The newspaper – which claims to have obtained tax records for Mr. Trump and his companies for more than two decades – also says it has paid no income tax in 10 of the past 15 years.
He says this is “in large part” due to companies reporting losses.
Mr. Trump called the report “totally fake news”.
“I actually paid, but then you will see as soon as my tax returns are done,” he told reporters after the article was published on Sunday.
The New York Times said it examined tax returns relating to President Trump and companies belonging to the Trump organization dating back to the 1990s, as well as his personal returns for 2016 and 2017.
The publication claims that Mr. Trump only paid $ 750 in income tax in 2016 and $ 750 in 2017.
The Trump Organization has also rejected the allegations.
Alan Garten, chief legal officer for the Trump organization, said that “most, if not all, of the facts appear to be inaccurate,” in response to a letter compiling the Times’ findings.
“Over the past decade, President Trump has paid tens of millions of dollars in personal taxes to the federal government, including millions in personal taxes since his candidacy was announced in 2015,” Mr. Garten.
In a 2018 public filing, President Trump said he made at least $ 434.9 million in revenue. The newspaper disputes this, claiming that its tax returns show the president has rather gone into the red, with $ 47.4 million in losses.
The newspaper also claims that “most” of President Trump’s biggest businesses – such as his golf courses and hotels – “report losing millions, if not tens of millions of dollars year after year.”
The New York Times says the president is personally responsible for more than $ 300 million in loans, which will mature in the next four years.
He also alleges that some of President Trump’s companies have received money from “lobbyists, foreign officials and others seeking to come face to face, gain access or gain favor” from the president.