The report was based upon more than 100,000 pages of Trump family financial documents, and it detailed how Trump and his siblings used aggressive tax avoidance strategies to transfer the real estate fortune of their father, Fred Trump, to their own generation.
Trump slammed the story in a tweet on Wednesday, calling it "a very old, boring and often told hit piece on me."
Following the publication of the story, New York state tax officials told CNBC that they plan to investigate the findings by the Times, in order to determine whether the Trump family violated any laws or has any civil liability.
A White House response to the Times story Tuesday night read, in part, "Fred Trump has been gone for nearly twenty years and it's sad to witness this misleading attack against the Trump family by the failing New York Times. Many decades ago the IRS reviewed and signed off on these transactions."