It found that Trump’s parents transferred more than $1bn (£768.5m) in wealth to their children, which could have produced a tax bill of at least $550m. The Trumps, however, paid a total of $52.2m, or about 5%, according to the Times.
The Times reported that Trump was involved in “dubious tax schemes during the 1990s, including instances of outright fraud, that greatly increased the fortune he received from his parents.”
It noted that despite this the dealings were met with “little resistance” from US tax authority the Internal Revenue Service (IRS).
Following publication of the Times report, a spokesman for New York's tax authority said, "The tax department is reviewing the allegations in the [Times] article and is vigorously pursuing all appropriate avenues of investigation."
White House spokeswoman Sarah Sanders said the story was "misleading" and that "many decades ago the IRS reviewed and signed off on these transactions".
Today the president tweeted, “The Failing New York Times did something I have never seen done before. They used the concept of “time value of money” in doing a very old, boring and often told hit piece on me. Added up, this means that 97% of their stories on me are bad. Never recovered from bad election call!”
Trump broke from tradition during the 2016 presidential election by refusing to release his tax returns, which candidates are asked to do.