February 7, 2023

TAX RETURNS: Trump lied about closing Chinese bank account after becoming president

TAX RETURNS: Trump lied about closing Chinese bank account after becoming president

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This may come as a shock to some, but apparently, Donald Trump lied about closing his Chinese bank account according to his recently released tax returns.


In a 2020 presidential debate, the then-President claimed he closed his accounts in China prior to his 2016 campaign bid.

“I had an account open, and I closed it,” an aggravated Trump told NBC White House correspondent, Kristin Welker. “I closed it before I even ran for president, let alone became president,” HuffPost reported.

The ex-President failed to include his foreign accounts on his public financial disclosures because technically the assets were held in the name of his business and not attributed “personally” to him.

According to The New York Times, the Trump Organization attorney, Alan Gartner, claimed the Chinese account has been inactive since 2015.

“The company had “opened an account with a Chinese bank having offices in the United States in order to pay the local taxes” associated with efforts to do business there. He said the company had opened the account after establishing an office in China “to explore the potential for hotel deals in Asia,” The Times reported.

“No deals, transactions, or other business activities ever materialized and, since 2015, the office has remained inactive,” Mr. Garten said. “Though the bank account remains open, it has never been used for any other purpose.”

It’s been discovered that Trump held active accounts in the authoritarian-ruled country for nearly two years after his unexpected 2016 win.

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Although he claimed transparency, Donald Trump fought tooth and nail to prevent his tax records from being handed over to the House Ways and Means Committee.

Until recently, the Queens-bred con man litigated his way out of discoverability until the United States Supreme Court cleared the way for compliance with the congressional request.

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The New York Times reported that in 2020, the ex-President paid more in taxes to the People’s Republic of China (PRC) than to the country he lives in and claims to hold so dear.

This wasn’t difficult to accomplish since Trump paid $0 in U.S. taxes in 2020, according to his returns.

During the infamous presidential debate between the then-president and his Democratic opponent Joe Biden, Trump falsely told debate moderator and former Fox News host, Chris Wallace, that he paid “millions” in taxes in 2016 and 2017.

But IRS records show a negligible $750 tax bill for each of those years.

Six years of financial records were turned over to the congressional committee and show that Donald Trump maintained multiple bank accounts in more than a dozen foreign countries during his one-term presidency – including the Philippines, United Arab Emirates, and Panama.

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So much for America First.

As the story of ex-President Trump’s financial manipulations is uncovered — and the onion continues to be peeled in regard to his peek-a-boo, hide-and-seek shenanigans when it comes to his money wheeling and dealing — this is unlikely to be the most shocking information that will be revealed.

Hopefully, special counsel Jack Smith and the Justice Department are standing back and standing by.

Original reporting by Mary Papenfuss at HuffPost and by Mike McIntire, Russ Buettner, and

Follow Ty Ross on Twitter @cooltxchick

Ty Ross

News journalist for Washington Press and Occupy Democrats.

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