(CNN) President Donald Trump’s tax records show that he has run extensive business projects in China for years and also maintains a China bank account. The New York Times reported Tuesday, Statements that hurt the President’s attempt to field Democratic nominee Joe Biden as presidential candidate Soft on China.
When the Times analyzed Trump’s tax records, he said the president had a previously unreported bank account in China that was not included in his government financial disclosure because it was done in a corporate name. Trump also maintains bank accounts in Britain and Ireland.
China account, the newspaper, is controlled by Trump International Hotels Management and it paid 188,561 taxes in the country from 2013 to 2015.
Although tax records do not show how much money was moved through Trump’s foreign accounts, the Internal Revenue Service ordered filers to disclose portions of revenue from foreign countries. Trump International Hotels Management reported only a few thousand dollars from China.
The Trump organization “opened an account with a Chinese bank with offices in the U.S. to pay local taxes,” said Trump organization lawyer Alan Garten, who declined to name the China Bank that holds the account. The country is tied to its push to do business.
Garten specifically said the company opened the account after opening an office in China “to explore the possibilities of hotel deals in Asia.”
“Contracts, transactions or other business activities have not yet materialized and the office has been inactive since 2015,” he told the newspaper. “Although the bank account was opened, it was not used for any other purpose.”
Although Trump has sought to portray Biden as weak on China in the general election, his own economic ties with the country are in stark contrast to the former vice president. Income tax return And financial statements do not show business transactions or revenue from China.
In fact, according to the Times, presidential tax records show that at least 000 192,000 was invested in five companies set up to pursue projects in China.
Since 2010, companies have claimed at least 4,97,400 costs, the newspaper said.
New details gathered from Trump’s tax records are built on the previous one New York Times report He explained how in 10 of the 15 years since 2000, the president has not paid federal income tax because he has reported more losses than he did.
The year he won the presidency and his first year in the White House, Trump paid just $ 750 in federal income tax, the Times reported.