“No deals, transactions or other business activities ever materialized and, since 2015, the office has remained inactive,” Garten said. https://www.vanityfair.com/news/2020/10/donald-trump-chinese-bank-account https://www.cnn.com/2020/10/20/politics/trump-china-taxes-financial-records ", "No deals, transactions or other business activities ever materialized and, since 2015, the office has remained inactive," he told the newspaper. 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. Show full articles without "Continue Reading" button for {0} hours. The President's tax records show he has invested at least $192,000 in five companies established to pursue projects in China over multiple years, according to the Times. Since 2010, the companies have claimed at least $97,400 in expenses, the newspaper said. That same year, Trump withdrew $15.1 million from the company’s capital account. The Chinese account, the newspaper said, is controlled by Trump International Hotels Management and it paid $188,561 in taxes in the country from 2013 to 2015. 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. The company is under direct ownership by Trump International Hotels Management, and tax records do not (and do not have to) specify exactly how much of its financial affairs relate to China. Like us on Facebook to see similar stories. 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 … They are now subject to Trump… Trump Organization lawyer Alan Garten, who refused to name the Chinese bank that holds the account, told the Times in a statement that the Trump Organization "opened an account with a Chinese bank having offices in the United States in order to pay the local taxes" tied with its push to do business in the country. In 2012, his real estate partner refinanced one of Trump’s most prized New York buildings for almost $1 billion. Trump International Hotels Management LLC runs the account in China, which was reported to have paid $188,561 in taxes in China while pursuing licensing deals from 2013 to 2015. Watch Trump's history of refusing to release his tax returns, FBI director speaks publicly for first time since Capitol riots, Pence makes surprise visit to Capitol to thank National Guard, Biden: Real pain overwhelming the real economy, Watergate icon compares Trump and Nixon's final days in office, 'Fuming': How Trump is reacting to his second impeachment, 15 hours of chaos that led to Trump's impeachment, Former DHS official: You don't get a mulligan on insurrection, Mudd: Here are my 2 concerns with potential protests. Although the accounts in the U.K. and Ireland report millions of dollars in revenue due to them both being linked to Trump golf courses in each country, the Chinese account reported just a few thousand dollars. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. The Chinese account is controlled by Trump International Hotels Management LLC, which the tax records show paid $188,561 in taxes in China while … Trump International Hotels Management LLC runs the account in China, which was reported to have paid While the tax records don't show how much money has moved through Trump's foreign accounts, the Internal Revenue Service mandates that filers disclose the portions of their incomes coming from foreign countries. Garten did not confirm the Bloomberg estimate but acknowledged that the buyout was a “significant portion” of the company’s revenue unrelated to China. Conservative panelists go head-to-head: Are you sorry you voted for Trump? Garten specifically said the company had opened the account once an office was opened in China "to explore the potential for hotel deals in Asia. President Trump 's tax records show that China is one of three foreign countries where he maintains a bank account, The New York Times reported Tuesday. 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