Trump, in court filing, says he plans to drop his $10B lawsuit against IRS
Summary
President Donald Trump plans to drop his $10 billion lawsuit against the Internal Revenue Service (IRS). In return, a $1.776 billion fund may be created to compensate people who say they were wrongly targeted under the Biden administration.Key Facts
- President Trump sued the IRS after a contractor admitted to stealing tax information from Trump and other wealthy people.
- The stolen tax information was leaked to the media in 2019 and 2020.
- Trump’s lawyers told a federal judge on May 18, 2026, that he plans to end the lawsuit.
- The lawsuit was worth $10 billion.
- A $1.776 billion compensation fund could be set up to help those who claim unfair treatment by the IRS.
- The fund is sometimes called a "Truth and Justice" fund.
- This news was reported by ABC News and is still developing.
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