President Donald Trump said he wishes to reduce taxes and return to Americans part of the money saved by the Government Efficiency Department (Doge).
The president of the United States, Donald Trump, said Wednesday that he will work with Republicans in Congress to significantly reduce taxes for individuals and companies.
“We are going to drastically reduce taxes for families, workers and companies, including any tips and, hopefully, no social security tax (retirement) and no tax at overtime,” Trump said in a Conference organized by the Sovereign Fund of Saudi Arabia wealth in Miami.
Trump added that his plan will also reduce taxes to national oil and gas producers, and will allow companies to deduce 100 % of investments in the construction of new national factories and other capital expenses.
Another point he raised was that his administration is considering returning to Americans 20 % of the savings identified by the initiative of the Elon Musk government efficiency department and using another 20 % of the savings to pay the federal government debt.
“If you buy something that will be good for our country, we will allow you to deduce it as an expense,” Trump said.
The proposal originally caused by businessman James Fishback, who on Tuesday published a four -page memo in X in which he suggested a “Doge dividend”.
The publication caught the attention of Musk, who replied: “I will consult with the president.”
Fishback, the executive director of the investment firm Azoria Partners, is now in contact with the Trump administration about his proposal, he told Reuters On Wednesday a source with knowledge of the conversations.
The fishback note suggests cutting 20 % of Doge savings, or what fishback said it would amount to $ 400,000 million, to send a 5,000 dollar check to all homes that pay taxes after the scheduled end of Doge in July in July of 2026.
This calculation is based on Doge has achieved a saving of 2 billion dollars, which Musk has described as the “best possible result” with the aim of 1 billion dollars.
Musk's effort to cut costs has so far cut hundreds of relatively small contracts that, he says, they have saved US taxpayers 8.5 billion dollars, according to an analysis of Reuters of partial data published by his team, a fraction of what the US government pays contractors every year.
Musk's own Spacex, for example, has around $ 22,000 million in contracts with the US government.
(With Reuters information)