Trump's $5,000 Checks May Rely on Wealthy Visas—Will Enough Sign Up?
Summary
President Donald Trump has promised to send $5,000 checks to every adult U.S. citizen if Republicans control both the House and Senate after the midterm elections. One proposed way to pay for these checks is by charging wealthy foreigners $5 million each to join a new visa program called the Trump Platinum Card, which would let them live in the U.S. for up to 270 days a year without paying U.S. tax on income earned outside the country.Key Facts
- President Trump wants to give $5,000 checks to all adult U.S. citizens if Republicans keep control of Congress.
- The estimated cost for these payments is about $1.23 trillion.
- The Trump administration proposes funding part of this by selling Trump Platinum Cards to wealthy foreign nationals.
- Each Platinum Card would cost $15,000 in fees plus a $5 million payment to the U.S. government.
- The card allows holders to stay in the U.S. for up to 270 days per year and avoids U.S. tax on income earned outside the country.
- Commerce Secretary Howard Lutnick said over 100,000 people are on the waiting list for the Platinum Card, which could raise $500 billion.
- Raising the full amount from these cards alone would require about 246,000 wealthy foreigners to pay $5 million each.
- The Platinum Card program has not yet launched and the waiting list does not guarantee revenue.
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