Topline
Senate Democrats sent letters Tuesday to 11 companies with ties to President Donald Trump and his family asking if they’re benefiting from the president’s IRS settlement that gave him widespread immunity, as the Trump administration defends the immunity deal despite widespread backlash.
Donald Trump Jr, President Donald Trump and Eric Trump attend the opening of the Trump International Golf Links in Balmedie, Aberdeenshire, Scotland, on July 29, 2025.
PA Images via Getty Images
Key Facts
Sens. Elizabeth Warren, D-Mass, Chuck Schumer, D-N.Y., and Ron Wyden, D-Ore., sent letters to companies asking if they believe they’re covered under the immunity deal established when Trump settled his lawsuit with the IRS.
The agreement shields Trump, his eldest sons—who were also parties in the lawsuit—and any “related or affiliated” parties from being prosecuted or sued in civil court by government agencies for acts that took place before the May settlement, and shields them from any tax audits from the IRS for existing tax returns.
Senators sent letters to the Trump Organization, World Liberty Financial, Powerus, 1789 Capital, Kalshi, Polymarket, Foundation Future Industries, Tag Air, American Bitcoin, Kaz Resources, and Trump Media and Technology Group.
The lawmakers asked for information on whether each company believed it was covered by the agreement, whether there are any pending government investigations or audits into the company and whether any investigations have been halted since the settlement agreement was signed on May 19, also requesting any communications they’ve had with the Trump administration.
Crucial Quote
Lawmakers told each company they “could be sufficiently ‘related or affiliated’ to the plaintiffs to receive broad immunity from audits, civil penalties, and federal prosecution for any financial crimes prosecutable by Treasury or IRS under the settlement agreement,” adding, “The public deserves transparency about the scope of this get-of-jail-free card for Trump-aligned businesses, and about whether you intend to rely on this settlement as a free pass for any possible violations of the law.”
What to Watch for
Lawmakers asked the companies to respond by July 20, though their requests are not legally binding.
Why Are These Companies Being Targeted?
While the Trump family’s ties to the Trump Organization and Trump Media & Technology Group are straightforward, Trump and especially his eldest sons have numerous ties to outside companies that could be considered “related” to them for the purposes of the agreement. Both Donald Trump Jr. and Eric Trump partially own Kaz Resources and Powerus and serve as board members of Tag Air, the Democrats note in their letters, and the Trump family co-founded World Liberty Financial and retains an ownership share. Eric Trump is also American Bitcoin’s co-founder and chief strategy adviser, also serving as Foundation Future Industries’ chief strategy adviser and investing in that company. Donald Trump Jr. is a “strategic advisor” to Kalshi and serves on Polymarket’s advisory board, and is also a partner at 1789 Capital.
Key Background
Trump sued his own IRS for $10 billion in January, arguing the agency had violated his privacy when a contractor leaked details of his tax returns to the press. The case was controversially settled in May—as the judge appeared poised to potentially throw it out entirely—through a two-part settlement agreement. In addition to the immunity agreement now under investigation, the Trump administration also established a $1.776 billion “anti-weaponization” fund to benefit those who felt the judiciary had been “weaponized” against them. That fund came under widespread scrutiny from even Republicans, prompting the Trump administration to back down from the plan and say the fund wouldn’t move forward. The immunity part of the deal has remained intact and was not impacted by a court ruling against the “anti-weaponization” fund, however, though Democrats have widely criticized it as allowing the president to evade legal scrutiny and essentially pardon himself. The judge overseeing Trump’s lawsuit against the IRS has reopened the case and could impose sanctions on the president and his administration for their settlement agreement, though it remains to be seen if the court could invalidate the deal.
Further Reading
Lawsuit Against Trump’s $1.8 Billion Fund Will Keep Moving Forward, Judge Rules (Forbes)
Trump’s $1.8 Billion Fund Paused—But He Still Likely Has Legal Immunity (Forbes)
Trump’s Tax Immunity Could Save Him More Than $600 Million (Forbes)
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