What does Preamble of SLUSH FUND Act of 2026 do?

This bill, formally titled 'To amend the Internal Revenue Code of 1986 to impose a tax on specified settlement fund payments, and for other purposes,' aims to modify the Internal Revenue Code of 1986.

What does SHORT TITLE. of SLUSH FUND Act of 2026 do?

This bill is formally titled the "Stop Letting United States Heads Funnel Unauthorized Nontransparent Dollars Act of 2026" or the "SLUSH FUND Act of 2026".

What does IMPOSITION OF TAX ON SPECIFIED SETTLEMENT FUND PAYMENTS. of SLUSH FUND Act of 2026 do?

This section amends the Internal Revenue Code of 1986 to impose a 100 percent tax on specified settlement fund payments. A 'specified settlement fund payment' is defined as an amount received from a fund derived from the outcome of a civil action filed against the United States by a 'specified person'. A 'specified person' includes former Presidents of the United States, their family members, and individuals controlled by them. The bill excludes specified settlement fund payments from gross income. It establishes a penalty of 50 percent of the tax for willfully failing to pay the tax or attempting to evade it. The amendments apply to amounts received on or after May 20, 2026.

What does RETURNS RELATING TO SPECIFIED SETTLEMENT FUND PAYMENTS. of SLUSH FUND Act of 2026 do?

This section amends the Internal Revenue Code of 1986 to establish reporting requirements for specified settlement fund payments. Trustees, administrators, or other fiduciaries making these payments to taxpayers must file a return with the Secretary, detailing the aggregate amount paid and the taxpayer's name and address. The fiduciary must also provide a written statement to each taxpayer, identifying the fiduciary, the payment amount, and that the payments are subject to tax under section 5000E(a). The Secretary is required to make these returns publicly available within one month of receipt. Failure to file the required return may result in a penalty of $10,000 per failure. The amendments generally apply to payments made on or after May 20, 2026.

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SLUSH FUND Act of 2026

Last updated: 5/21/2026 · Introduced: 5/21/2026

Author: Ron Wyden (D-OR)

TL;DR (AI)

This bill imposes a 100 percent tax on payments received from settlement funds resulting from civil actions against the United States by former Presidents, their family members, or related individuals.
The bill mandates that fiduciaries making these payments report detailed information to the Secretary of the Treasury, including taxpayer names and addresses, and publicly disclose these returns.
Failure to comply with the reporting requirements outlined in the bill may result in a penalty of $10,000 per failure.

119th Congressin committeeHR. 8910(In Committee)Official page

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Other Sections

Includes provisions on preamble, short title., and 2 more.

4 sections

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