive report published by the New York Times. “Donald Trump lost money on casinos. You know what they say: the house always loses.”

Colbert added, “But here’s the thing. As a real estate developer, he was then able to use that loss to wipe out $50 million a year in taxable income over 18 years. Well, when life gives you lemons, don’t pay taxes.”

Noting that Trump’s apparent avoidance of paying taxes would be unpopular with “people,” Colbert then hit Giuliani, a campaign surrogate for Trump who defended the candidate on news shows after the revelation, calling Trump a “genius.”

“Yes, only a genius could lose a billion dollars running a casino,” Colbert joked, before playing another clip of Giuliani, where he said “people who are poor take advantage of loopholes and pay no taxes.”

“Yeah, those crafty poor people. You know those poor people with their loopholes,” Colbert said. “And don’t get me started on the cunning homeless, who have found their way around property tax.”

“So Giuliani thinks Trump is a genius, and naturally Donald Trump agrees, tweet-bragging, ‘I know our complex tax laws better than anyone who has ever run for president and am the only one who can fix them,'” Colbert continued. “Yes, he’s the only one who can fix our tax codes, just like Hannibal Lecter is the only one who can catch Buffalo Bill. ‘I’d like to help you fix the tax code, Clarice, but first hand over Hillary Clinton’s liver. I’d like to eat it with some fava beans and a nice chianti.'”

The mockery of Trump didn’t stop there. Colbert also played footage of the GOP nominee’s speech in Pennsylvania this weekend, when he urged supporters to watch polling booths on election day.

“You’ve got to go out, and you’ve got to get your friends, and you’ve got to get everybody you know, and you gotta watch your polling booths, because I hear too many stories about Pennsylvania, certain areas,” Trump said. “I hear too many bad stories, and we can’t lose an election because of you know what I’m talking about.”

“I have no idea what you’re talking about. Donald, you left out all the nouns,” Colbert said. “He doesn’t say everything, but then again, being a demagogue is like jazz: it’s the racism you don’t say.”

Watch the segment below.

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