In 2017, the first year of his presidency, Donald Trump paid $1 million in taxes in other countries and just $750 in the US.
Foreign bank accounts were maintained by the former US president during his term as US president, as revealed by the data from his tax returns released yesterday, Friday by the House Ways and Means Committee.
Specifically, the former president had foreign bank accounts in China, the United Kingdom, Ireland and San Marino during his presidency. In fact, in the first year of his presidential term, he paid more taxes abroad than in the US, as his statements show.
Trump had to report the existence of these accounts to the Financial Crimes Enforcement Network (FinCEN).
The China bank account, disclosed by The New York Times in 2020, was linked to Trump International Hotels Management’s business in the country, Trump Organization lawyer Alan Garden said at the time.
The revelation of his business dealings with China in 2020 came as Trump sought during his campaign to portray current US President Joe Biden as a “puppet” of China.
In 2017, Trump’s foreign financial interests were still apparently quite strong. He paid over $1 million in taxes to other countries that year. But at the same time, his domestic tax shelter efforts were also in full swing and he paid just $750 in income tax for the year.
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With a wealth of experience honed over 4+ years in journalism, I bring a seasoned voice to the world of news. Currently, I work as a freelance writer and editor, always seeking new opportunities to tell compelling stories in the field of world news.
