|US President Donald Trump's tax records show that China is one of three foreign countries where he maintains a bank account, according to the reports.(Photo from Indians In Gulf News Website)|
[Asia News Communication = Reporter Reakkana] President Donald Trump's tax records show he expanded business projects in China for years and even maintains a Chinese bank account, The New York Times reported Tuesday, disclosures affected the President's efforts to paint Democratic nominee Joe Biden as the presidential candidate who is soft on China.
An analysis of Trump's tax records by the Times shows that the President holds a previously unreported bank account in China that was not included in his public financial disclosures because it is held under a corporate name. Trump also maintains bank accounts in Britain and Ireland. The Chinese account is controlled by Trump International Hotels Management and paid $188,561 in taxes in the country from 2013- 2015.
The tax records don't show how much money was moved through Trump's foreign accounts, the Internal Revenue Service mandates that filers disclose the portions of their incomes coming from foreign countries. Trump International Hotels Management reported only a few thousand dollars from China. Trump Organization lawyer Alan Garten, who refused to name the Chinese bank, told the Times in a statement that the Trump Organization "opened an account to pay the local taxes" tied with its push to do business in the country. The President's tax records show he has invested around $192,000 in five companies established to pursue projects in China over multiple years, according to the Times.