Donald Trump says he's paid "many millions of dollars in taxes" but was entitled to depreciation and tax credits

The US President adds he was under-leveraged, having more assets than debt.

He's responding in a series of Twitter posts to a New York Times report that he paid just $US750 in federal income taxes in both 2016 and 2017.

That followed years of reporting heavy losses from his business enterprises.

Trump says he paid many millions of dollars in taxes but was entitled, like everyone else, to depreciation and tax credits.