The release of six years of Donald Trump's tax returns show that the former president held several foreign bank accounts throughout his time in the White House.
House Democrats on Friday unveiled Trump's records following a protracted legal battle.
The businessman-turned-president's years-long refusal to hand over the filings fueled public suspicion about what they might reveal. Some political observers believed they could contain key clues to his foreign business ties, or perhaps that he was less wealthy than he often claimed.
The release revealed that Trump listed multiple foreign bank accounts during his time in office.
In 2016, Trump held accounts in China, Ireland, the United Kingdom and Saint Martin, according to CNN. He again listed the first three the following year, and only the U.K. in 2018 and 2020.
Representative-elect Daniel Goldman, a New York Democrat, highlighted Trump's dealings with one country in particular.
"Trump had bank accounts in China while he was in office until 2018," Goldman wrote in a tweet. "Generally, you only have bank accounts in a foreign country if you are doing transactions in that country's currency. What business was Trump doing in China while he was President?"
Trump had bank accounts in China while he was in office until 2018.
Generally, you only have bank accounts in a foreign country if you are doing transactions in that country’s currency.
What business was Trump doing in China while he was President? https://t.co/SQhyPEOOxi — Daniel Goldman (@danielsgoldman) December 30, 2022
The New York Times reported in 2020 on the bank account in China, and that it was linked to a business push there from Trump International Hotels Management. At the same time that Trump was running for reelection, he accused Democratic opponent Joe Biden of being China's so-called puppet.
Biden, however, has not received income from or done business with China, per his own disclosures and returns.
In Trump's first year as president, he paid less in U.S. federal income taxes than he did in foreign taxes. His taxes abroad totaled roughly $1 million in 2017, but in the U.S. that year, he paid only $750.
CNN listed a number of other countries where Trump had cited business income, expenses, taxes or other significant financial items, including Azerbaijan, Brazil, Canada, China, Dominican Republic, Georgia, Grenada, India, Indonesia, Ireland, Israel, Mexico, Panama, Philippines, Puerto Rico, Qatar, South Korea, Saint Martin, Saint Vincent, Turkey, United Arab Emirates and United Kingdom.
Trump previously warned House Democrats in a statement sent to Newsweek that they "should have never" made the records public. He also argued that the U.S. Supreme Court shouldn't have approved their release.
"It's going to lead to horrible things for so many people," Trump said. "The great USA divide will now grow far worse. The radical, left Democrats have weaponized everything, but remember, that is a dangerous two-way street!"
Newsweek reached out to Trump's office for comment.
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Update 12/31/2022 at 11:16 a.m. ET: The spelling of Saint Martin was changed from the Dutch spelling to match how it was written on Trump's tax form.
flamethrowerfire9 on January 2nd, 2023 at 22:47 UTC »
There are many reasons why a sitting President should not be running a multinational company while in the White House. Being in debt to a multitude of foreign nations and potentially having conflicts of interest and a major national security risk is certainly on the top of that list. Even Jimmy Carter placed his peanut farm in a blind trust before going to DC. There should be laws in place to enforce this.
eggmaker on January 2nd, 2023 at 22:12 UTC »
He paid $1,000,000.00 in taxes to foreign governments. He paid $750.00 in taxes to the USA.
Person21323231213242 on January 2nd, 2023 at 21:32 UTC »
From the Article:
In 2016, Trump held accounts in China, Ireland, the United Kingdom and Saint Martin, according to CNN. He again listed the first three the following year, and only the U.K. in 2018 and 2020.In 2016, Trump held accounts in China, Ireland, the United Kingdom and Saint Martin, according to CNN. He again listed the first three the following year, and only the U.K. in 2018 and 2020.
Representative-elect Daniel Goldman, a New York Democrat, highlighted Trump's dealings with one country in particular. "Trump had bank accounts in China while he was in office until 2018," Goldman wrote in a tweet. "Generally, you only have bank accounts in a foreign country if you are doing transactions in that country's currency. What business was Trump doing in China while he was President?"
In Trump's first year as president, he paid less in U.S. federal income taxes than he did in foreign taxes. His taxes abroad totaled roughly $1 million in 2017, but in the U.S. that year, he paid only $750.