Donald Trump paid nearly $200,000 in taxes to China, report claims
Donald Trump maintains a bank account in China where he pursued licensing deals for years, according to a report that could undermine the president’s election campaign claim that he is tough on Beijing. Tax records reviewed by the New York Times showed a previously unreported bank account in China controlled by Trump International Hotels Management. The account paid $188,561 in taxes in China between 2013 and 2015 in connection to potential licensing deals, according the newspaper.
Earlier reporting by the Times showed he paid just $750 in US taxes in 2016 and 2017.
The recent tax records also showed Trump invested at least $192,000 in five companies charged with pursuing business deals in China. Those companies claimed $97,400 in business expenses, including payments as recently as 2018, the Times reported.
Trump has waged his re-election campaign on his ability to stand up to China on issues from trade to human rights abuses in Xinjiang and political repression in Hong Kong as well as accountability for the spread of Covid-19. Under Trump, ties between China and the US have reached their lowest point in decades.
The disclosures also come after Trump accused his opponent, Joe Biden, of being “weak on China” and described the Biden family as “selling out our country” to China.
The Trump campaign has run attack ads against Biden’s son for having “inked a billion-dollar deal” with the government-owned Bank of China, allegations that have been not been substantiated.
Trump has previously pursued an office tower project in Guangzhou in southern China that did not come to fruition. AFP reported in 2016 that the Trump Hotel Collection negotiated with the government owned electricity company, State Grid Corporation of China, to brand and manage a major development in Beijing, resulting in a deal worth up to $150 million over 15 years.
Negotiations were put on hold after the state-owned enterprise became the focus of a corruption probe.
A lawyer for the Trump Organization, Alan Garten told the Times that the company had “opened an account with a Chinese bank having offices in the United States in order to pay the local taxes”.
“No deals, transactions or other business activities ever materialized and, since 2015, the office has remained inactive,” he said.
Joe Biden is projected to win the 2020 presidential election, defeating Donald Trump in a nail-biter of a race sure to remain contentious given the country’s bitter partisan divide and the president’s reckless and unfounded claims voter fraud. Major news networks projected that Biden, a former Delaware senator and vice president during Barack Obama’s administration, would win Pennsylvania, pushing him over the 270 electoral-vote threshold. Counting continues in several states, where Biden is leading or expected to win.
It wasn’t pretty. To use a sports analogy: it was winning ugly. Especially when the projected loser racked up some 70 million votes. But Donald Trump’s botched plays and self-inflicted sacks throughout the year—along with Joe Biden’s steady hand and his and Kamala Harris’s appeal to an array of constituencies—contributed, cumulatively, to the Democrat’s winning margin in the key battleground states. No amount of working the refs (or Hail Marys to come) will change the final score.
Deutsche Bank is aiming to end any financial ties to President Trump after the United States elections due to negative attention the bank has received as a result of the relationship, Reuters reported Tuesday.
Democratic presidential nominee Joe Biden is leading in most national and state-level polls one day before Election Day, leaving his supporters cautiously optimistic as they near the finish line. Polling shows Biden with leads in Michigan, Pennsylvania, and Wisconsin — three states that contributed to President Trump’s unexpected victory in 2016. The former vice president is also making inroads in other battlegrounds like Florida, Texas, North Carolina, Ohio and Georgia. The FiveThirtyEight forecasting model gives Biden a 90-percent chance of winning the election.