Why does NYC have its own taxes

Donald Trump's company paid hundreds of thousands of dollars in taxes in China

As President, Donald Trump condemns companies that do business with China - now it is clear: Before his presidency, he himself had a company account in the country. And Beijing apparently paid quite a bit of taxes.

The New York Times shed new light on US President Donald Trump's earlier business efforts in China and reported the existence of a previously unknown account there. It does not appear in publicly available listings of Trump's personal assets because it is carried under the company name Trump International Hotels Management, the newspaper wrote on Tuesday (local time), citing tax documents. In the past, Trump has been critical of US companies doing business in China.

Taxes of around $ 190,000 paid in China

The paper also reported on accounts in the UK and Ireland. These went through companies operating Trump's golf courses in Scotland and Ireland. It is unclear how much money has flowed through the foreign accounts. According to the newspaper, it has tax returns from Trump and hundreds of his companies from more than two decades.

The account in China was set up after the company opened an office there to "explore the potential for hotel deals in Asia," said Alan Garten, attorney for the Trump Organization, of the New York Times. The account was never used for any other purpose. From 2013 to 2015, the company is said to have paid taxes of around 190,000 dollars (almost 160,000 euros) in China, according to the documents.

Trump withholds tax returns

The New York Times had previously reported that Trump only paid $ 750 federal income tax in 2016 and 2017, despite the fact that the former entrepreneur always boasts of his wealth. Usually, presidential candidates publish their tax returns during election campaigns. Trump has not done this so far and justifies this with the fact that the tax authorities checked his books.

With a view to the presidential election on November 3rd, the Republican has tried again and again to portray his Democratic challenger Joe Biden as too weak against China. Biden had voluntarily published his tax return. These indicated no business relationships with China.

more on the subject

  • Subjects:
  • News,
  • Foreign countries,
  • Politics,
  • Tax declaration,
  • Income tax,
  • Republican,
  • Presidential election,
  • Donald Trump,
  • Taxes,
  • China,
  • Joe Biden