Elon Musk criticized Trump's One Big Beautiful Bill Act, saying it undermines the work of the Doge team, which is focused on cutting state spending.
The bill extends tax cuts for individuals and corporations while ending clean energy incentives, and funds border wall construction and mass deportations.
The Congressional Budget Office estimates the bill will add $2.3tn to the deficit.
Musk previously donated $200m to Trump's presidential campaign.
Why this matters: Musk's criticism highlights potential economic consequences of the tax bill and signals a growing divide between influential figures.
Musk's criticism centers on the bill's expansion of the budget deficit, which he believes counteracts the efforts of the Doge team to streamline government spending. The One Big Beautiful Bill Act encompasses several key Republican objectives, including tax cuts and increased funding for border security. However, the bill's projected impact on the national debt has drawn scrutiny from both sides of the aisle.
The bill, approved by the House of Representatives, extends tax cuts for individuals and corporations, eliminates clean energy incentives enacted under the Biden administration, and allocates funds for constructing a wall on the border with Mexico, along with staff and facilities for mass deportations of undocumented immigrants. Despite spending cuts, the CBO projects the bill will add approximately $2.3 trillion to the deficit.
Musk's opposition to the bill marks a notable shift, considering his previous financial support for Trump's presidential campaign. His remarks raise questions about the future of economic policy and the relationship between the tech industry and the Trump administration.
Q: What is the 'Doge' team?
The 'Doge' team, or 'department of government efficiency', was tasked with cutting state spending.
Q: How much is the tax bill expected to add to the deficit?
The bill is expected to add about $2.3tn to the deficit, according to the Congressional Budget Office.
The Trump tax bill is expected to increase the budget deficit.
Elon Musk is publicly criticizing the bill, citing concerns about cost-cutting efforts.
The bill includes tax cuts, changes to energy incentives, and funding for border security.
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