Elon Musk calls Trump's flagship tax bill a 'disgusting abomination'

Euronews

3 days ago

Elon Musk has slammed US President Donald Trump's plan to cut taxes and spending, marking a sharp break from the president he helped re-elect in 2024.
The bill allows the US government to borrow more money and extends tax breaks approved during Trump's first term at the White House, along with new ones he campaigned on.
The budget — which includes a massive buildup of $350 (€307) billion for border security, deportations and national security — was narrowly passed by the House of Representatives last month.
"Shame on those who voted for it," Musk said of the bill. In a series of posts on his social media platform X, Musk said the "outrageous, pork-filled" spending bill will "massively increase the already gigantic budget deficit to $2.5 trillion (!!!) and burden America [sic] citizens with crushingly unsustainable debt".
In its current form the Congressional Budget Office (CBO) exects that the bill's tax policies alone will add nearly $3.8tn (€3.3) to the federal deficit.
The South-African born billionaire recently left his role in the Trump administration, where he oversaw Doge, the body responsible for reducing US government spending and cutting federal jobs.
His comments are his strongest rebuke yet of Trump's policies. He previously called the bill "disapointing."
The legislation — which Trump calls his "big, beautiful bill" — would slash funding for electric vehicles and related technologies, including Musk's Tesla and SpaceX, the latter of which holds major defence contracts.
Musk followed his criticism by issuing a warning to Republicans. "In November next year, we fire all politicians who betrayed the American people," he wrote on X.
His threat is a sharp shift in tone for Musk, who previously pledged to help defeat Republicans deemed disloyal to Trump. Musk, the world's richest person, spent at least $250 million (€219) supporting Trump's campaign last year.
When stepping back from Doge, Musk announced he would be spending "a lot less" on political campaigns, dedicating his time to his companies and his role as CEO of Tesla and SpaceX. He left the door open to political involvement "if I see a reason."
Some Republican lawmakers echoed Musk's concerns, with Kentucky Senator Rand Paul writing on X: 'We can and must do better." Utah Senator Mike Lee said, "federal spending has become excessive,' adding that it causes inflation and 'weaponises government.'
Others suggested that Musk's endorsement had minimal impact on their decision to vote the legislation forward. 'No matter what Elon Musk or anybody else says — and I don't want to diminish him because I don't think that's fair — it's still going to be second fiddle to President Trump,' Republican West Virginia Senator Shelley Moore Capito said.
White House press secretary Karoline Leavitt downplayed Musk's criticism. "The president already knows where Elon Musk stood on this bill,' Leavitt said, and Musk's post 'doesn't change the president's opinion.'
Democrats, meanwhile, welcomed Musk's criticism of the bill, which Trump in May called 'arguably the most significant piece of Legislation that will ever be signed in the History of our Country.'
'We're in complete agreement,' House Minority Leader Hakeem Jeffries said of Musk, standing alongside a poster-sized printout of Musk's post during a Capitol news conference.
South Korea's liberal opposition candidate Lee Jae-myung was elected president early on Wednesday in a victory that would cap months of political turmoil triggered by the stunning but brief imposition of martial law by now-ousted conservative President Yoon Suk Yeol.
With over 99% of votes counted, Jae-myung obtained 49.3% of the votes cast in Tuesday's early election, while main conservative contender Kim Moon Soo trailed with 41.3%.
Nearly 80% of the country's 44.4 million eligible voters cast ballots, according to an interim tally. That's one of the highest turnouts for a presidential election in South Korea, reflecting public eagerness to move past the political turmoil.
Preelection surveys have long suggested Lee appeared headed for an easy win, riding on deep public frustration over the conservatives in the wake of Yoon's martial law debacle.
Even before Lee's win was formally declared, Kim conceded, telling journalists that he 'humbly accepts the people's choice,' and congratulated Lee.
Lee Jae-myung delivered a speech to his supporters in the capital, Seoul, after exit polls projected his victory.
"The first duty you have entrusted me with, I will overcome the rebellion (referring to former President Yoon declaring martial law) and I will make sure there is no more military coup d'état, in which the power entrusted by the people would never be used to intimidate people,' said Jae-myung.
Lee, 60, will be taking office for a five-year term. The president-elect rose from childhood poverty to become South Korea's leading liberal politician. His campaign saw him pledge to fight against poverty and corruption.
It's not immediately clear what Jae-myung's election would mean for Seoul's foreign policy. The new leader has previously been accused by critics of tilting towards China and North Korea, and distancing from the US and Japan.
The president-elect has however stressed that South Korea's alliance with the United States will continue to be the foundation of foreign policy.
The most formidable external challenges facing Jae-myung are US President Donald Trump's tariff policy and Pyongyang's advancing nuclear programme. However, experts have previously indicated that regardless of who assumes the presidency, securing major progress in favour of Seoul on these matters remains unlikely.
He's vowed to pursue pragmatic diplomacy in his foreign policy approach. He's promised to develop the alliance with the US and solidify a trilateral Seoul-Washington-Tokyo alliance – a stance that isn't much different from the position held by South Korea's conservatives.
Jae-myung also said that he'll work on pursuing better ties with North Korea, but acknowledged that it would be 'very difficult' to hold a summit with North Korean leader Kim Jong-un anytime soon, signalling that there likely won't be any drastic steps taken to improve ties with their neighbours on the Korean peninsula.
Lee Jae-myung, who held the position of governor of Gyeonggi province and mayor of Seongnam city, has been a contentious figure in the political arena for many years.
As a former child labourer, known for his inspirational 'rags-to-riches' story, he gained prominence by sharply criticising the conservative establishment of the nation and advocating for a more proactive South Korea in its foreign policy.
This rhetoric has shaped his reputation as a reformer capable of implementing significant changes to address the country's deeply-rooted economic disparities and corruption.
His critics view him as a dangerous populist who relies on political division and backpedals on promises too easily.