Musk criticizes Trump’s "Great Beautiful Tax Law": increases fiscal deficit, wastes DOGE efforts

Tesla founder Elon Musk has rarely publicly attacked Trump's latest tax bill, saying it exacerbates the fiscal deficit and threatens to undermine previous efforts to cut government spending. (Synopsis: Musk warned that the United States will "lack electricity" next year: the biggest worry in AI development is not computing power, it is these 3 major challenges) (Background added: Musk said that he will greatly fade out of politics: I think I have paid enough and will continue to be the CEO of Tesla) Billionaire Elon Musk (Elon Musk) Recently publicly criticized President Trump, He criticized the landmark newly passed tax bill, calling it a "huge spending" bill that not only threatens to undermine fiscal discipline, but also directly undermines the cost-cutting efforts he made when he led the (DOGE) of the "government efficiency department," and seems to signal a beginning to diverge on fiscal philosophies between the two men, and may also signal a new rift in their once-close partnership. Musk shouted disappointment with the "Great Beautiful Act" Musk clearly expressed his "disappointment" in this large-scale spending bill in an interview trailer released on CBS Sunday morning show on Tuesday night. He believes that the bill will lead to an increase in the budget deficit and essentially "undermine" the work of the DOGE team he leads to save money for the government. Musk said in the interview: Disappointed by this huge spending bill, which increased the budget deficit...... And undermines the work being done by the team of the Ministry of Government Efficiency ... I think a bill can be big or beautiful. But I don't know if it can do both. This is my personal opinion. The U.S. House of Representatives narrowly passed the bill last week, marking Trump's first major legislative success in his likely second term. The bill, which is now before the Senate for a vote, has previously been hailed as "arguably the most significant legislation in the history of our nation" and has successfully persuaded several Republicans in Congress to support what he calls a "huge and beautiful bill." The content and cost of Trump's target tax reform The core elements of the bill include implementing comprehensive tax cuts worth up to $4.5 trillion over the next decade, including perpetuating provisions in the Tax Cuts and Jobs Act of 2017, increasing the child tax credit, increasing the standard deduction, and eliminating taxes on tips and overtime. Despite proponents claiming it would spur economic growth, the bill has been fiercely criticized by fiscal conservatives (popularly known as "fiscal hawks") for its potential to substantially increase the U.S. national debt over the next decade. Critics estimate that the bill could add $3.3 trillion to the U.S. national debt over a decade. The Congressional Budget Office (CBO) also estimates on a conventional basis that the bill would increase the federal deficit by about $3.8 trillion by 2034. Musk has long warned that the United States faces the risk of "bankruptcy" if the deficit problem is not controlled. In his comments on CBS, he clearly echoed these fears of soaring deficits. Destroying DOGE work? During the Trump administration, Musk led the creation of the (DOGE) "Department of Government Efficiency," whose goal was to cut government spending and waste. Musk initially set a goal of cutting at least $2 trillion from the federal budget, and later revised this goal to $1 trillion. According to DOGE, the department has saved the federal budget between $160 billion and $175 billion through, among other things, canceling contracts and laying off personnel, although the accuracy and long-term impact of this data has been questioned. It is worth noting that Musk resigned from DOGE last month, choosing to devote more time to his business empire, especially Tesla (Tesla). Tesla's recent sales decline is reportedly partly due to Musk's close ties to the Trump administration. In addition, Musk has clashed with some cabinet ministers over DOGE's push for agency layoffs, and expressed frustration that his cost-cutting efforts have been blocked by lawmakers. Musk's subtle shift with Trump Musk's comments on the tax bill, arguably his strongest public rebuke of the Trump administration to date, mark a widening rift between him and the Trump camp, after criticizing the White House's trade policy, calling then-trade czar Peter Navarro (Peter Navarro) "idiot" and "dumber than a bag of bricks." He said he thought lowering tariffs might be a better idea. Musk's concerns also extend to specific provisions of the bill, such as a reduction in the clean energy tax credit, which could hurt Tesla and other electric car makers by reducing consumer incentives. Although Musk was a staunch Trump supporter and spent nearly $300 million last year on other Republicans, he said last week that he intends to spend "a lot less" on the campaign in the future and that he has "done enough" for political donations. In all indications, Musk is turning more energy to his business footprint, especially Tesla's operations, out of concern about brand damage and potential conflicts of interest. This rare public accusation not only adds complexity to future interactions between the two men, but also once again puts the importance of fiscal discipline in the long-term development of the United States into the spotlight. Related Stories Bitcoin Security Myth Busted? Researcher: "$10 billion + 10GW of electricity" can launch a 51% attack, and large institutions can easily short profit Putin sternly warned "Bitcoin": mining is too energy-intensive, has caused a power crisis in many regions of Russia Real coal mining companies also love to mine Bitcoin! ARLP: 425 BTC mined with excess electricity "Musk sprinkles Trump's "Great Beautiful Tax Law": Increase the fiscal deficit, waste DOGE efforts" This article was first published in BlockTempo's "Dynamic Trend - The Most Influential Blockchain News Media".