Elon Musk Criticizes Trump’s ‘Big, Beautiful’ Tax Bill Again, Calls it ‘Utterly Insane’
In a recent statement, Elon Musk, the world’s richest man, has once again criticized US President Donald Trump’s “Big, Beautiful” tax bill, calling it “utterly insane and destructive”. Musk’s criticism comes after the Senate released a draft of the tax bill, which has been widely criticized by experts and economists.
Musk, who had previously criticized the bill after leaving the US administration, stated that the bill gives handouts to industries of the past while severely damaging industries of the future. He added that the bill is a “strategic harm to America” and that it will have long-lasting negative effects on the country’s economy.
The “Big, Beautiful” tax bill, also known as the Tax Cuts and Jobs Act, was passed in 2017 and aimed to reduce corporate tax rates and simplify the tax code. However, the bill has been widely criticized for its complexity and lack of transparency, as well as its potential to increase the national debt and widen income inequality.
Musk’s criticism of the bill is not new. In 2017, he tweeted that the bill was “not a good idea” and that it would “hurt the country”. However, his latest comments are some of the strongest yet, and demonstrate his continued opposition to the bill.
The criticism of the bill has come from a wide range of individuals and organizations, including economists, business leaders, and advocacy groups. Many have argued that the bill will increase the national debt and widen income inequality, while also damaging the country’s infrastructure and social safety net.
In addition to Musk, other prominent figures have also criticized the bill. For example, former Federal Reserve Chair Janet Yellen has stated that the bill is “not a good idea” and that it will “hurt the country”. Similarly, former Treasury Secretary Lawrence Summers has argued that the bill is “not a good idea” and that it will “make the rich richer and the poor poorer”.
Despite the widespread criticism of the bill, the Trump administration has continued to defend it. In a statement, White House Press Secretary Sarah Huckabee Sanders said that the bill is “a major success” and that it has “created jobs and increased economic growth”.
However, many experts and economists disagree with this assessment. For example, the nonpartisan Tax Policy Center has estimated that the bill will increase the national debt by over $1 trillion over the next decade, and that it will primarily benefit the wealthy and large corporations.
In conclusion, Elon Musk’s criticism of the “Big, Beautiful” tax bill is just the latest in a long line of criticisms of the bill. The bill has been widely criticized for its complexity, lack of transparency, and potential to increase the national debt and widen income inequality. Despite the Trump administration’s defense of the bill, many experts and economists believe that it is a “strategic harm to America” and that it will have long-lasting negative effects on the country’s economy.
