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Trump Records Shed New Light on Chinese Business Pursuits
Donald Trump has a hidden bank account in China, disguised as a corporate account. Trump paid far more taxes to China ($188,000) than he did to the United States ($750).
10/20/20
President Trump and his allies have tried to paint the Democratic nominee, Joseph R. Biden Jr., as soft on China, in part by pointing to his son’s business dealings there. But Mr. Trump’s own business history is filled with overseas financial deals, and some have involved the Chinese state. He spent a decade unsuccessfully pursuing projects in China, operating an office there during his first run for president and forging a partnership with a major government-controlled company. And it turns out that China is one of only three foreign nations — the others are Britain and Ireland — where Mr. Trump maintains a bank account, according to an analysis of the president’s tax records, which were obtained by The New York Times. The foreign accounts do not show up on Mr. Trump’s public financial disclosures, where he must list personal assets, because they are held under corporate names. The identities of the financial institutions are not clear. The Chinese account is controlled by Trump International Hotels Management L.L.C., which the tax records show paid $188,561 in taxes in China while pursuing licensing deals there from 2013 to 2015.
In response to questions from The Times, Alan Garten, a lawyer for the Trump Organization, said the company had “opened an account with a Chinese bank having offices in the United States in order to pay the local taxes” associated with efforts to do business there. Mr. Garten would not identify the bank in China where the account is held. Until last year, China’s biggest state-controlled bank rented three floors in Trump Tower, a lucrative lease that drew accusations of a conflict of interest for the president. As with Russia, where he explored hotel and tower projects in Moscow without success, Mr. Trump has long sought a licensing deal in China. His efforts go at least as far back as 2006, when he filed trademark applications in Hong Kong and the mainland. Many Chinese government approvals came after he became president. (The president’s daughter Ivanka Trump also won Chinese trademark approvals for her personal business after she joined the White House staff.) And not long after winning the 2016 election, Mr. Trump reported selling a penthouse in one of his Manhattan buildings for $15.8 million to a Chinese-American businesswoman named Xiao Yan Chen. Ms. Chen runs an international consulting firm and reportedly has high-level connections to government and political elites in China.
Donald Trump has a hidden bank account in China, disguised as a corporate account. Trump paid far more taxes to China ($188,000) than he did to the United States ($750).
Trump paid taxes to China while paying next to nothing to US treasury
President Trump paid taxes to the Chinese government while he pursued licensing deals there between 2013 and 2015, according to tax records obtained by The New York Times.
www.dailymail.co.uk