DOGE Stimulus UPDATE: Republicans Clash + Who is Eligible

has everybody won like a $5,000 check in the mail it sounds kind of good right hey Financial Warriors welcome to the show and I have just a little update on the whole Doge stimulus check Doge dividend whichever you like to call it now you know Trump has already confirmed that he wants to do it there's even uh under consideration A New Concept where we give 20% of the Doge savings to American citizens but I want to show you some comments from Elon Musk and also how house Speaker Mike Johnson looks at the issue because Elon and Trump now have conflicting views with the speaker of the house which could set off a bit of a showdown and also we're going to talk about the likely eligibility requirements here too so first we have what Elon just said at CPAC yesterday is there is there traction on that yeah yeah so yeah uh yeah I took the president he's supportive of that and um so it sounds like you know that's something we we're going to do yep um so as as we're finding savings that's going to translate directly to reductions in tax so a few points Elon has talked to the president the president is supportive we know that already since Trump spoke about it at a speech in Miami two days ago but then we notice he's not really referring to the Doge dividend as a check anymore he just said reductions in tax so I don't want people to get ahead of themselves thinking all of a sudden that $5,000 checks are imminent okay the amount of money is also not confirmed it probably won't be $5,000 remember it's 20% of the savings that do makes in a year and you know for it to be $5,000 they need to save $2 trillion they need to cut $2 trillion from the budget so I'm guessing it probably will be less than that because they probably won't find that many Cuts okay 5,000 was just an example amount that was thrown out in the original proposal which came from an investment fund CEO okay not from a member of the government or a politician or whoever and the form in which it is delivered is not confirmed either all right it might just be a line on your tax return and an additional re fund that you receive when you do your 2025 taxes which would be in early 2026 but before we even get to that this is going to have to be approved by Congress okay because you're taking funds which were appropriated for one thing and you're using them on something else and speaker Mike Johnson in the house may stand in the way of that okay here's what he said at the same CPAC conference yesterday the president said that a percentage of Doge savings could maybe go back to the American people in the form of what he called Doge stimulus checks something like 20% how would that work well look I mean politically that would be great for us you know send everybody a check but you you really we have to think of it I think in a that just got everybody's attention by the way I just saw everybody look up all I know but but if you think about our core principles right fiscal responsibility is what we do as conservatives that's our brand and and we have a $36 trillion federal debt we have a giant deficit that we're contending with I think we need to to pay down the credit card right that's what I think we need to do so yeah you can hear he's reluctant to support the idea opting instead to use those savings that doge is finding to pay down the national debt but the way he is speaking is pretty interesting it almost feels like he knows that they're probably going to put this into the bill to extend the 2017 tax cuts and jobs act which expires at the end of this year and thus he will end up probably having to vote for these Doge dividend checks one because the Republicans need to extend the tax cuts and jobs Act it's a big part of their agenda it was a campaign promise and two who wants to be seen voting against giving people money okay especially when this is money that we already paid out in taxes and it was recovered from wasteful programs okay it's literally our money you know you want to vote to return at least some of that to the people okay if it's an option on the table you can't be seen to be voting against that now let's briefly talk about eligibility you may have seen articles like this would you get a trump Doge dividend check you may be shocked by who doesn't qu qualify now do not take this to Heart at all this was probably written by a relatively Junior reporter at Forbes okay just to drum up some viral headlines cuz they see people are interested they're using the original proposal from James Fishback who said that only net payers of income tax would receive the check forbs posts this chart where you can see the proportion of households that pay income tax at each income level and this depends on your tax bracket but also if you're single or a married filer how many kids you have since you get a $2,000 credit per kid you can see at the lower income levels many families pay no income tax whatsoever and thus would not be eligible for this Doge dividend then also what about people who are retired and are on Social Security now and thus don't file taxes this is what a lot of people asked in the comments on my last video all I can say is don't believe anything you hear until you see it written in a bill okay I doubt they're going to leave out Social Security recipients these people have after all paid taxes their whole life last time when they did the covid stimulus check the amount for people on Social Security was originally $600 and AARP I think it's the American Association of retired persons succeed in getting it increased to 1,200 okay they campaigned for that and they got it done and that was the same amount as normal taxpayers the covid checks for Social Security recipients also went out automatically okay without them needing to file taxes so I'm guessing they will do something similar with this this round if it happens okay since they have the experience from last time so I would say don't worry about that right now we will know more about eligibility once we see what is actually written in the tax bill it's probably not going to follow the proposal by James Fishback exactly remember he is not a politician he's just a businessman who suggested the idea and he won't be drafting the bill all right guys that is the update that I have on this leave your comments below please subscribe to the channel if you are new so that you don't miss the next update and we'll see you in the next video also if you want to see my original video that goes through the complete proposal from James Fishback for the Doge dividend check do click on this video now we'll see you next time bye-bye