Trump Announces Closing China Bank Account In Presidential Debate. He didn’t.

Donald Trump, in response to a question during the 2020 presidential debate with Joe Biden, insisted that he closed his bank account in China before his first campaign. But Trump’s six-year tax records released Friday reveal that this is not true.

“I had an open account and I closed it,” Trump told NBC White House reporter moderator Kristen Welker at the final debate of the campaign in October of that year. “I turned off being president before I even ran for president.”

Representative-elect Daniel Goldman (DN.Y.), who served as the Democrats’ top adviser in the initial impeachment inquiry against Trump, said it was the former president’s bank. accounts According to tax records, in China from 2018 to 2017, from 2015 to 2017.

β€œIn general, you only have a bank account in a foreign country if you transact in that country’s currency. What was Trump doing in China when he was President? He asked in a tweet on Friday.

Trump, who has accounts in several countries and also collects income from more than a dozen foreign countries while in office, paid the Chinese government more taxes in 2020 than the US federal income tax that year, according to his statements.

Trump also lied to then-Fox News commentator Chris Wallace, who a month ago asked him at his first presidential debate in 2020 if he had paid only $750 in federal income taxes in 2016 and 2017. immediately exploded as “fake news”).

Trump angrily said he had paid – twice – “millions of dollars”. His returns revealed that he had indeed paid only $750 in federal income tax each of those years. According to tax records, Trump and his wife, Melania, did not pay federal income taxes in 2020, his last full year in office.

Trump also did not donate his annual $400,000 presidential salary to charities, as he claimed. He declared that he had no charitable contributions in 2020 returns.

Among the first revelations to surface in Trump’s tax records, some of the most disturbing include financial fraud abroad while he was president,
Politico “highlights a number of potential conflicts of interest,” he said.

Trump had multiple bank accounts in a number of foreign countries and has amassed millions of dollars in revenues from more than a dozen countries, including Panama, the Philippines, where he praised his dictator Rodrigo Duterte, and the United Arab Emirates during the Trump administration.

While presidents routinely invest assets in blind trusts while in office, Trump’s eldest sons continued to openly run the Trump Organization and made deals worldwide with countries affected by the Trump administration’s policies and spending.

Trump’s returns reveal the heavy financial losses he carried forward in the two years before he became president, some of which he carried forward to reduce his tax bills.

In his first three years in office, his adjusted gross income was $15.8 million. Trump paid $642,000 in 2015, $750 in 2016 and 2017, just under $1 million in 2018, $133,000 in 2019 and nothing in 2020.

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