Michael Cohen says President Donald Trump devalued his assets in order to pay lower real estate taxes.
Cohen, Trump's former attorney, testified Wednesday before the House Oversight and Reform Committee.
His comment on Trump's assets came in response to Rep. Alexandria Ocasio-Cortez, a New York Democrat.
WATCH: Michael Cohen testifies before Congress
Cohen says Trump claimed Trump National Golf Club in Briarcliff Manor, New York, was worth more than what he reported to local tax authorities. Cohen says that in order to reduce real estate bills, he would devalue the assets and then put in a request to tax officials for a deduction.
Cohen also testified he had knowledge that the president inflated his assets to an insurance company.