The lead reporter on the New York Times expose on alleged "dubious tax schemes" employed by President Donald Trump's father to "greatly increase" his son's fortune pushed back on White House claims the report is "fake news."

As Fox News reported:

The president declined the newspaper's request for comment, but a lawyer representing Trump, Charles J. Harder, provided a statement to Fox News on Tuesday that blasted the paper’s reporting as “highly defamatory” and “extremely inaccurate.”

"The Tax Department is reviewing the allegations in the NYT article and is vigorously pursuing all appropriate avenues of investigation," a department spokesman told Fox News.

Trump later tweeted Wednesday: "The Failing New York Times did something I have never seen done before. They used the concept of 'time value of money' in doing a very old, boring and often told hit piece on me."

According to confidential tax returns and financial records obtained by the newspaper, Trump and his siblings set up a phony corporation in an effort to disguise millions of dollars in gifts from their parents. Records examined by the Times also indicate that Trump helped his father take millions of dollar in improper tax deductions and formulated a strategy to undervalue his parents’ real estate holdings in order to reduce the tax bill when the properties were transferred.

In total, Trump’s parents, Fred and Mary Trump, transferred over $1 billion to their children. The money would have created a tax bill of at least $550 million given the 55 percent tax rate then imposed on gifts and inheritances, but the family only paid $52.2 million, tax records indicate.

David Barstow said Wednesday on Shepard Smith Reporting that when a colleague at the Times received Trump's 1995 tax forms in her mailbox earlier this year, it spurred reporters to consider delving deeper into his finances.

"It was one of those moments that made us realize that there's a lot we don't know about [with] Donald Trump and his history with money," Barstow said.

Barstow said that Donald Trump may have gone "too far" in 1990 when he reportedly attempted to have Fred Trump Sr.'s will "rewritten [in a way that could be used to] bail out [Donald's] failing businesses."

He said that the elder Trump had, since the future president was three years old, worked to "find new ways to get money into Donald Trump's pocket."

Smith said that at the tense time in 1990, Trump had "squandered hundreds of millions" on his teetering casino investments in Atlantic City, N.J.

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Barstow said that instead of having a $15 million debt to his father forgiven -- which would result in the requirement that taxes be paid on the cancelled debt -- the two Trumps decided that Donald would give Fred a similarly-valued stake in his Trump Palace building, which the father later sold back to Donald for only about $10,000.

"We can actually see in the tax returns and banking records that Fred Trump [Sr.'s] financial support would increase significantly as this safety net under Donald Trump," Barstow said.

Smith told Barstow that Trump and the White House dismissed the Times report as a "tired, old, boring story."

"This is not an old story," Barstow said, adding that if readers look into a company called "All-County Building Supply & Maintenance," they will see it was set up by the Trumps "for the purpose of siphoning cash out of Fred Trump's empire without paying gifts or estate taxes."

"This is a very new story," he said.

Watch more above.

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