Trump Declared In Presidential Debate He Shut Down Chinese Bank Account. He Didn't.

Mike Letterman

Dec 31, 2022, 3:17 AM
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During the 2020 presidential debate with Joe Biden, Donald Trump insisted that he closed his bank account in China before he ran for president. Six years of Trump's tax records show that wasn't the case.

In the final debate of the campaign in October of 2015, Donald Trump said that he had an account open and closed it. I closed it before I ran for the presidency.

According to his tax records, Daniel Goldman noted that the former president had bank accounts in China from 2015 to 2017:

If you are doing transactions in a foreign currency, you need a foreign bank account. He asked what business Trump was doing in China while he was president.

Trump paid more in taxes to the Chinese government in 2020 than he did in the United States, according to his returns.

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

December 30, 2017: Daniel Goldman.

During the first presidential debate in 2020, Chris Wallace asked Trump if he paid only $750 in federal income taxes in 2016 and 2017, as The New York Times had reported.

Trump said that he had paid a lot of money. He paid just $750 in federal income taxes each year. The last full year he was in office, Trump and his wife paid no federal income taxes.

Trump didn't donate his $400,000 presidential salary every year. On his 2020 returns, he did not declare any charitable contributions.

Some of the most troubling aspects of Trump's tax records are his financial dealings abroad while he was president.

There are a number of potential conflicts of interest highlighted.

Trump had multiple bank accounts in a number of foreign countries and earned millions of dollars from them.

While presidents place assets in blind trusts, their sons continued to operate the Trump Organization and forged deals with nations impacted by the Trump administration's policies and expenditures.

In the two years before he became president, Trump had financial losses that he carried forward to lower his tax bill.

During his first three years in office, he earned an adjusted gross income of over 15 million dollars. Trump paid federal income tax in five of the last six years, but paid nothing in 2020.