Elon Musk announced on Tuesday his intention to consult with President Donald Trump regarding a proposal to distribute tax refund checks to Americans from savings generated by the Department of Government Efficiency (DOGE), an advisory group he leads. In a post on X, the CEO of Tesla and SpaceX stated he would “check with the President.” This follows a suggestion by James Fishback, CEO of Azoria investment firm, who proposed a “DOGE Dividend” in the form of tax refund checks funded by DOGE’s cost-cutting initiatives. Musk aims to reduce federal spending by $2 trillion from the latest fiscal year’s $6.75 trillion budget. Fishback suggests allocating 20% of this, or $400 billion, to taxpayers, equating to roughly $5,000 per household. Fishback argues that when significant breaches occur in the private sector, counterparties refund customers, and the federal government should similarly refund taxpayers based on DOGE’s findings. During the 2020 Covid pandemic, government stimulus checks bore Trump’s signature, marking the first time a president’s name appeared on IRS payments. DOGE claims to have saved $55 billion, but recent reports indicate the actual figure is likely lower. Bloomberg reported that the DOGE website accounts for only $16.6 billion of the claimed savings, and the New York Times noted an overstatement of savings on a federal contract. — news from CNBC
