Donald Trump’s declassified tax returns reveal new details about the former US president’s finances. Trump therefore still had a business bank account in China during his term of office, various American media reported after going through thousands of pages of tax documents. In the documents, Trump mentions, among other things, a bank account in China for the years 2015 to 2017.
In a televised debate during the 2020 presidential election campaign, Trump stated that the account in China had already been closed in 2015. Trump moved into the White House in early 2017.
The US Congress has released Trump’s tax documents
After years of legal wrangling, the U.S. House of Representatives Treasury Committee released several thousand pages of Trump’s tax documents from 2015 to 2020 on Friday. For years, the Republican had legally resisted handing over the documents to the committee — eventually failing the U.S. Supreme Court.
No income tax in the last year of office
The documents show that Trump paid little or no federal income tax for years, despite bragging about his wealth. According to the documents, in his first year in office in 2017, he paid only $750 in federal income taxes for losses he claimed.
Broadcaster CNN reported that Trump stated in the documents that around 2017 he had paid far more taxes abroad than at home – namely taxes of almost a million dollars. In the six-year tax return, Trump listed business income, taxes, expenses or other financial items in several countries: including Azerbaijan, Panama, Canada, India, Qatar, South Korea, Great Britain, China, the Dominican Republic, the United Arab Emirates, the Philippines, Georgia, Israel, Brazil, Mexico, Indonesia, Ireland and Turkey.
Source: Krone
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