Federal judge nullifies major parts of Trump-IRS settlement
The Guardian and other news outlets have reported that President Donald Trump amassed $2.2bn in revenues during 2025, including at least $1.4bn from cryptocurrency ventures. Roughly one million investors in one of Trump’s crypto projects suffered nearly $4bn in losses as the value of their holdings fell, according to the Guardian. Eric Lipton, an investigative reporter at the New York Times, told National Public Radio that “the Congress has decided not to commit oversight to this topic, and that’s just the fact of the matter at this point.”
“While Trump’s second term is less than half over, it already looks like the most openly corrupt administration in our history,” Larry Noble, a law professor and former general counsel at the Federal Election Commission, told the Guardian’s Peter Stone. A CNN poll found two-thirds of Americans said Trump does not put the good of the United States over his personal gain.
A recent Reuters/Ipsos poll measured Trump’s approval rating at 33% — the lowest level of his presidency — with a disapproval rating of 64%.
Truth Social — Trump’s media company — has been another major source of wealth. The platform has announced a plan to offer early access to Trump’s posts for a fee of $100,000, an arrangement that has drawn lawsuits from media organizations and the Freedom of the Press Foundation, which argue the practice is unconstitutional. Trump’s posts have the capacity to move markets.
Trump sought to use the Justice Department to settle a $10bn lawsuit he had filed against the Internal Revenue Service. The resulting agreement would have granted Trump and his family immunity from earlier audits of their tax returns, potentially saving the family about $100m. A federal judge — one appointed by former President Barack Obama — nullified major parts of the agreement. The legal status remains contested.
When the New York Times asked Trump in January what constrains his use of power, he answered that “it’s the only thing that can stop me,” referring to his own morality. Lipton, in his NPR interview, drew a connection between that approach and Trump’s handling of his personal financial matters.
Author and journalist Craig Unger wrote recently on Substack that nothing “moves the needle” in the current media environment. “Not that long ago,” Unger wrote, the press could “root out corruption, topple presidents, and end wars” — a capacity he argues has eroded because the national citizenry no longer shares an agreed-upon set of facts.
With the 2026 midterm elections approaching, many forecasters believe Democrats may regain a majority in the House of Representatives, with their prospects for the Senate considered less certain. Should Democrats win control of one or both chambers, additional oversight of the president could result.