Trump Proposes Taxpayer Windfall and Debt Reduction from DOGE Savings
President Donald Trump has suggested allocating a portion of the savings generated by the Department of Government Efficiency (DOGE), led by Elon Musk, to US taxpayers and debt reduction.
At an investment summit in Miami, Trump stated that "under consideration is a new concept where we give 20% of the DOGE savings to American citizens, and 20% goes to paying down debt."
Musk, who was present at the address, previously floated this idea, proposing a "DOGE Dividend" of $5,000 tax refund checks to taxpayers.
Despite concerns about the authority and impact of the DOGE initiative, Trump and Musk maintain its necessity, citing the nation's high debt. They argue that the savings from terminated contracts and worker layoffs will provide long-term government savings.
According to the DOGE website, approximately $8.6 billion has been identified in savings, which could equate to $11 per taxpayer if 20% is allocated. Additionally, Trump claims that approximately 75,000 federal workers have accepted buyout offers, further reducing government expenses.
Trump also warned foreign companies about incoming tariffs, including a potential 25% levy on lumber, while reiterating his plans to impose tariffs on semiconductors and pharmaceuticals.
The Future Investment Initiative Institute event hosted by the Saudi Public Investment Fund provided Trump an opportunity to showcase his economic policies and attract investment. Trump emphasized the US's economic recovery and its commitment to boosting artificial intelligence and cryptocurrency sectors.