The White House issued a scathing response Tuesday evening to the New York Times story that claimed President Trump and his family engaged in potentially fraudulent tax maneuvers that substantially increased the fortune he received from his parents.

"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," White House press secretary Sarah Sanders wrote in a statement Tuesday evening. "The New York Times’ and other media outlets‘ credibility with the American people is at an all time low because they are consumed with attacking the president and his family 24/7 instead of reporting the news."

"The truth is the market is at an all-time high, unemployment is at a fifty year low, taxes for families and businesses have been cut, wages are up, farmers and workers are empowered from better trade deals, and America’s military is stronger than ever, yet the New York Times can rarely find anything positive about the President and his tremendous record of success to report," Sanders wrote. "Perhaps another apology from the New York Times, like the one they had to issue after they got the 2016 election so embarrassingly wrong, is in order."

Sanders' response came hours after the Times reported the president received the equivalent of at least $413 million from his father Fred Trump's real estate empire over the course of his lifetime, from childhood to today. A large portion of those funds reportedly came to Trump in exchange for his help in dodging taxes.

[More: Trump family’s fraud allegations under scrutiny by New York State]

The story goes on to detail how Trump and his siblings created a fake corporation in order to disguise millions of dollars in gifts from their parents. The story also claims that Trump helped conjure a strategy to undervalue the real estate holdings of his parents by hundreds of millions of dollars. That effort helped drastically reduce the tax liability owed on those properties when they were transferred to the Trump children.

In total, the Times found that Fred Trump transferred more than $1 billion in wealth to his children. That amount could have been subject to a tax bill of at least $550 million under the then-tax code.