In Defying the Odds, we discuss Trump's record of disregarding the rule of law. Our next book, Divided We Stand, looks at the 2020 election and the January 6 insurrection. Trump and his minions falsely claimed that he won the election, and have kept repeating the Big Lie. And we now know how close he came to subverting the Constitution.
Trump reported having foreign bank accounts between 2015 and 2020, including a bank account in China between 2015 and 2017, his tax returns show.
Trump was required to report the accounts to the Financial Crimes Enforcement Network (FinCEN). The filings show that the former president maintained foreign bank accounts in countries such as the United Kingdom, Ireland and China.
The China bank account, which was reported by The New York Times in 2020, was tied to Trump International Hotels Management’s business push in the country, Trump Organization lawyer Alan Garten said at the time.
The 2020 disclosure of business dealings in China came as the Trump campaign sought to portray opponent Joe Biden as a “puppet” of China. Biden’s income tax returns and financial disclosures showed no business dealings or income from China.
The returns also show that Trump paid more in foreign taxes than in US federal income taxes in 2017, the first year of his presidency.
In 2017, Trump paid just $750 in US federal income taxes because of large carry-forward losses that he claimed in prior years, negating virtually all of his American tax liability. Yet Trump paid nearly $1 million in taxes to foreign countries that year.
The fact that Trump paid foreign taxes isn’t in itself surprising, but it shows how Trump’s companies and businesses interests span the globe, and how those businesses are subject to local tax laws and regulations.
On his tax return, Trump listed business income, taxes, expenses or other notable financial items in Azerbaijan, Panama, Canada, India, Qatar, South Korea, the United Kingdom, China, the Dominican Republic, United Arab Emirates, Puerto Rico, the Philippines, Grenada, US territory Puerto Rico, Georgia, Israel, Brazil, St. Maarten, Mexico, Indonesia, Ireland, Turkey, and St. Vincent.
Trump was asked about the Chinese bank account during the debates. He said he closed it before he ran for president pic.twitter.com/6uhTzmN1D8— Acyn (@Acyn) December 30, 2022