An analysis of Trump’s tax records by The Times shows that the president has a previously unreported bank account in China that was not included in his public financial disclosures because it is held under a company name. Trump also maintains bank accounts in Britain and Ireland.
The newspaper said that the Chinese account is under the control of Trump International Hotel Management, and he paid $ 188,561 in taxes in the country from 2013 to 2015.
Although the tax records do not show how much money was transferred through Trump’s overseas accounts, the Internal Revenue Service requires applicants to disclose portions of their income coming from foreign countries. The Trump International Hotel Administration reported only a few thousand dollars from China.
Trump Organization attorney Alan Garten, who refused to name the Chinese bank that owns the account, told The Times in a statement that the Trump Organization had “opened an account with a Chinese bank with offices in the United States in order to pay local taxes.” Linked to it being pushed to do business in the country.
Specifically, Garten said the company opened the account by simply opening an office in China “to explore the potential of hotel deals in Asia”.
“No deals, transactions or other commercial activities have ever materialized, and since 2015 the office has remained inactive,” he told the newspaper. “Although the bank account is still open, it has not been used for any other purpose.”
In fact, the president’s tax records show that he has invested at least $ 192,000 in five companies set up to pursue projects in China over several years, according to The Times.
The newspaper said that since 2010, the companies have demanded expenses of no less than $ 97,400.
The newspaper reported that both in the year he won the presidency and his first year in the White House, Trump paid only $ 750 in federal income taxes.