(Cnn) President Donald Trump’s tax records show he has pursued expanding business projects in China for years and even maintained a Chinese bank account, the New York Times reported on Tuesday that the presidential candidate A blow to the president’s efforts to portray Democratic candidate Joe Biden as soft on China.
An analysis of Trump’s tax records by the Times shows that the president holds a previously unproven bank account in China that was not included in his public financial disclosures because it is held under a corporate name. Trump also holds bank accounts in Britain and Ireland.
The newspaper said that the Chinese account is controlled by Trump International Hotels Management and paid $ 188,561 in taxes in the country from 2013 to 2015.
Although tax records do not reflect how much money has gone through Trump’s foreign accounts, the Internal Revenue Service does mention that filers disclose their share of income coming from overseas. Trump International Hotels Management gave only a few thousand dollars from China.
Trump Organization lawyer Alan Garten, who declined to name the Chinese bank holding the account, said in a statement to the Times that the Trump Organization “with the office of a Chinese bank in the United States to pay local taxes Opened an account ”tied to its emphasis on doing business in the country.
Garten specifically stated that the company “opened an account to explore the potential of hotel deals in Asia” after opening an office in China.
“No transactions, transactions or other business activities were ever implemented and the office has remained inactive since 2015,” he told the newspaper. “Although the bank account remains open, it has never been used for any other purpose.”
While Trump has sought to show Biden weak on China during the general election, the country’s own financial ties contrast with those of the former Vice President, who has no business agreement or income from China in his income tax returns and financial disclosures.
According to the Times, the president’s tax records at five companies set up to pursue projects in China over several years show that he has invested at least $ 192,000.
The newspaper said that since 2010, companies have claimed at least $ 97,400 in expenses.
The new details from Trump’s tax records produced a previous New York Times report stating that the president paid no federal income taxes in 10 out of 15 years beginning in 2000, because he It was reported that there was much more damage than his.
He reported that 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.