Commerce Secretary Howard Lutnick said the administration could finance Trump’s proposed dividend through revenue from a new visa program for wealthy foreign nationals and gains on government-owned stock rather than through taxes or additional federal borrowing.

“It’s not tax money,” Lutnick told NBC News, saying the administration would “earn the money that Donald Trump wants to pay out, not from the deficit and not from taxpayers.”

Lutnick pointed to the Trump Platinum Card, a Commerce Department visa initiative under which wealthy foreign nationals would pay $5 million for an extended U.S. visa. He said more than 100,000 people are already on a waiting list and suggested the program could generate roughly $500 billion if those applicants ultimately participate.

He also cited the federal government’s investment in Intel. Lutnick said the government used $8.9 billion in CHIPS Act funds to acquire roughly 500 million Intel shares at $20 per share, with the stock later rising above $100. However, the government has not sold those shares, meaning any increase in value is currently an unrealized gain rather than cash available to distribute.

Lutnick’s explanation differs from other funding possibilities put forward by administration officials. Vice President JD Vance has pointed to tariff revenue as a potential source, while National Economic Council Director Kevin Hassett has discussed using the congressional budget reconciliation process to establish the payments.

Trump announced the $5,000 dividend during the opening night of the Republican midterm convention in Dallas, saying every adult U.S. citizen would receive the payment if Republicans retain control of both the House and Senate in November. Trump said the money would have to be spent in the United States.

The proposed payments would be substantial. With roughly 245 million U.S. citizens over age 18, a $5,000 payment to every adult citizen would cost more than $1.2 trillion.

The administration has not yet established a final payment mechanism or demonstrated that the proposed revenue sources would generate enough cash to cover the full cost. Lutnick’s comments represent the latest explanation from the administration about how Trump’s proposed dividend could be financed.