Democrats Allege Trump Profited From Pharmaceutical Tax Law

Congressional Democrats released a report Friday alleging that Donald Trump significantly increased his investments in pharmaceutical companies that benefited from a Republican-backed 2025 tax and spending law. The report from the Joint Economic Committee’s minority arm states the president's pharmaceutical holdings grew from $1.7 million in 2024 to as much as $56.2 million by the end of 2025.

Of those holdings, $39.1 million were in firms shielded from Medicare price negotiations via the orphan drug exclusion. Analysis indicates the portfolio purchased $2.55 million in these shares before Trump signed the legislation in July 2025. The report estimates that these exemptions could cause Medicare beneficiaries to pay $5,000 more annually for cancer drugs such as Keytruda and Opdivo.

The White House denied any conflict of interest, asserting that third-party institutions manage the portfolio independently. Senator Maggie Hassan, leader of the committee's minority arm, criticized the gains as a pattern of the president making the public pay for his own financial benefit.