Congress imposes 100% tax on former presidents' settlement windfalls.
H.R. 8910 — SLUSH FUND Act of 2026 · Filed by Mike Thompson (D-CA) · 48 cosponsors · Introduced May 19, 2026 · Referred to committee
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What it does
This bill imposes a 100% tax on settlement payments received by former U.S. Presidents, their family members, and entities they control from lawsuits filed against the federal government. It requires trustees of settlement funds to report these payments to the IRS and publicly disclose them, with penalties of 50% of unpaid taxes and $10,000 per failure to file. The bill is effective retroactively to May 20, 2026.
Why we flagged it
The bill's operative mechanism is a 100% tax on a narrow class of settlement recipients (former Presidents and their families) combined with mandatory public disclosure. This is fundamentally an anti-corruption and transparency measure designed to prevent officeholders from profiting from litigation against the government they once led.
What the text implies
- Retroactive effective date (May 20, 2026) may apply to settlements already received or in negotiation, creating unexpected tax liability for affected parties.
- Public disclosure requirement (Section 3) means settlement amounts and recipients become permanently searchable government records, creating reputational and privacy consequences beyond the tax itself.
The full analysis lists 4 implications of this text.
Who stands to gain
U.S. Treasury (tax revenue from 100% tax on settlement payments)