Blumenthal Introduces Legislation Imposing 100 Percent Surtax on Income Generated by Companies Owned by President & Other Cabinet Officials When They Abuse Their Power to[...]

[WASHINGTON, D.C.] - U.S. Senator Richard Blumenthal (D-CT) today introduced new legislation to impose a 100 percent surtax on income earned by a company owned or controlled by the President, Vice President, Cabinet officials, or immediate family members as a result of a favorable government action. The Anti-Corruption Tax Act is in direct response to Donald Trump and other Administration officials abusing the power of the government to help the companies they own or control make money, at the direct expense of American taxpayers.

"Donald Trump has been clear: there is no ethical line separating his role as President from his family's businesses," Blumenthal said. "He and other Administration officials have repeatedly abused their power to enrich themselves and their families. My measure would put an end to this kind of self-dealing by putting a 100 percent surtax on any income that Donald Trump and his family-or any future Administration officials-generate thanks to a favorable government action."

Anti-Corruption Tax Act addresses the following actions:

• The Office of the Comptroller of the Currency conditionally approving a national trust bank charter for the Trump family's World Liberty Financial;

• The Pentagon's $620 million loan to Vulcan Elements, a startup backed by Donald Trump Jr.'s venture capital firm, 1789 Capital;

• The U.S. Army's $15.2 million contract with a company that Donald Trump Jr. owns a significant ownership stake in and sits on the advisory board for, Unusual Machines;

• The U.S. Air Force's contract to buy interceptor drones from Powerus, a company backed by Donald Trump Jr. and Eric Trump;

• Potential federal contracts awarded to Newmark, a company owned by Commerce Secretary Howard Lutnick's sons, to build ICE facilities;

• Newmark also has earned fees arranging land, leases, and financing for AI data centers, which Lutnick has promoted as Commerce Secretary, in addition to overseeing expedited federal permitting for certain data center projects;

• The United States Commodity Futures Trading Commission's 2025 regulatory approvals allowing Polymarket to return to the U.S. market, including relief from certain federal reporting and recordkeeping requirements following Polymarket's acquisition of the federally regulated QCEX exchange and clearinghouse. Polymarket received an investment from 1789 Capital, and Donald Trump Jr. joined its advisory board.

The full bill text of the Anti-Corruption Tax Act is available here.

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