US President Donald Trump is now facing controversy as a Bombshell report on Sunday claims that he paid little or no federal income tax for years before he came to power, as his cloudy financial past stoked controversy ahead of the first election debate.

The New York Times alleged the billionaire president paid just $750 federal income taxes in 2016 — the year he won the White House — and 2017, and no federal income taxes at all in 10 of the previous 15 years because he reported losing more money than he made.

Trump, who immediately dismissed the accusations as “totally fake news,” is readying to come face to face with his Democratic opponent Joe Biden at a pivotal live debate on Tuesday.

"First of all, I paid a lot and I paid a lot of state income taxes too... It'll all be revealed," Trump said.

The report said the US president reduced his taxes through a $72.9 million refund that gets audited by Internal Revenue audit. 

It added that Trump used deductions on aircraft, residences, including $70,000 in hairstyling for TV appearances. 

The report said his golf courses showed a loss of large amounts of money, and hundreds of millions of dollars in loans he took on personal guarantee will soon be due for repayment. 

Democrats have sharpened their attacks on the US president with House Speaker Nancy Pelosi describing the findings as "Trump's disdain for America's working families."

Massachusetts representative Richard Neal, the chair of the House Ways and Means Committee who earlier has unsuccessfully attempted knowing Trump's tax records, said now it is more essential for his committee to access the documents.

Source: Agencies