Trump weighing ‘DOGE dividend’ to send taxpayers checks with saved funds
President Trump said Wednesday that he’s considering returning 20% of the savings from Elon Musk’s Department of Government Efficiency initiative directly to taxpayers — potentially putting thousands of dollars in the pockets of Americans struggling under record inflation.
“There’s even under consideration a new concept where we give 20% of the DOGE savings to American citizens and 20% goes to paying down debt,” Trump said in a Miami Beach speech to a nonprofit funded by Saudi Arabia’s sovereign wealth fund.
“The numbers are incredible, Elon, so many billions — hundreds of billions — and we’re thinking about giving 20% back to the American citizens.”
Trump floated the potential refund after Musk tweeted Tuesday that he would “check with the President,” in response to a post from investor James Fishback, who has been advocating the concept.
It’s unclear precisely how much DOGE has saved to date, but Musk has stated a goal of $1 trillion in annual cost cuts as his 100-person team blazes through the federal bureaucracy, effectively closing some agencies, mass-firing employees at others and canceling contracts deemed wasteful.
Musk’s initiative has halted operations at the $50 billion-a-year USAID foreign aid agency and started the process of dismissing most of its 10,000 employees while beginning to dismantle the 1,700-person Consumer Financial Protection Bureau, which has $712 million in funds whose fate is in limbo.
On Friday, DOGE said that it discovered $1.9 billion in “misplaced” and unneeded Department of Housing and Urban Development funds and canceled $373 million in Education Department grants for Diversity, Equity and Inclusion (DEI) training sessions.
Also last week, the initiative scrapped $900 million in Education Department grants for tracking academic progress — and put the Pentagon’s vast discretionary spending in the crosshairs.
Fishback, the advocate of a DOGE dividend, argues that $2 trillion in savings over two years would amount to roughly $25,000 per taxpayer. The proposed 20% dividend would then amount to $5,000 per taxpayer.
Musk tweeted Wednesday that he hasn’t endorsed a specific amount for the dividend, which he mentioned may take the form of a lower tax bill.
“The amount would… obviously be proportionate to how much savings DOGE actually achieves,” he wrote.
“More savings would mean a bigger tax reduction! The top DOGE priority remains however reducing the deficit to stop inflation and lower people’s interest rates.”