The Trump Dividend Checks Have Already Gone Out. Just Not to You.
Here are some things to remember while you’re waiting for that $5,000 the president is promising.

Last week, President Donald Trump announced that if Republicans prevail in this year’s midterm elections, he would provide everybody with a $5,000 dividend check. People reacted as if he’d said something crazy, like “Barack Obama was born in Kenya and is ineligible to be president of the United States”—by which I mean they dismissed his ravings as one more Trumpian oddity and not what it really was: the disqualifying lunacy of a corrupt jackass. A few brave souls gently raised concerns that this was tantamount to a bribe. Those who wanted to add something substantive to the conversation pointed out just how much this idea would cause inflation to spike. I don’t recall anyone saying the obvious thing: A $5,000 payoff would be an implicit admission that he and his party’s reckless policies wrecked the economy and spawned a nationwide affordability crisis.
House Speaker Mike Johnson, whose flock of lawmakers would ostensibly be the people who would find this money—more than $1 trillion—and appropriate it, told Kristen Welker in an interview that the so-called “Trump dividend” would be something lawmakers would “process through Congress and talk through and debate and discuss.” That said, nothing is happening anytime soon, because Johnson is sending lawmakers home until the midterm elections so as to avoid having to vote on GOP Representative Thomas Massie’s proposed impeachment of Secretary of “War” Pete Hegseth, who, between psychosexual panic attacks about the masculinity of the soldiers in his presence, is currently getting the belt-to-ass treatment from Iran.
So you might have to wait a while for your $5,000 check. But that doesn’t mean that the Trump dividend hasn’t already been paid out. To the contrary, the president and his congressional enablers have been handing out money left and right. They’ve made people very rich, in fact. It’s something that they’re quite good at doing—at least for a few.
Once upon a time, Trump claimed that shared prosperity would come in the form of tariffs, which he believed would rake in such a large amount of revenue that the income tax could be abolished. This was insane in theory; in practice, Trump’s tariffs only followed the logic of the president’s ire—whatever nation was pissing him off that week would get tariffed. The Supreme Court eventually ruled that most of this nonsense was illegal, not that it diminished Trump’s yen for trade war.
But it’s not all bad news. As ABC News reported last month, the administration has paid out $100 billion in tariff refunds. That ought to excite everyone. After all, the Tax Foundation estimates that the tariffs that the Supreme Court ruled to be illegal cost every household $700, so a reimbursement might be helpful in filling up your gas tank three or four times. But as ABC News notes, “most consumers—who paid higher prices from the tariffs—aren’t seeing that money go back into their pockets.” In some instances, firms have plans to repay some of that money to consumers. But in other cases, that money is being pocketed, with some corporations earmarking the money for “reinvestment” and others putting it toward offsetting the other high costs they face because of Trump’s handling of the economy and the Iran war.
And for small businesses, these mini windfalls have arrived too late. Per ABC, one fortunate recipient of a $50,000 refund says “she was forced to cut staff and use her retirement savings to keep the business afloat” while waiting for her refund pittance. That’s wreckage the check won’t cover. All in all, Trump’s “Liberation Day” mainly liberated money from your pocket. Whether it makes its way back to you or remains in the coffers of corporations is anyone’s guess.
Meanwhile, people seem to be forgetting that Republicans in Congress have already passed a measure that put $5,000 in Americans’ pockets—or to be more precise, $5,190 to Americans earning between $153,600 and $361,400. That law is called the One Big Beautiful Bill Act, which has been one big beautiful means of cementing income inequality across the country. As the Institute on Taxation and Economic Policy reports, the OBBBA “favors the richest taxpayers and provides working-class Americans with relatively small tax cuts that will in many cases be more than offset by the import taxes, or tariffs, imposed by President Trump.” The richest 1 percent got way more than five grand in this deal—their tax savings were in excess of $66,000. At the other end of the spectrum, the poorest 20 percent got a paltry 40 bucks. Don’t spend it all in one place! (Actually, many folks cannot because the same bill ended the Affordable Care Act subsidies they were using to purchase health insurance.)
Republicans’ monomaniacal focus on re-enriching the already rich is doing much more than thieving money from your pocket. Wealth concentration is increasingly locking most of us out of the American dream. As a 2024 study from the Institute for Policy Studies and Popular Democracy found, wealth concentration is “supercharging existing problems of gentrification, homelessness, unaffordable rental housing, and out-of-reach homeownership.” Across the country, predatory billionaires are buying up single-family homes, keeping many of these properties vacant so as to “profit from real estate speculation,” and invading the short-term rental market to play the same tricks, thus keeping units at arm’s length from would-be renters. Trump and GOP lawmakers have enabled all of this through policies that have—as of Tax Day 2026—grown billionaire wealth 30.6 percent.
If you’re like most people, you could use $5,000 right about now. As a recent memo from Americans for Tax Fairness noted, “Working Americans have had to pay more for health care, gas, and food while their paychecks have remained stagnant or fallen while [Trump has] been in office.” Meanwhile, as Republicans wiggle and dodge on the Trump dividend checks, they’re out in public touting the very bill that led to all of this widespread immiseration—and hiding the fact that when the Medicaid work requirements slated to be imposed after the midterms go into effect, an estimated seven million people won’t have health insurance anymore.
Lots of people have gotten the Trump dividend: Trump himself, his family, billionaires, many corporations, even that weird Dick Tracy villain guy who broke the Reflecting Pool. But Trump’s long history of stiffing people should be more than enough to dissuade you from the belief that a check is coming your way if the GOP retains its majorities in Congress. If history is any guide, the Republicans would keep fleecing you. But the Trump dividends will continue to flow, and many people will keep getting richer. As they say, it’s a big club, and you’re not in it.
This article first appeared in Power Mad, a weekly TNR newsletter authored by deputy editor Jason Linkins. Sign up here.



