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Trump maintains Chinese bank account through his tax records

October 21, 2020 | 22:06

President Donald Trump's tax records show he has pursued expansive business projects in China for years and even maintains a Chinese bank account, The New York Times reported Tuesday.

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President Trump. Photo: AFP

An analysis of Trump's tax records by the Times shows that the President holds a previously unreported bank account in China that was not included on his public financial disclosures because it is held under a corporate name. Trump also maintains bank accounts in Britain and Ireland.

The Chinese account, the newspaper said, is controlled by Trump International Hotels Management and it paid $188,561 in taxes in the country from 2013 to 2015.

While the tax records don't show how much money has moved through Trump's foreign accounts, the Internal Revenue Service mandates that filers disclose the portions of their incomes coming from foreign countries. Trump International Hotels Management reported only a few thousand dollars from China.

Trump Organization lawyer Alan Garten, who refused to name the Chinese bank that holds the account, told the Times in a statement that the Trump Organization "opened an account with a Chinese bank having offices in the United States in order to pay the local taxes" tied with its push to do business in the country.

Garten specifically said the company had opened the account once an office was opened in China "to explore the potential for hotel deals in Asia."

The President's tax records show he has invested at least $192,000 in five companies established to pursue projects in China over multiple years, according to the Times.

Since 2010, the companies have claimed at least $97,400 in expenses, the newspaper said.

President Trump maintains a bank account in China, even as his allies claim his Democratic opponent poses a security threat because of his son’s purported ties to China, The New York Times reports. Citing tax records, the Times reports China is one of three foreign countries where the president has bank accounts, none of which are listed on his public financial disclosures because they are under corporate names. The other two are the United Kingdom and Ireland.

The account in China, operated by Trump International Hotels Management LLC, paid $188,561 in taxes in the country from 2013 to 2015, according to the Times.

"No deals, transactions or other business activities ever materialized and, since 2015, the office has remained inactive," he told the newspaper. "Though the bank account remains open, it has never been used for any other purpose."

While Trump has sought to paint Biden as weak on China throughout the general election, his own financial ties to the country stand in stark contrast with the former vice president, whose income tax returns and financial disclosures show no business dealings or income from China.

In both the year he won the presidency and his first year in the White House, Trump paid just $750 in federal income taxes, the Times reported.

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