Trump Proposes Sharing Elon Musk's DOGE Savings with Americans

US President Donald Trump has sparked discussion with his proposal to share a portion of the savings generated by Elon Musk's Department of Government Efficiency (DOGE) with American citizens. Speaking at a Miami summit for finance and tech executives, Trump hinted at a new concept where 20% of the DOGE savings could be distributed to Americans.

Trump also suggested that another 20% of the savings could be used to pay down the country's national debt, which currently stands at over $36 trillion. The DOGE website claims to have saved an estimated $55 billion through various measures, including canceling government contracts and laying off government department staffers.

However, the accuracy of these figures has been called into question. The New York Times reported that the DOGE website listed canceling a single $8 billion contract, which was actually worth $8 million. In response, DOGE clarified that it has always used the correct figure in its calculations.

In a separate development, Musk revealed that he had pitched Trump a tax reduction linked to DOGE savings. According to the Internal Revenue Service, over 163.1 million individual income tax returns were filed in the 2023 financial year. If the DOGE savings were distributed evenly among these taxpayers, each would receive less than $67.50.

Moreover, using 20% of the savings towards the national debt would only help wipe off a small fraction of the US government's fiscal year deficit. This proposal has raised questions about the practicality and impact of sharing DOGE savings with American citizens.