Elon Musk Mulls $5,000 Checks For Taxpaying Americans Using DOGE Savings

Tech billionaire Elon Musk said Tuesday he will check with U.S. President Donald Trump regarding a recommendation from an investment executive regarding potential tax refunds for all Americans, which will be taken from the Department of Government Efficiency's (DOGE) total savings after the unofficial federal agency gets disbanded in 2026.

"Will check with the President," the Tesla CEO and DOGE chief responded to investment firm Azoria CEO James Fishback's detailed recommendation regarding the checks.

What Does Fishback Suggest?

Fishback, who also founded Incubate Debate, said the U.S. president has an opportunity to coordinate with Congress on how to use the targeted $2 trillion in total savings the DOGE seeks to achieve from aggressive federal spending cuts.

The investment executive recommended a "DOGE Dividend," which he described as "a tax refund check to be sent after the expiration of DOGE in July 2026 funded exclusively with a portion of the total savings delivered DOGE."

How the DOGE Dividend works, as per Fishback:

• 20% ($400 billion) of the DOGE's total savings will be used to "return" to 79 million U.S. households "that will be net payers of federal income tax in CY 2025 as a tax-refund check" (this is assuming that Musk's DOGE is able to hit its $2 trillion savings target);
• The $400 billion assumed portion of DOGE savings will then be divided by the 79 million taxpaying households;
• The divided sum, $5,000, will be disbursed to American taxpaying households.

Fishback went on to note that there are several benefits of the proposed DOGE Dividend, including compensation for U.S. taxpayers "for the egregious misuse and abuse of their hard-earned tax dollars that DOGE has uncovered."

Another striking benefit of the DOGE Dividend, as Fishback points out, is it can "incentivize labor force participation" since only CY 2025 net payers of federal income tax are eligible to receive tax checks.

X Users Divided by the Proposal

While Musk seems quite interested in the proposal, some users on X believe there are other better uses for DOGE's savings instead of tax refunds.

"Use it to pay down the debt. That's the best use of it," said one user. Another user agreed that paying off the country's massive debt is priority, noting how "we can't allow such a horrendous burden be passed to the next generation."

Another user said Musk shouldn't be "sidetracked with gimmicks" and instead focus on its mission of uncovering "fraud" within the federal government. "I also want to see the fraudsters prosecuted and convicted," the user said.

Many others were in unison regarding the DOGE savings being used to pay off the national debt, which currently stands at a staggering $36.22 trillion as per Treasury data.

Others believe the proposal could be helpful, with some saying the Trump government providing a DOGE Dividend "would be the final nail in the coffin for the left."

A few were unsure about its impact on the U.S. economy. One user argued that while a DOGE Dividend could be "worth its weight" to further boost Trump's popularity with the masses and may also be beneficial for the Republican Party, it could "contribute to inflation and increase the deficit."

If Trump ends up considering the proposal, it would be a tough call for the U.S. president, especially with continuing pushback from Democrats over the power he has given to DOGE.

Originally published on IBTimes