Elon Musk called Trump’s new tax and spending bill “insane”
The post Elon Musk called Trump’s new tax and spending bill “insane” appeared on BitcoinEthereumNews.com. Billionaire Elon Musk criticized the US Senate’s latest version of President Donald Trump’s tax and spending bill on Saturday, June 28. Musk referred to the bill as “utterly insane and destructive.” In an X post, Musk alleged that the newest Senate draft bill would wipe out millions of jobs in the US and seriously hurt the nation. He further stated that the bill benefits outdated industries while greatly harming future industries. The tech billionaire’s recent criticism threatens to reignite his public conflict with Trump, which began after the world’s richest man exited his cost-slashing job in the administration. Musk strongly condemns Trump’s tax and spending bill The new bill significantly reduces financial support for clean energy initiatives such as wind, solar, and electric vehicle tax credits, while introducing new incentives for the coal industry. Musk has previously stepped in to halt the major spending bill. He opposed a government spending plan by posting about it online last December, which led many Republicans to withdraw their support and almost caused a government shutdown. Back then, Musk had more power as a close ally of Trump and the biggest donor for Trump’s reelection campaign. However, his influence in the Republican Party has decreased after his controversial time leading the Department of Government Efficiency, which created ongoing problems for the White House. Additionally, in the tech entrepreneur’s contribution in the congressional debate over President Donald Trump’s sweeping tax and spending bill, he called the bill “a disgusting abomination” that would cause a surge in the federal deficit. Several US Senate fiscally conservative Republicans supported Musk’s social media posts, which might make it harder for the bill to pass in that chamber. Musk shared an X post stating that he was really fed up with this. Based on his argument, this huge, ridiculous spending…
The post Elon Musk called Trump’s new tax and spending bill “insane” appeared on BitcoinEthereumNews.com.
Billionaire Elon Musk criticized the US Senate’s latest version of President Donald Trump’s tax and spending bill on Saturday, June 28. Musk referred to the bill as “utterly insane and destructive.” In an X post, Musk alleged that the newest Senate draft bill would wipe out millions of jobs in the US and seriously hurt the nation. He further stated that the bill benefits outdated industries while greatly harming future industries. The tech billionaire’s recent criticism threatens to reignite his public conflict with Trump, which began after the world’s richest man exited his cost-slashing job in the administration. Musk strongly condemns Trump’s tax and spending bill The new bill significantly reduces financial support for clean energy initiatives such as wind, solar, and electric vehicle tax credits, while introducing new incentives for the coal industry. Musk has previously stepped in to halt the major spending bill. He opposed a government spending plan by posting about it online last December, which led many Republicans to withdraw their support and almost caused a government shutdown. Back then, Musk had more power as a close ally of Trump and the biggest donor for Trump’s reelection campaign. However, his influence in the Republican Party has decreased after his controversial time leading the Department of Government Efficiency, which created ongoing problems for the White House. Additionally, in the tech entrepreneur’s contribution in the congressional debate over President Donald Trump’s sweeping tax and spending bill, he called the bill “a disgusting abomination” that would cause a surge in the federal deficit. Several US Senate fiscally conservative Republicans supported Musk’s social media posts, which might make it harder for the bill to pass in that chamber. Musk shared an X post stating that he was really fed up with this. Based on his argument, this huge, ridiculous spending…
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