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Newsweek
3 days ago
- Business
- Newsweek
Donald Trump Stimulus Check 2025: What Musk Exit Means for DOGE Dividend
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources. Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content. The future of the proposed $5,000 "DOGE Dividend" stimulus check faces uncertainty following Elon Musk's departure from the Trump administration and the end of his tenure at the Department of Government Efficiency (DOGE). Musk announced his exit in late May, as the 130-day legal limit on special government employees approaches and concerns continue to mount over the impact of his government role on his business ventures. President Donald Trump has confirmed that his administration will continue DOGE's central mission to root out "waste, fraud and abuse" from federal spending. What Is the DOGE Dividend? The "DOGE Dividend" was initially proposed as a one-time payment of $5,000 for eligible taxpayers. This "tax refund check," the brainchild of Azoria CEO James Fishback, was to be funded with 20 percent of the $2 trillion in federal budget cuts Musk said could be achieved back in October, meaning around $400 billion split between 79 million taxpaying households. Fishback's idea received support from Musk and the tacit endorsement of Trump, who told attendees at an investment conference in February: "We're thinking about giving 20 percent back to the American citizens." Elon Musk, wearing a DOGE hat, speaks to reporters in the Oval Office of the White House on May 30, 2025. Elon Musk, wearing a DOGE hat, speaks to reporters in the Oval Office of the White House on May 30, revealed strong cross-party support for the idea, with 79 percent of Republicans and 60 percent of Democrats in favor. Additionally, 24 percent of Democrats and 29 percent of independents said receiving the check would make them more likely to vote for a Republican congressional candidate. However, in an interview with Newsweek, Fishback acknowledged that the eventual payments would depend on the actual level of savings achieved by DOGE and could be under the initially proposed figure. According to the calculations laid out by Fishback in February, the $175 billion in savings DOGE claims to have achieved would result in checks of just $2,200 per household if these were sent out today. Newsweek reached out to Fishback and the White House via email for comment. Savings Fall Short of Targets As of Musk's departure, DOGE has reported $175 billion in savings through contract cancellations, the identification of fraud and improper payments, as well as workforce reductions. This represents a fraction of the $2 trillion goal originally envisioned by Musk, a figure that the Tesla CEO has walked back several times. Numerous questions have been raised about the accuracy of the "wall of receipts" posted on DOGE's website and whether these cuts will result in savings. Analysis from the nonpartisan Partnership for Public Service recently found that the actions of DOGE could result in expenditures of $135 billion this fiscal year, due to the costs of lost productivity, rehirings and putting certain employees on paid leave. Legislative and Economic Hurdles There has been little information available on the status of the stimulus checks, including whether and when Americans can expect to receive them this year. In addition to the question of whether DOGE can generate enough savings to fund the checks, congressional authorization would be required for the disbursement of any government funds. However, no formal legislation has been introduced. "There's no appropriation for this," Elaine Kamarck, a senior fellow at the Brookings Institution and former official in the Clinton White House, told CNBC in February. "You cannot spend money without Congress telling you that you can spend money," Kamarck said. "That is illegal." Musk himself said that it was "up to Congress and maybe the president too" as to whether any checks would be distributed. However, the DOGE dividend has so far failed to receive sufficient backing from Republicans in Congress. "Politically that would be great for us," House Speaker Mike Johnson said of the checks at the Conservative Political Action Conference (CPAC) in February. He added, though, that the GOP's focus should remain on managing America's $36 trillion deficit—"pay down the credit card"—before considering giving savings back to taxpayers. Barring a significant upswing in legislative support, which is increasingly unlikely as Republicans grapple with the deficit-boosting implications of the One Big Beautiful Bill currently making its way through Congress, the future of DOGE stimulus is doubtful. Economists have also warned that stimulus of this kind could worsen inflation, similar to the impact of the checks distributed during the COVID-19 pandemic. "If inflation is already a concern, these checks could add fuel to the fire," financial planner Sarah Maitre told GoBankingRates in early May. What Happens Next With Musk's departure, the already weakened momentum behind the DOGE stimulus checks has waned. While Trump has not officially shelved the plan, the lack of action on Capitol Hill, combined with the gap between promised and achieved savings, leaves the future of the payment in question.
Yahoo
7 days ago
- Business
- Yahoo
Are We Likely To Get Stimulus Checks Under Trump? What Experts Say
If you've been on social media this year, you've probably seen posts about a $5,000 DOGE stimulus check — called the DOGE Dividend — possibly coming your way. But where would the money come from, and how likely are the American people to get these checks? Read Next: Find Out: The answer to the first question is simple. The $5,000 would theoretically come from the federal savings — which, at the time the DOGE checks were first mentioned, were anticipated to be about $2 trillion — gained from the Department of Government Efficiency (DOGE). Approximately a fifth of that would go toward the 79 million Americans who pay federal income tax. As for whether stimulus checks are likely to be sent out during Trump's second term, here's what the experts say. Between 2020 and 2021, the IRS sent out a total of three stimulus checks, or Economic Impact Payments. The deadline for most taxpayers claiming the third and final payment was April 15, 2025. So, what are the chances of receiving a fourth stimulus check — or the DOGE Dividend? According to experts, it's pretty unlikely. 'There is almost no realistic scenario where Americans will get a stimulus check under Trump's current term,' said Nicholas Creel, an associate professor of business law at Georgia College and State University. 'The majorities the GOP has in the legislature are paper thin, and a significant contingent of the party is far too concerned with the deficit to allow for that sort of massive spending program any time soon.' Other experts are inclined to agree. George Carrillo, co-founder and chief executive officer at the Hispanic Construction Council and former director of social determinants of health for the state of Oregon, noted that federal stimulus checks are unlikely in the near future due to a number of factors, including inflation, budget constraints, no legislative support, no concrete action and a current lack of bipartisan support. Be Aware: Stimulus checks are used as a way to jumpstart the economy — more money in taxpayers' hands potentially means more spending. But generally speaking, these checks are a short-term solution rather than a long-term one. 'I'd equate stimulus checks to the sugar rush you get when eating a lot of candy. Yes, eating candy boosts your energy, but it is short lived and leaves you worse off in the long term,' said Creel. 'You'd be far better off in the long term eating a proper diet and exercising, but of course that's never as fun!' Carrillo added that floating around the idea of a fourth stimulus check could also be a political move on the part of President Donald Trump. 'It could be a strategic move to win favorability and maintain control of the House and Senate, as financial relief tends to resonate with voters,' he said. Just because there might not be another round of stimulus checks — at least not in the foreseeable future — doesn't mean there won't be other financial relief for those who need it. According to Carrillo, 'Some states are stepping up with their own relief programs, so there may be local options to explore.' For example, New York intends to issue a one-time 'inflation refund' check this October. Eligible taxpayers could receive between $150 and $400. New Mexico is also rolling out its own relief program. State residents who qualify could receive $500 to $1,000. Editor's note on political coverage: GOBankingRates is nonpartisan and strives to cover all aspects of the economy objectively and present balanced reports on politically focused finance stories. You can find more coverage of this topic on More From GOBankingRates 9 Downsizing Tips for the Middle Class To Save on Monthly Expenses The 10 Most Reliable SUVs of 2025 This article originally appeared on Are We Likely To Get Stimulus Checks Under Trump? What Experts Say Sign in to access your portfolio
Time of India
08-05-2025
- Business
- Time of India
No new federal stimulus checks in 2025 as of now, but states are offering relief
Many Americans are wondering if another round of federal stimulus checks is on the way. While past payments provided much-needed relief during the pandemic, the prospect of new economic assistance remains unclear. No New Federal Stimulus Payments Yet There has been no official confirmation from Congress or the IRS regarding a fourth stimulus check in 2025, despite ongoing financial struggles due to rising inflation and economic uncertainty. #Operation Sindoor Live Updates| From Sindoor to showdown? Track Indo-Pak conflict as it unfolds India's biggest strike against Pakistan since 1971: 70+ terrorists, aides killed Pakistan mounts campaign of lies, deceit and disinformation Although some social media users and unverified websites have circulated rumors about $2,000 checks, these claims have yet to be backed by legislative action. Deadline to Claim Past Stimulus Payments 5 5 Next Stay Playback speed 1x Normal Back 0.25x 0.5x 1x Normal 1.5x 2x 5 5 / Skip Ads by by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Term plan with 99.17% Claim Settlement Ratio for FY24! ICICI Pru Life Insurance Plan Get Quote Undo For those who missed out on the third stimulus check issued in 2021, the deadline to claim the Recovery Rebate Credit has already passed. The IRS set April 15, 2025, as the final date for taxpayers to file for this $1,400 payment. If you did not receive the full amount or are eligible for a rebate, you had to submit your tax return by this date. Unfortunately, any unclaimed funds are now part of the U.S. Treasury's coffers. The 'DOGE Dividend' Proposal While a new federal check may not be imminent, there are some bold proposals on the table. President Donald Trump has mentioned the idea of a 'DOGE Dividend,' where Americans could potentially receive $5,000 payments sourced from savings found in the Department of Government Efficiency ( DOGE ). Live Events This initiative would aim to distribute money to taxpayers. While the idea has garnered some attention, it remains unclear whether this plan will move forward, and critics have raised concerns over its economic feasibility. Moreover, Elon Musk stepping back from his role in DOGE raises questions about the plan's future viability. State Relief Initiatives Some states are stepping up with their own relief programs. New York has already announced a 2025 stimulus payment based on 2024 tax filings. These checks will be sent to eligible residents later this year as part of the state's ongoing efforts to ease the financial burden on households struggling with rising costs. The payments are expected to be sent later this year, but specific details are still pending. While some lawmakers continue to advocate for more relief, no official legislation has been passed. For now, taxpayers should focus on filing their taxes accurately and on time and keep an eye on potential state-level assistance that may provide some financial relief. The future of federal stimulus checks remains uncertain. Frequently Asked Questions When will I get my tax refund? If you filed your federal taxes electronically with banking info, expect your refund via direct deposit within 21 days. Without banking details, a paper check will arrive in 6-8 weeks. Once the IRS accepts your return, you'll see a "Refund Sent" alert, and the funds should arrive shortly after. How to check the status of your refund? To check your federal refund status, use the IRS "Where's My Refund" tool on their website. You can start checking 24 hours after e-filing. Enter your Social Security number, filing status, and refund amount. The tool will show if your return is still processing, approved, or sent. You can also call the IRS at 800-829-1954 for updates. What is the IRS refund schedule? If your taxes were electronically filed and accepted by April 15, 2025, you can expect a direct deposit refund from the IRS by May 6. If you opted for a paper check, it may arrive by June 16. What is a stimulus check? It is a form of financial relief provided by the government to individuals or businesses, often in the form of direct payments or tax credits, to help stimulate the economy. These measures are typically used during economic downturns or crises to encourage spending, boost economic activity, and support households or businesses facing financial hardship.
Int'l Business Times
22-04-2025
- Business
- Int'l Business Times
Musk's $2 Trillion Promise Falls Short: DOGE Delivers Just 7.5% Of Target Savings
Elon Musk's Department of Government Efficiency ( DOGE ), launched with bold promises to slash £1.56 trillion ($2 trillion) from US federal spending, has drastically underdelivered. By 22 April 2025, Musk admitted DOGE's projected savings for fiscal year 2026 are just £117 billion ($150 billion), a mere 7.5% of the original goal. Critics argue this shortfall, coupled with questionable cuts and Musk's reported plans to exit DOGE, suggests motives beyond efficiency. So, what's really driving Musk's controversial crusade? A Promise Unfulfilled: DOGE's Shrinking Ambitions Musk initially claimed DOGE would halve the federal deficit by eliminating 'waste and fraud,' targeting £780 billion ($1 trillion) in annual savings by 30 September 2025. However, the New York Times reports DOGE's 'Wall of Receipts' website, last updated 15 April 2025, lists only £117 billion ($150 billion) in savings, riddled with errors and inflated figures, such as claiming credit for a non-existent contract cancellation. Romina Boccia of the Cato Institute told the Times, 'they're spinning their wheels, citing overstated or fake savings.' Even Musk's fraud findings, like £297 million ($397 million) in unemployment benefits to toddlers and centenarians, were recycled from Biden-era investigations, per The Guardian . The numbers don't add up. DOGE's cuts to the Internal Revenue Service alone could cost £390 billion ($521 billion) annually in lost tax revenue, undermining any savings, according to Yahoo News. With Musk reportedly tiring of 'leftist attacks' and planning to leave DOGE, per a Washington Post source, the project's credibility is crumbling. Hidden Agendas: Power, Profit, or Politics? Critics argue Musk's motives extend beyond cost-cutting. DOGE's aggressive moves, including slashing 200,000 federal jobs and targeting agencies like NASA and the NLRB, suggest a deeper agenda. Yahoo News posits DOGE aims to rewind America to a pre-New Deal era, where industrialists like Musk faced minimal oversight. Musk's call for a 'wholesale spring cleaning' of federal regulations on 15 February 2025 supports this, potentially benefiting his companies. For instance, gutting NASA's budget could funnel rocket contracts to SpaceX, worth £11.7 billion ($15 billion) in 2024 alone according Reuters . Meanwhile, Musk's push for a 'DOGE Dividend'—tax rebates from supposed savings—has fizzled, with experts noting Congress must approve such payouts, which exclude low earners per Yahoo Finance. What's Next for Musk and DOGE? Musk's reported frustration and potential exit signal DOGE's days may be numbered. Set to sunset on 4 July 2026, the initiative faces growing backlash. A Rolling Stone report on 12 April 2025 cited Trump officials calling Musk 'irritating,' with some questioning his behaviour. According to this report from CNBC Tesla's stock, down 37% in 2025, reflects investor unease, with Wedbush's Dan Ives urging Musk to refocus on Tesla. As DOGE stumbles, the gap between Musk's rhetoric and reality grows stark. Whether driven by ambition, profit, or ideology, his moves have rattled markets and voters alike. With Congress poised to scrutinise DOGE's impact in May 2025, the initiative's fate hangs in the balance. Only time will reveal if Musk's vision reshapes government, or merely his own legacy. While Musk insists DOGE's work will endure, its overstated savings and chaotic cuts raise doubts. Is Musk dismantling government for efficiency, personal gain, or political clout? As Nate Silver's tracker shows Musk's favourability at -13.8% on 12 April 2025, public trust is waning. DOGE's legacy may be less about savings and more about exposing Musk's complex motives. Originally published on IBTimes UK
Yahoo
03-03-2025
- Business
- Yahoo
Could you get a DOGE check from Trump and Musk in Mississippi? What you need to know
President Donald Trump has said his administration is thinking about giving 20% of "DOGE savings" to taxpayers. Could you get a $5,000 DOGE stimulus check in Mississippi? Who qualifies? The idea that the Trump administration might issue American citizens a cut out of reduced federal spending has been floated. But don't rely on it. It's all a theory right now, and one proposal would keep low-income households from seeing any returns. The U.S. House of Representatives recently passed a budget that would extend Trump's 2017 tax cuts and plans for $4.5 trillion in tax cuts over a decade. If approved, it would also raise the debt ceiling by $4 trillion in two years and add about $3 trillion to the deficit over a decade. The U.S. national debt totaled $35.5 trillion in the 2024 fiscal year. The Department of Government Efficiency would need to recoup $2 trillion in savings to make the checks doable, and the department's unofficial leader Elon Musk said that might not be possible in January. Before any checks could be issued, Congress would have to OK the spending. Here's what we know about the timeline on DOGE checks so far. Trump signed an executive order on his first day in office that rebranded the U.S. Digital Service, an arm of the executive branch, into the Department of Government Efficiency. Officially, it's the U.S. DOGE Service Temporary Organization. Musk was later made a "special government employee." Multiple Democratic state attorneys general sued, challenging Musk's authority and arguing his power to access data and make cuts to government funds violates the Constitution. The Appointments Clause says Congress must approve executive branch officers. Trump had previously referred to Musk as the leader of DOGE, but a key change to DOGE leadership was announced after a filing in the suit said the world's richest man isn't in charge or an employee of the department, instead serving as a senior advisor to the president. The judge declined to keep Musk from accessing sensitive records. Recently, Amy Gleason was named the acting DOGE administrator. Azoria investment firm CEO James Fishback pitched the concept on Musk's social media platform X. He said they "should announce a 'DOGE Dividend' — a tax refund check sent to every taxpayer, funded exclusively with a portion of the total savings delivered by DOGE." "Will check with the President." Musk said. In a later speech, Trump cited hundreds of billions in savings and said, "We're considering giving 20% of the DOGE savings to American citizens and 20% to paying down the debt." More: Mississippi gets more federal funds than it pays in taxes. Here's what that money gets you So far, DOGE has announced massive cuts that haven't help up to fact checks. Some later get rolled back. It's drawn criticism from both sides of the political aisle. 'DOGE has an unprecedented opportunity to cut waste and bloat,' Nat Malkus, a researcher at the American Enterprise Institute, a conservative think tank, wrote in a blog post. 'However, the sloppy work shown so far should give pause to even its most sympathetic defenders.' In mid-February, the agency touted $55 billion in savings to taxpayers. The largest error in accounting on the "Wall of Receipts" inflated $8 million to $8 billion. But canceled contracts, real estate leases and grants actually accounted for $16.5 billion. Musk also said they ended 89 research contracts at the Education Department costing $881 million. Later, DOGE adjusted that to $489 million. Analysis from New America, a left-leaning think tank, analysis determined the total was closer to $278 million. As of Monday, March 3, the Wall of Receipts listed $105 billion in total savings. That includes canceling 13 Mississippi federal real estate contracts. Full fact checking of the March 2 update is not yet complete, and changes were made to the real estate section in the most recent data, stripping information about the type of contract and its use as compared to previously published information that listed what kind of office/agency used the facility or land. Fishback shared a four-page "DOGE dividend" proposal, saying it should only go to households that pay taxes and make above a specific income level. He said the plan was developed in about two and half hours before being sent to White House Chief of Staff Susie Wiles and other members of the Trump administration. 'A lot of low-income households essentially saw transfer payments of 25 to 30% of their annual … income,' Fishback said about COVID-19 pandemic stimulus checks. 'This exclusively goes to households that are net-payers of federal income tax, and what that means is that they have a lower propensity to spend and a higher propensity to save a transfer payment like the DOGE dividend.' According to the U.S. Census Bureau, about 18% of Mississippi residents live in poverty. The median household income in the state is $54,915, and average income per person is $30,529. The Pew Research Center estimates that most citizens with an adjusted gross income of less than $30,000 effectively pay no federal income tax. Refundable credits mostly benefit those who have lower incomes. Speaker of the House Mike Johnson has said he'd prefer the funds go toward paying down the national deficit. Whether Congress will take up the proposal and what the final version of requirements could look like remain to be seen. Contributing: Mike Snider, Joey Garrison, Zachary Schermele, Dian Zhang, Greta Cross, James Powel and Maria Francis Bonnie Bolden is the Deep South Connect reporter for Mississippi with Gannett/USA Today. Email her at bbolden@ This article originally appeared on Mississippi Clarion Ledger: Trump, Musk consider DOGE refund checks. What you need to know in MS
