'Let Them Eat Cake': How Trump Family Pocketed Nearly $3 Billion While Millions of Americans Lost Food Aid
"Donald Trump promised to lower costs for American families," said the co-chair of the Not Above the Law Coalition. "Instead, he turned the presidency into his family's most profitable business."
A report released Thursday details how the family of President Donald Trump "pocketed more than $2.9 billion"—including "in cash and gifts from crypto ventures, legal settlements, a luxury jet from a foreign government, and corporate deals"—while Republican cuts to the Supplemental Nutrition Assistance Program left millions of Americans without critical food aid.
The report, "Let Them Eat Cake: Cost of Corruption," was published by the Not Above the Law Coalition—a group of more than 150 advocacy organizations mobilized against the Trump administration's corruption—and cites data from the Center for American Progress revealing over $2.9 billion in cash and gifts received by the Trump family since the 2024 election.
The bulk of that amount—more than $2.4 billion—comes from the cryptocurrency industry. Trump has boasted about how his administration won't investigate alleged crypto-related crimes.
Not only has Trump embraced crypto deregulation, he also pardoned Changpeng Zhao, the founder of cryptocurrency exchange Binance, who pleaded guilty to money-laundering charges in 2023. Binance has provided critical support for World Liberty Financial, the crypto venture enriching the Trump family.
"The Trump family cashed in on the presidency while American families paid the price," Not Above the Law said in a statement. "Over the same period, Trump signed a budget law that cut almost $187 billion from SNAP, leaving 5.2 million fewer people with help buying groceries."
That law, the so-called One Big Beautiful Bill Act, ushered in the biggest cuts to both SNAP and Medicaid in those programs' histories.
According to the report, "The Trump family's take alone could cover a full year of groceries for about 1.3 million people on SNAP."
"At the same time, Trump's pardons let wealthy allies and fraudsters walk away from nearly $1.7 billion owed to victims and taxpayers," the publication adds.
Not Above the Law noted that "foreign money flowed straight to the [Trump] family" via an investment vehicle controlled by the United Arab Emirates' national security adviser, who "put $500 million into World Liberty Financial, and the administration soon cleared advanced [artificial intelligence] chip exports to the UAE."
The report highlights that "Trump also accepted a roughly $400 million luxury jet from Qatar."
Not Above the Law said that, in addition to groceries for 1.3 million people for a year, the $2.9 billion could buy "more than 600 million free school lunches, or three months of groceries for the 5.2 million people who lost SNAP benefits."
In addition to the nearly $3 billion the report says Trump's family pocketed, the coalition noted "companies backed by Trump's sons have collected $3.2 billion in federal funds, including a fast-tracked $620 million Pentagon loan" to a business in which Donald Trump Jr. invested.
"Donald Trump promised to lower costs for American families. Instead, he turned the presidency into his family's most profitable business," said Lisa Gilbert, Not Above the Law co-chair and co-president of the consumer advocacy group Public Citizen. "While the Trumps collected nearly $3 billion from crypto schemes, foreign governments, and corporations seeking favors, millions of Americans lost help putting food on the table. Congress must stop the self-dealing and hold this administration accountable."
The new analysis follows a report published earlier this year by a group of Democratic US senators accusing the president and his family of turning “the power of the presidency into eye-popping profits,” with Trump increasing his personal net worth by more than $2 billion during his second term alone, according to official disclosures.
Also on Thursday, The Washington Post reported on companies and billionaire CEOs who donated a combined $333 million to Trump’s White House ballroom project, as well as previously undisclosed donors who have benefited from a presidential pardon, government contracts, and at least one closed federal investigation.
"This is what corruption is all about," Sen. Bernie Sanders (I-Vt.) said in response to the Post report. "We don’t want a government of, by, and for the billionaire class. FIGHT BACK."
