Published 15:04 IST, October 21st 2020
Trump's tax records reveal he pursued business expansion in China for years: Report
The New York Times reported on October 20 citing Donald Trump’s tax records that he has pursued expansive business projects in China for several years.
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In another blow to US President Donald Trump’s efforts to showcase Democratic rival Joe Biden having a soft corner for China, the New York Times on October 20 cited Republican leader’s tax records revealing that he has pursued business expansion in the Asian country for several years. The report followed the previous revelation by the newspaper that first quoted the tax return documents to claim that Trump did not pay enough taxes for the last 10 to 15 years.
Calling it ‘the China Connection’, NYT analysed Trump’s tax records to show that he holds a previously unreported bank account in China which was left out of his public financial disclosures because it is held under a corporate name. Trump has reportedly also maintained bank accounts in Britain and Ireland. As per the newspaper, the account in China is controlled by Trump International Hotels Management and it paid $188,561 in taxes in the country between 2013 and 2015.
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However, these records don’t show the exact sum of money that was moved through the foreign accounts of Trump. But the Internal revenue Service (IRS) mandates that filers disclosing the portions of its incomes directed from foreign nations. The Trump International Hotels management reported only a few thousand dollars from the Asian country.
Trump Organisation lawyer Alan Garten refused to name all the accounts opened in Chinese banks but told NYT in a statement that the company "opened an account with a Chinese bank having offices in the United States in order to pay the local taxes" and expand the businesses in the country. He also insisted that the Trump Organisation opened the account in China once an office was opened “to explore the potential for hotel deals in Asia." Garten told the newspaper that since 2015, no deals or transactions ever materialised. He also acknowledged that the account remains open but has “never been used for any other purpose.”
$192,000 invested in five companies established in China
NYT stated that Trump’s tax records reportedly also show that he has invested at least $192,000 in five firms established in China to pursue projects in the country. Moreover, since 2010 the same companies have claimed at least $97,400 in expenses. Earlier, NYT had cited the tax returns documents to claim that Trump paid no federal income taxes in 10 of the past 15 years, largely because he reported losing much more money than he made. The report further added that Trump just paid $750 in federal taxes in 2016, when he was elected and $750 again in 2017.
15:05 IST, October 21st 2020