Story perspectives

Democrats Push 100% Tax on Trump Fund Payouts

5/30/2026

Summary

Story summary

Democratic governors and legislators in California and New York are drafting 100 percent tax measures on payouts from President Donald Trump’s $1.8 billion anti-weaponization fund.
Governor Gavin Newsom said California will tax payments at 100 percent while Assemblymember Alex Bores introduced a New York bill to tax receipts at the rate.
Ron Wyden and Chuck Schumer proposed tax to seize 100 percent of payouts and impose a 50 percent penalty, which may be a bill of attainder.

History

Historical Context

During World I the 1918 Revenue Act raised the top marginal tax to 77% on incomes above $1 million, funding roughly one-third of the war’s cost. Earlier, the 1898 War Revenue Act created broad excise taxes to finance the Spanish-American War. Today, Democrats cite those precedents while proposing a full-tax on payouts from Trump’s $1.8 billion fund.

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Story summary

Democratic governors and legislators in California and New York are drafting 100 percent tax measures on payouts from President Donald Trump’s $1.8 billion anti-weaponization fund.
Governor Gavin Newsom said California will tax payments at 100 percent while Assemblymember Alex Bores introduced a New York bill to tax receipts at the rate.
Ron Wyden and Chuck Schumer proposed tax to seize 100 percent of payouts and impose a 50 percent penalty, which may be a bill of attainder.

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