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Nyt trump finances article11/5/2023 ![]() According to a bonkers, years-long investigation by The New York Times, published on Tuesday, not only did Donald Trump receive hundreds of millions of dollars from his father-a man who thought it was hugely unfair for the government to tax his fortune, despite building that fortune largely through the help of federal housing subsidies-but most of that money “came to Mr. Only Clinton was unwittingly downplaying things. Angrily responding to Clinton’s claim that he’d started his business with $14 million from his father, Fred Trump, Donald huffily shot back that in fact it was a “very small loan” in the range of $1 million, which he parlayed “into a company that’s worth many, many billions of dollars.” Later, when Clinton asserted that her opponent “paid nothing in federal taxes,” he responded “that makes me smart.”Īs it turns out, both of Clinton’s jabs-that the so-called self-made billionaire received a tad bit more than $1 million from his father, and that he knows a thing or two about tax-dodging-turned out to be more or less correct. candidate’s wealth, which he believed qualified him to be president, despite the fact that he lacked any relevant experience whatsoever for the job. But his efforts accelerated in 2012 with the opening of a Shanghai office, and tax records show that one of Trump’s China-related companies, THC China Development LLC, claimed $84,000 in deductions that year for travel costs, legal fees and office expenses.Seven lifetimes ago, during a presidential debate between Hillary Clinton and Donald Trump, the conversation turned to the then G.O.P. In 2008, Trump pursued an office tower project in Guangzhou that never got off the ground. ![]() Many Chinese government approvals came after he became president. His efforts go at least as far back as 2006, when he filed trademark applications in Hong Kong and the mainland. However, there is ample evidence of Trump’s efforts to do business there.Īs with Russia, where he explored hotel and tower projects in Moscow without success, Trump has long sought a licensing deal in China. Trump has also sought to tar his opponent with overblown or unsubstantiated assertions about Hunter Biden’s business dealings there while his father was in office.Īs for the former vice president, his public financial disclosures, along with the income tax returns he voluntarily released, show no income or business dealings of his own in China. His campaign has tried to portray former Vice President Joe Biden as misreading the dangers posed by China’s growing power. He said the company had opened the account after establishing an office in China “to explore the potential for hotel deals in Asia.”Ĭhina continues to be an issue in the 2020 presidential campaign, from the president’s trade war to his barbs over the origin of the coronavirus pandemic. ![]() In response to questions from The Times, Alan Garten, a lawyer for the Trump Organization, said 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. The Chinese account is controlled by Trump International Hotels Management LLC, which the tax records show paid $188,561 in taxes in China while pursuing licensing deals there from 2013 to 2015. The foreign accounts do not show up on Trump’s public financial disclosures, where he must list personal assets, because they are held under corporate names. President Donald Trump spent a decade unsuccessfully pursuing projects in China, operating an office there during his first run for president and forging a partnership with a major government-controlled company, The New York Times reported Tuesday.Ĭhina is one of only three foreign nations - the others are Britain and Ireland - where Trump maintains a bank account, according to a Times analysis of the president’s tax records.
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