The dubious promise would likely cost more than $US1 trillion ($A1.4 trillion) and require congressional approval, and would further exacerbate the country's nearly $US1.8 trillion annual budget deficit and concerns about inflation.
"If the Republicans win, you win with us and you get five thousand dollars," Trump said during the GOP's midterm convention in Dallas on Wednesday.
"It will be called the Trump Dividend."
He likened the payments to a corporation's distributions to shareholders, citing "our tremendous strength and success economically".
Within an hour, Vice President JD Vance appeared to try to walk back Trump's proposal — at least in part — by suggesting the dividend payments would not go to the wealthy.
Vance suggested it could be paid for by US tariff revenues, though the suggested payment dwarfs what the US has taken in through the protectionist measures.
The White House did not respond to a message seeking details.
Congress would need to approve or otherwise acquiesce to the payment.
The sum would far exceed US tariff revenues even before the Supreme Court tossed much of the president's tariff program last year.
The national debt topped $US40 trillion for the first time in August.
Trump has frequently lamented that, during the modern era, the president's party almost always loses seats in Congress during the midterms, and he has looked for unorthodox ways to defy the trend, including this week's convention.
"We're going to change that," Trump said.
"There's no reason for it."
Trump's proposal would have to be approved by Congress, but it would be legal because the payment would go to everyone regardless of how they voted, or whether they voted at all, said New Mexico-based lawyer John Day.
"This is a campaign promise," Day said.
"It's not a payment to individuals to try to get them to vote in a particular way."
The move was reminiscent of billionaire Elon Musk's efforts to buy votes in 2025's Wisconsin state Supreme Court race, where he handed out million-dollar cheques to voters to try to boost a candidate who ultimately lost.
Trump has discussed the possibility before but has never tied it to his party's electoral fortunes.
Earlier in 2026, he proposed a $US2000 dividend and said he didn't think he needed approval from Congress.
In 2025, Trump gave members of the military a $US1776 cheque that he called a "warrior dividend".
"I will get a bill ready so that we can get the Trump Dividend passed immediately after the November 3rd election," Republican Senator Bernie Moreno of Ohio wrote on X late on Wednesday. "Because Republicans (and America) will win!"
A $US5000 cheque would give each American more money than they received in direct government payments from COVID-19 relief measures during Trump's first term.
Republicans are on defence as they look to defend their narrow House majority against strong headwinds.
Trump is unpopular, and Americans overwhelmingly oppose the war in Iran. Even the Senate, which Republicans once were well-positioned to keep, is up for grabs.
