Trump is the only president in modern times to not make his tax filings public.
The report said the president paid no federal income taxes in 10 of the past 15 years because Trump was losing more money than he made.
The Times said they combed through two decades worth of Trump's tax filings.
During a Sunday news conference, Trump called the report "fake news" and claimed he did not release his tax returns because they are under audit by the Internal Revenue Service (IRS).
“I paid a lot, and I paid a lot of state income taxes to New York State," Trump said. The president added that his tax information will be revealed but offered no timeline for disclosure.
"Roughly half of Americans pay no income taxes, primarily because of how low their incomes are. But IRS figures indicate that the average tax filer paid roughly $12,200 in 2017, about 16 times more than what the president paid," according to Local 10.
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