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Commerce Secretary Lutnick Details Non-Tax Funding Plan for Proposed $5,000 Dividend
Just the facts
Lutnick explained in an interview with NBC News that the administration aims to raise approximately $500 billion for the proposal by charging wealthy foreign visitors up to $5 million for extended visa programs. He also referenced capital gains from federal investments, including an $8.9 billion stake in chipmaker Intel, to support non-tax revenue generation. Estimates indicate that distributing $5,000 checks to all adult United States citizens could cost up to $1 trillion. National Economic Council Director Kevin Hassett noted that White House officials are also reviewing congressional budget reconciliation options to execute the plan.
Why this is news
United States Commerce Secretary Howard Lutnick stated that President Donald Trump's proposed $5,000 "Trump dividend" for adult Americans would not be funded through federal tax revenues. The clarification followed Trump's announcement of the payment proposal at a Republican midterm convention rally in Dallas, Texas.
Sources
This summary is compiled strictly from the original reporting below.