Overview

• President Donald Trump has suggested distributing 20% of savings from the Department of Government Efficiency (DOGE) to American taxpayers, with another 20% allocated to reducing national debt.
• The proposal stems from a plan by businessman James Fishback, who suggested $5,000 checks for each U.S. household based on potential savings of up to $2 trillion.
• Elon Musk, head of DOGE, has set a more conservative savings target of $1 trillion, calling Fishback’s estimate a 'best-case scenario.'
• Trump also announced plans for significant tax reforms, including eliminating taxes on tips, overtime, and potentially Social Security contributions.
• As part of broader government restructuring, approximately 6,700 probationary employees at the IRS are expected to be laid off.