Bill · S. 4616· Senate(119-S-4616)
SLUSH FUND Act of 2026
- Introduced
- 5/21/2026
- Last activity
- 5/21/2026 — Read twice and referred to the Committee on Finance.
- Sponsored by
- Ron Wyden
- Cosponsors
- - 2 - 0
- Introduced
- In Committee
What this bill would do
This bill, known as the "SLUSH FUND Act of 2026," seeks to amend the Internal Revenue Code of 1986. It imposes a 100 percent tax on specified settlement fund payments received by certain taxpayers. These payments come from funds or trusts derived from civil actions filed by a "specified person" against the United States or its agencies. A "specified person" includes any individual who has served as President of the United States, their family members, or those controlled by them. Additionally, the bill establishes reporting requirements for fiduciaries and penalties for failure to pay or file returns.
Yes
Does this raise taxes on the highest earners?+10
The bill imposes a 100 percent tax on settlement fund payments received by former Presidents and their families.
Does this make what the government does easier for the public to see?+8
The bill requires the Secretary to make returns regarding specified settlement fund payments publicly available.
Does this make the government pay for what it commits to?+5
The bill increases federal revenue through a new 100 percent tax on specific settlement payments.
The opposite
Would high-income households be better off under this?-10
The bill targets highly specific, high-value payments received by politically connected individuals through a 100 percent tax.
Who it would affect, and how
Potential Positive Impacts for People
-
Transparency through Public Disclosure: The bill requires the Secretary to make returns regarding specified settlement fund payments publicly available within one month of receipt (Section 3(a)(c)). This could benefit the public by providing visibility into these financial transactions.
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Accountability through Penalties: The bill imposes a 50 percent penalty on taxpayers who willfully fail to pay the tax or attempt to evade it (Section 2(c)). It also imposes a $10,000 penalty for fiduciaries who fail to file required returns (Section 3(b)). This ensures that those managing these funds are held accountable for their reporting duties.
Potential Negative Impacts for People
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High Tax Burden on Specified Persons: The bill imposes a tax equal to 100 percent of any specified settlement fund payment received (Section 2(a)). This means a taxpayer could lose the entire amount of the payment to the tax.
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Strict Penalties for Non-Compliance: Taxpayers who willfully fail to pay the tax or evade it face an additional penalty of 50 percent of the tax amount (Section 2(c)). Additionally, fiduciaries face a $10,000 penalty for failing to file required returns unless there is reasonable cause (Section 3(b)).
Groups and Interests Ranking
Every group the model scored this bill for, from -10 to +10. Hover a score for the reason it gave.
- Economy And Finance
- Increases Wealthy Taxes+10Improves Fiscal Responsibility+5
- Demographic And Interest Groups
- Good For High Income Households-10
- Governance And Ideology
- Improves Government Transparency+8
- 6/1/2026
- 1 Cosponsor added.
- 5/21/2026
- Read twice and referred to the Committee on Finance.
- 1 Cosponsor added.
- Introduced in Senate
One bill Congress.gov lists as related to this one — companions in the other chamber, earlier versions, and bills this one absorbed or was folded into.
John HickenlooperDemocrat · Colorado
Charles SchumerDemocrat · New York