One shocking detail of the report is that Trump only paid 750 US dollars tax in 2016, his first year of being president of the United States. He has brushed off the reports, claiming it's fake news.
The Times reported that Trump also failed to pay taxes for 10 years, claiming he was losing more money than he was making from his businesses.
Even though he claimed to be operating his businesses at a loss, Trump managed to maintain a lavish lifestyle. While filming "The Apprentice", he wrote off more than 70 000 US dollars to cover the expense of styling his hair.
New York Times claims that the records show the hollowness behind Trump's "self-made billionaire image".
According to the law in the United States, Presidents are not required to release the details of their personal finances. However, most presidents appointed before Trump have released details of their tax returns.
Trump has been adamant for years on his refusal to release his tax returns. He has been in many court battles defending his decision to keep them private.
In 2010, he received a tax return of .9 million that is currently being audited by the Internal Revenue Service (IRS). He received the money when he claimed heavy losses, but he will have to pay 100 million US dollars if his appeal falls through.
A lawyer for the Trump organisation, Alan Garten defended Trump's finances.
"over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including paying millions in personal taxes since announcing his candidacy in 2015."