Elon Musk rips into Donald Trump's 'big beautiful tax bill'
Elon Musk has ripped into President Donald Trump's 'big beautiful tax bill'.
Last week, President Trump proudly celebrated the House’s approval of his new tax bill, calling it 'arguably the most significant piece of legislation that will ever be signed,' in a Truth Social post.
The bill promises to deliver on several campaign pledges, like eliminating taxes on tips and overtime pay and increasing funding for border security.
How much could the bill add to the US deficit?
According to the non-partisan Committee for a Responsible Federal Budget, as per Forbes, the legislation could add $3.3 trillion to the national debt over the next 10 years. However, if lawmakers 'extend temporary provisions,' that figure could increase by an additional $5.2 trillion.
How did Elon Musk respond to the bill?
It seems the 'big, beautiful bill' hasn't sat well with Trump's close supporter and former right-hand man, Elon Musk.
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In fact, the Tesla and SpaceX founder offered his most candid criticism of it after recently stepping back from his work as the head of the Department of Government Efficiency (DOGE).
In a preview of an interview with CBS Sunday Morning, the world's richest man said he was 'disappointed to see the massive spending bill, which increases the budget deficit' because it 'undermines the work that the DOGE team is doing.'
Trump and other Republican allies assure that the tax cuts will ultimately pay for themselves by stimulating business growth. But many financial experts remain sceptical, pointing out the worrying increase of national debt as a result.
“I think a bill can be big, or it can be beautiful," Musk added. "But I don’t know if it can be both. My personal opinion.”
The billionaire had long claimed that the US would go bankrupt if the deficit was not reduced. Though the bill passed in the US House of Representatives by just one vote, it still awaits a vote in the Senate.
Meanwhile, Musk has recently made it clear that he’s shifting his focus back to his enterprises, including Tesla, SpaceX, and X. "Back to spending 24/7 at work and sleeping in conference/server/factory rooms,” the entrepreneur posted on X.
The billionaire poured over $200 million into supporting Trump’s presidential campaign last year. However, his political involvement sparked backlash at his Tesla company, with investors criticising that he was too distracted and that his electric vehicles were becoming political symbols.
When questioned about his reason for leaving the White House, he responded: “I think I’ve done enough.”