Donald Trump paid just £587 in income taxes the first year he was in the White House, tax papers allegedly show.
The President is also claimed to have paid no income taxes at all in 11 of 18 years, following a bombshell report in the US.
It comes just a day before the President is to go head-to-head with rival Joe Biden on the first televised debate on Tuesday night ahead of the November 3 election.
Unlike Trump, the former Vice President to Barack Obama has repeatedly provided his tax returns for public scrutiny.
Ever since announcing his intention in 2015 to run for US leader, the President has repeatedly promised to release his records.
He has then refused, saying his tax returns are under audit - although this would not prevent him releasing them.
On Sunday night the New York Times published details of his filings which show he paid no government taxes in 11 of 18 years that were examined.
According to the paper, the President “concealed records” showing “Trump’s chronic losses and years of tax avoidance”.
It is claimed he reduced his bill with “questionable measures”, including a £57.11 million tax refund that is the subject of an audit by the Internal Revenue Service.
The New York Times writes: “Many of his signature businesses, including his golf courses, report losing large amounts of money - losses that have helped him to lower his taxes.”
They claimed the money he owed was placing such a financial pressure because he personally guaranteed payments were due soon.
Despite his losses, Trump managed to enjoy a lavish lifestyle by taking tax deductions on what most people would consider personal expenses, including residences, aircraft and £55,000 on a hairdresser for his television appearances.
His daughter Ivanka Trump, while working as an employee of the Trump Organisation, appears to have received “consulting fees” that also helped reduce the family’s tax bill.
Trump denied the report on Sunday, calling it "total fake news" at a White House news conference.
In response findings, Alan Garten, a lawyer for the Trump Organisation, said that “most, if not all, of the facts, appear to be inaccurate” and requested the documents on which they were based.
After The Times declined to provide the records, to protect its sources, Garten took direct issue only with the amount of taxes Trump had paid.
“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,” Garten said in a statement.
The Times noted the term “personal taxes,” appears to be Garten conflating income taxes with other federal taxes Trump has paid - Social Security, Medicare and taxes for his household employees.
President Trump refused to address the substance of the New York Times' story at a White House press briefing.
Appearing at the briefing just minutes after the story was published, the President refused to address the substance of the story.
He said: "Actually I paid tax. And you'll see that as soon as my tax returns are [released]."
While it is understood to be true that the President's taxes have been under audit for up to a decade, there is no law against publishing tax returns while under audit.
"The IRS [Internal Revenue Service] does not treat me well," Trump said. "They treat me very badly. You have people in the IRS that treat me very, very badly. But they're under audit, and when they're not I would be proud to show you. But that's just fake news."
Asked if he had been told the story was coming, he said: "No, I didn't know anything about it."
Looking towards his personal lawyer, former New York Mayor Rudy Giuliani, who was also present in the Briefing Room, Trump said: "I think somebody said they were going to do a negative - they only do negative stories."