China responds to trump’s tax payment

Trump’s bank account for doing business in China has been found
(observer’s online news) as the U.S. presidential election entered the final two weeks of sprint, the New York Times, which had exposed that trump had not paid taxes for 10 years, suddenly revealed that trump had a “never disclosed personal bank account” in China.
Trump’s lawyers immediately responded that the account was set up for local tax payment when trump group planned to develop its hotel business in China in the early years. As the related business transactions never landed, the account was idle after 2015 and has never been used for other purposes.
The New York Times said on the 20th that they found a personal account opened by the latter in Chinese banking institutions through the analysis of Trump’s tax records. It was the first time that the account was made public because it was affiliated with Trump International Hotel Management Co., Ltd., and therefore did not appear in the public financial information of the president of the United States.
The article said it was not clear which Chinese bank the account was located in or the details of the funds.
It is worth mentioning that trump has only opened overseas accounts in China, the UK and Ireland. The latter two accounts are held by companies that operate Trump’s local golf course. According to the IRS, they make millions of dollars a year in Britain and Ireland.
The above-mentioned “Trump International Hotel Management Co., Ltd.” has annual revenue of only several thousand dollars in China. However, from 2013 to 2015, the company paid a total of US $188561 (about 1.41 million RMB) in China for business license related agreements.
In response to the report, trump group lawyer Alan Garten said that the group had set up an office in China to “investigate the potential of developing Asian hotel business”, and then opened an account in a Chinese bank with a U.S. branch to expand its business in China for tax payment in China.
However, “the relevant contracts, transactions and other business activities never took shape. After 2015, the office is no longer operational. ” Golden stressed that the bank account still exists, but “has never been used for any other purpose.”.
With this report, the New York Times continued to hype the popularity of the “China issue” of the U.S. election, and examined with a magnifying glass the trump group’s business in China and its overseas and domestic business contacts with China in the United States. And this is not the first time American media have done so.
In April this year, US “politician” news network once published an article saying that trump owes Bank of China tens of millions of dollars of loans, which will mature in 2022. The article claims that trump accused Biden of “weakness in China” during the election, but he was found to have business relations with China, thus questioning Trump’s position.
Bank of China immediately clarified that it sold the debt after the 2012 deal and is not currently interested in any of Trump’s assets. “Politicians” eventually corrected the report.
Some U.S. netizens questioned that while the Republican Party attacked Biden’s relations with China, the New York Times article on Trump’s bank account in China was “very interesting” and seemed to divert attention.
Others make complaints about Trump’s “taxes paid in China more than in the US”.
At the end of September, the New York Times revealed that trump had exploited the loophole in the tax law and had not paid any income tax for 10 years. In his first two years as president, he only paid $750 in taxes each year. Trump denied it as “false news”.