An analysis of Trump’s tax records shows that the President holds a previously unreported bank account in China, which was not included in his financial statements because it is held under a corporate name. Trump also maintains bank accounts in Britain and Ireland.
The Chinese account, the newspaper reported, is controlled by Trump International Hotels Management and paid $ 188,561 in taxes to the country from 2013 to 2015.
While tax records do not show how much money has been transferred to Trump’s accounts, the Internal Revenue Service is ordering archivists to disclose their revenue portions from foreign countries. Trump International Hotels Management reported only a few thousand dollars from China.
Trump’s lawyer, Alan Garten, who declined to name the Chinese bank that holds the account, told the Times in a statement that Trump “opened an account with a Chinese bank that has offices in the United States to pay local taxes “is linked to the impetus for doing business in the country.
Garten specifically said the company had opened the account as soon as it opened an office in China “to explore the possibilities for hotel deals in Asia”.
“Agreements, transactions or other business activities have never taken place and, since 2015, the office has remained inactive,” he told the newspaper. “Although the bank account remains open, it has never been used for any other purpose.”
In fact, the president’s tax records show he has invested at least $ 192,000 in five companies set up to continue working in China for many years, according to the Times.
Since 2010, the companies have claimed at least $ 97,400 in costs, the newspaper reported.
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.