logo
Trump Asked if He'd Deport Elon Musk: 'We'll Have to Look'

Trump Asked if He'd Deport Elon Musk: 'We'll Have to Look'

Newsweek14 hours ago
Based on facts, either observed and verified firsthand by the reporter, or reported and verified from knowledgeable sources.
Newsweek AI is in beta. Translations may contain inaccuracies—please refer to the original content.
President Donald Trump, asked about deporting Elon Musk as a feud between the two former allies reignited, replied: "I don't know, we'll have to take a look."
Musk was born in South Africa but became a naturalized U.S. citizen more than two decades ago. The billionaire has sharply criticized Trump's One, Big, Beautiful Bill for its multi-trillion-dollar expansion of the U.S. federal debt pile.
"We might have to put DOGE on Elon," Trump told reporters on Tuesday morning, referring the the department Musk spearheaded at the White House until May, tasked with cutting fraud and waste in federal spending.
Trump said "DOGE is the monster that might have to go back and eat Elon," pointing to the subsidies and contracts Musk's businesses have from the federal government.
Musk, CEO of Tesla, an electric automaker, has also taken issue with the scrapping of subsidies for electric vehicles in the bill, while those for fossil fuel companies remain in place.
He is CEO of SpaceX, a space tech firm with billions of dollars in federal contracts.
"Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate," Trump posted to Truth Social late on Monday after Musk's renewed criticism of his bill.
"It is ridiculous, and was always a major part of my campaign. Electric cars are fine, but not everyone should be forced to own one.
"Elon may get more subsidy than any human being in history, by far, and without subsidies, Elon would probably have to close up shop and head back home to South Africa.
"No more Rocket launches, Satellites, or Electric Car Production, and our Country would save a FORTUNE. Perhaps we should have DOGE take a good, hard, look at this? BIG MONEY TO BE SAVED!!!"
This is a breaking news story. Updates to follow.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

Weekly Picks: 💸 SUN's Insurance Dividends, NCH2's Hydrogen Exposure, and TSLA's Robotic Inflection Point
Weekly Picks: 💸 SUN's Insurance Dividends, NCH2's Hydrogen Exposure, and TSLA's Robotic Inflection Point

Yahoo

time12 minutes ago

  • Yahoo

Weekly Picks: 💸 SUN's Insurance Dividends, NCH2's Hydrogen Exposure, and TSLA's Robotic Inflection Point

Each week our analysts hand pick their favourite Narratives from the community ( ). This week's picks cover: 💸 Why Suncorp's insurance-only pivot gives it room to grow revenues 📈 Why Thyssenkrupp Nucera can leverage its unique position for green hydrogen adoption 🤖 Why Tesla is reaching an AI and robotics inflection point 💡 Why we like it: This is a well-rounded post-banking thesis that doesn't shy away from insurance-sector volatility. It clearly outlines how Suncorp's capital reset, brand strength, and climate initiatives create a platform for resilience, even in a mature, disaster-prone market. A thoughtful blend of risk and reward for income-focused investors. 💡 Why we like it: This is a classic transition story backed by real numbers. The author maps a clear path from negative FCF margins to profitability, ties valuation to credible hydrogen tailwinds, and balances upside with execution risks. A solid mid-cap thesis with energy transition megatrend exposure and disciplined DCF logic. 💡 Why we like it: It turns the mainstream Tesla bear narrative on its head with a sharp, well-reasoned case for re-rating it as an AI and robotics platform, not just an EV company. The parallels to Nvidia's transformation are compelling, and the author backs it up with product-level traction, forward catalysts (robotaxi, Dojo, Optimus), and a multi-pronged monetization path. Plus, we love all the calculations so we can sense check the numbers. 🔔 Know when to act: Set the narrative valuations as your own fair value to know when to buy, hold or sell the stock. 🤔 Get answers: Ask the author any questions in the comments section. Feel free to like as well to support their work. ✨ Discover more Narratives: There are hundreds of other insightful stock narratives on our Community page . ✍️ Build an audience: Have your narrative seen by millions of investors, simply meet our Featuring criteria to go into the running! Disclaimer Simply Wall St analyst Michael Paige and Simply Wall St have no position in any of the companies mentioned. These narratives are general in nature and explore scenarios and estimates created by the authors. These narratives do not reflect the opinions of Simply Wall St, and the views expressed are the opinion of the author alone, acting on their own behalf. These scenarios are not indicative of the company's future performance and are exploratory in the ideas they cover. The fair value estimate's are estimations only, and do not constitute a recommendation to buy or sell any stock, and they do not take account of your objectives, or your financial situation. Note that the author's analysis may not factor in the latest price-sensitive company announcements or qualitative material. Have feedback on this article? Concerned about the content? with us directly. Alternatively, email editorial-team@ Simply Wall St analyst Michael Paige and Simply Wall St have no position in any of the companies mentioned. This article is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

What the Senate Republican tax-and-spending bill means for your money
What the Senate Republican tax-and-spending bill means for your money

CNBC

time19 minutes ago

  • CNBC

What the Senate Republican tax-and-spending bill means for your money

Senate Republicans on Tuesday approved their version of President Donald Trump 's multitrillion-dollar tax-and-spending package, which could broadly impact millions of Americans' wallets. Similar to the House's One Big Beautiful Bill Act advanced in May, the Senate legislation aims to make permanent Trump's 2017 tax cuts, while adding new tax breaks for tip income, overtime pay and auto loans, among other provisions. If enacted, the bill could also slash spending on social safety net programs such as Medicaid and SNAP, end tax credits tied to clean energy and overhaul student loans. The spending package could still see changes as it returns to the lower chamber for approval. But a House floor vote could come this week to meet Trump's July 4 deadline. Here are some of the key provisions to watch — and how those measures could affect household finances. How to read this guide Follow along from start to finish, or use the table of contents to jump to the section(s) you want to learn more about. 'SALT' deduction Since 2018, the $10,000 cap on the state and local tax deduction, known as SALT, has been a critical issue for certain lawmakers in high-tax states such as New York, New Jersey and California. The SALT deduction — which lets taxpayers who itemize deduct all or some of their state and local income and property taxes — was unlimited for filers before 2018. But the alternative minimum tax reduced the benefit for some wealthier Americans. A sticking point for some House lawmakers, the lower chamber approved a permanent $40,000 SALT limit starting in 2025. That benefit begins to phaseout, or decrease, for consumers who have more than $500,000 of income. The Senate version of the bill would also lift the cap to $40,000 starting in 2025. It also begins to phaseout at $500,000. Both figures would increase by 1% yearly through 2029, and the $40,000 limit would revert to $10,000 in 2030. If you raise the cap, the people who benefit the most are going to be upper middle-income. "If you raise the cap, the people who benefit the most are going to be upper middle-income," since lower earners typically don't itemize tax deductions, Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, previously told CNBC. The Senate bill also preserves a SALT cap workaround for pass-through businesses, which allows owners to avoid the $10,000 SALT limit. By contrast, the House bill would eliminate the strategy for certain white-collar professionals. — Kate Dore The child tax credit gives families with qualifying dependent children a tax break. It's a credit, so it reduces their tax liability dollar-for-dollar. Trump's 2017 tax cuts temporarily boosted the maximum child tax credit to $2,000 from $1,000, an increase that will sunset after 2025 without an extension from Congress. If enacted, the Senate bill would permanently bump the biggest credit to $2,200 starting in 2025 and index this figure for inflation starting in 2026. Momo Productions | Getty Meanwhile, the House version of the bill lifts the top child tax credit to $2,500 from 2025 through 2028. After 2028, the credit's highest value would revert to $2,000 and be indexed for inflation. However, the proposed bills wouldn't help 17 million children from low-income families who don't earn enough to claim the full credit, according to Elaine Maag, senior fellow in the Urban-Brookings Tax Policy Center. — Kate Dore Older Americans may receive an extra tax deduction under the legislation. Both the House and Senate called for a temporary enhanced deduction for Americans ages 65 and over, dubbed a "bonus," in their respective versions of the "big beautiful" bill. The Senate proposed raising the deduction to $6,000 per qualifying individual, up from $4,000 proposed by the House. The full deduction would be available to individuals with up to $75,000 in modified adjusted gross income, and $150,000 if married and filing jointly. Notably, the Senate version would phase out at a faster rate for taxpayers who are above those thresholds. Ultimately, middle-income taxpayers may benefit most from the enhanced deduction, Howard Gleckman, senior fellow at the Urban-Brookings Tax Policy Center, recently told CNBC. The senior bonus is in lieu of eliminating taxes on Social Security benefits, which had been touted by the Trump administration, since changes to Social Security are generally prohibited in reconciliation legislation. — Lorie Konish As Republicans seek to slash federal spending, Medicaid, which provides health coverage for more than 71 million people, has been a target for those cuts in both House and Senate versions of the bill. The Senate version would cut more than $1 trillion from Medicaid, compared with more than $800 billion in cuts in the House version, according to Congressional Budget Office estimates. New federal work rules would require beneficiaries ages 19 to 64 who apply for coverage or who are enrolled through an Affordable Care Act expansion group to work at least 80 hours per month. Adults may be exempt if they have dependent children or other qualifying circumstances such as a medical condition. Notably, the Senate version of the bill proposed stricter limits on exemptions for parents, limiting it to those with dependent children ages 14 and under. The proposed Medicaid changes would also require states to conduct eligibility redeterminations for coverage every six months, rather than every 12 months based on current policy. About 7.8 million people could become uninsured by 2034 due to Medicaid cuts, the CBO has projected, based on the House bill. — Lorie Konish Both Senate and House versions of the "big beautiful" bill propose cuts to food assistance through the Supplemental Nutrition Assistance Program, or SNAP, formerly known as food stamps. The cuts in the Senate bill may ultimately affect more than 40 million people, according to the Center on Budget and Policy Priorities. That includes about 16 million children, 8 million seniors and 4 million non-elderly adults with disabilities, among others, according to CBPP, a nonpartisan research and policy institute. Many states would be required to pay a percentage for food benefits to make up for the federal funding cuts. If they cannot make up for the funding losses, that could result in cuts to SNAP benefits or states opting out of the program altogether, according to CBPP. The Senate proposal also seeks to expand existing work requirements to include adults ages 55 to 64 and parents with children 14 and over. Based on current rules, most individuals cannot receive benefits for more than three months out of every three years unless they work at least 20 hours per week or qualify for an exemption. For about 600,000 low-income households, food benefits could be cut by an average of $100 per month, according to CBPP. — Lorie Konish The Senate's version of Trump's budget bill also included a new savings account for children with a one-time deposit of $1,000 from the federal government for those born in 2024 through 2028. Starting in 2026, so-called " Trump accounts," a type of tax-advantaged savings account, would be available to all children under the age of 8 who are U.S. citizens, largely in line with the House plan advanced in May. To be eligible to receive the initial seed money, both parents must have Social Security numbers. Parents would then be able to contribute up to $5,000 a year and the balance will be invested in a diversified fund that tracks a U.S. stock index. Earnings grow tax-deferred, and qualified withdrawals are taxed as long-term capital gains. Republican lawmakers have said these accounts will introduce more Americans to wealth-building opportunities and the benefits of compound growth. But some experts say a 529 college savings plan is a better alternative because of the higher contribution limits and tax advantages. — Jessica Dickler Lower student loan limits, fewer benefits Key changes may be in store for student loan borrowers. For starters, Republicans would limit how much money people can borrow from the federal government to pay for their education. Among other measures, the Senate plan would: Cap unsubsidized student loans at $20,500 per year and $100,000 lifetime, for graduate students; Cap borrowing for professional degrees, such as those for doctors and lawyers, at $50,000 per year and $200,000 lifetime; Add a lifetime borrowing limit for all federal student loans of $257,500; Cap parent borrowing through the federal Parent PLUS loan program at $20,000 per year per student and $65,000 lifetime; Eliminate grad PLUS loans. These allow grad students to borrow up to their entire cost of attendance minus any federal aid. Going forward, there would be just two repayment plan choices for new borrowers: Student loan borrowers could enroll in either a standard repayment plan with fixed payments or an income-based repayment plan known as the Repayment Assistance Plan, or RAP. The bill would also nix the unemployment deferment and economic hardship deferment, both of which student loan borrowers use to pause their payments during periods of financial difficulty. — Jessica Dickler and Annie Nova The Senate bill creates a tax deduction for car loan interest, similar to a provision in the House bill. Certain households would be able to deduct up to $10,000 of annual interest on new auto loans from their taxable income. The tax break would be temporary, lasting from 2025 through 2028. There are some eligibility restrictions. For example, the deduction's value would start to fall for individuals whose annual income exceeds $100,000; the threshold is $200,000 for married couples filing a joint tax return. Cars must also be assembled in the U.S. In practice, the tax benefit is likely to be relatively small, experts said. "The math basically says you're talking about [financial] benefit of $500 or less in year one," based on the average new loan, Jonathan Smoke, chief economist at Cox Automotive, an auto market research firm, recently told CNBC. — Greg Iacurci The Senate passed the No Tax on Tips Act in late May, a standalone legislation that would create a federal income tax deduction of up to $25,000 per year on tip income, with some limitations. The tax break would apply to workers who typically receive cash tips reported to their employer for payroll tax withholdings, according to the summary of the bill. The Senate version of the One Big Beautiful Bill Act includes a similar provision: qualifying individuals would be able to claim a deduction of up to $25,000 for qualified tips. However, the Senate version would not apply to taxpayers whose income exceeds $150,000, or $300,000 for joint filers. Should the bill go into effect as drafted, the Secretary of the Treasury will publish a list of occupations that typically received tips on or before Dec. 31, 2024. The provision would apply to taxable years between Dec. 31, 2024, and Dec. 31, 2028. — Ana Teresa Solá The House and Senate bills would provide a temporary tax break for overtime pay, a campaign promise from Trump. The House-approved bill would create a deduction for "qualified overtime compensation" of $160,000 or less from 2025 to 2028. The deduction is "above the line," meaning the tax break is available regardless of whether you itemize deductions. By contrast, the Senate bill offers a maximum $12,500 above-the-line deduction for overtime pay, and $25,000 for married couples filing jointly, from 2025 to 2028. The tax break begins to phase out once earnings exceed $150,000, and $300,000 for joint filers. — Kate Dore EV, clean energy tax credits The Senate bill, like its House counterpart, would end consumer tax credits tied to clean energy. It would end a $7,500 tax credit for households that buy or lease a new electric vehicle, and a $4,000 tax credit for buyers of used EVs. These tax credits would disappear after Sept. 30, 2025. Additionally, it would scrap tax breaks for consumers who make their homes more energy-efficient, perhaps by installing rooftop solar, electric heat pumps, or efficient windows and doors. These credits would end after Dec. 31, 2025. An aerial view shows solar panels atop the roofs of homes on February 25, 2025 in Pasadena, California. Mario Tama | Getty Images Many tax breaks on the chopping block were created, extended or enhanced by the Inflation Reduction Act, a 2022 law signed by former President Joe Biden that provided a historic U.S. investment to fight climate change. The tax breaks are currently slated to be in effect for another seven or so years, through at least 2032. — Greg Iacurci Section 199A pass-through business deduction Another key provision in the House and Senate bills could offer a bigger deduction for so-called pass-through businesses, which includes contractors, freelancers and gig economy workers. Enacted via Trump's 2017 tax cuts, the Section 199A deduction for qualified business income is currently worth up to 20% of eligible revenue, with some limits. This will expire after 2025 without action from Congress. The House-approved bill would make the provision permanent and expand the maximum tax break to 23% starting in 2026. Meanwhile, the Senate measure would make the deduction permanent but keep it at 20%. — Kate Dore

With Tillis out, NC Senate race projected as a ‘toss-up.' What experts anticipate.
With Tillis out, NC Senate race projected as a ‘toss-up.' What experts anticipate.

Yahoo

time36 minutes ago

  • Yahoo

With Tillis out, NC Senate race projected as a ‘toss-up.' What experts anticipate.

With Republican Sen. Thom Tillis announcing Sunday that he won't run for reelection, many experts are considering how the political landscape in North Carolina may change — including possibly making way for a Democratic Senate win for the first time since 2008. According to The Cook Political Report, a politics analysis organization that predicts congressional and gubernatorial races nationwide, the upcoming Senate race is now a 'toss-up.' North Carolina is now the top opportunity for Democrats to win a Republican-held seat in 2026, the group said. But a lot depends on who each party nominates. 'Republicans could have to sort out a messy primary field to succeed Tillis that is sure to produce a nominee further to the right than the outgoing GOP senator,' the Cook Political Report's Jessica Taylor wrote. Tillis' withdrawal from the 2026 race came as he made clear his opposition to Trump's flagship bill, the 'One Big, Beautiful Bill' Act. Tillis, who has served in the Senate since 2015, voted against the bill when it passed the Senate on Tuesday. He also gave a passionate speech on the Senate floor. 'What do I tell 663,000 people in two or three years when President Trump breaks his promise by pushing them off of Medicaid because the funding's not there anymore?' Tillis said on the Senate floor. 'It is inescapable that this bill in its current form will betray the promise that Donald J. Trump made in the Oval Office or in the Cabinet room.' Susan Roberts, political science professor at Davidson College, said that she was surprised by Tillis' announcement. 'It's kind of the 'June shock' rather than the 'October surprise,'' Roberts said in an interview with The News & Observer. Tillis' announcement leaves many anticipating what the 2026 Senate race will look like. 'I think it's an opportunity for both Democrats and Republicans. The primaries are going to be very important,' Artemesia Stanberry, a political science professor at North Carolina Central University, told The N&O. Some have been eyeing a possible bid for the seat by former Gov. Roy Cooper, a Democrat who served as governor for two terms. Cooper received national attention last summer while being considered as a possible running mate by Vice President Kamala Harris' presidential campaign. The results of the 2024 election prove that, despite Tillis' decade-long tenure, Democrats can win statewide elections, Stanberry said. Although North Carolina voted for President Donald Trump, Democrats won the seats of governor, attorney general and lieutenant governor. Roberts said the Republican primary winner would be whoever outdoes the competition in their 'fidelity' towards Trump. One 'unknown variable' in the race could be Lara Trump, President Donald Trump's daughter-in-law, according to Roberts. Lara Trump, a Wilmington native, hosts the Fox News show 'My View with Lara Trump.' Both Roberts and Stanberry expect that the North Carolina Senate race could likely be the most expensive campaign nationwide in 2026. Campaign budgets could soar because many of the potential candidates have fundraising experience, Roberts said. 'We won't go out of the spotlight, for sure,' Roberts said. If Cooper runs, he's likely to win the primary, Roberts said. And she anticipates that in a matchup with a Republican, Cooper would be able to sway many of the state's unaffiliated voters, the state's largest voting bloc. Cooper has won two elections for governor in years when Trump won the state. During the 2024 presidential election, around 37% of eligible voters, just under 3 million, in North Carolina registered unaffiliated. That designation is especially popular for younger voters. Stanberry said that she's heard many young people express that they were impressed that Tillis voted against the 'One Big, Beautiful Bill Act' because it demonstrated him 'standing on principle.' 'I think that may attract a lot of young voters. Whether it will attract them to a Republican nominee or a Democratic nominee, we shall see.'

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store