Latest news with #taxBill
Free Malaysia Today
2 days ago
- Business
- Free Malaysia Today
Musk's father says Elon made a mistake ‘under stress', Trump will prevail
Donald Trump said yesterday his relationship with billionaire donor Elon Musk was over. (AP pic) MOSCOW : The row between Elon Musk, the world's richest man, and US President Donald Trump was triggered by stress on both sides and Elon made a mistake by publicly challenging Trump, Musk's father told Russian media in Moscow. Musk and Trump began exchanging insults last week on social media with Musk denouncing the president's sweeping tax and spending bill as a 'disgusting abomination'. 'You know they have been under a lot of stress for five months – you know – give them a break,' Errol Musk told the Izvestia newspaper during a visit to the Russian capital. 'They are very tired and stressed so you can expect something like this.' 'Trump will prevail – he's the president, he was elected as the president. So, you know, Elon made a mistake, I think. But he is tired, he is stressed.' Errol Musk also suggested that the row 'was just a small thing' and would 'be over tomorrow'. Neither the White House nor Musk could be reached for comment outside normal US business hours. Trump said yesterday his relationship with billionaire donor Musk was over and warned there would be 'serious consequences' if Musk decided to fund US Democrats running against Republicans who vote for the tax and spending bill. Musk, the world's richest man, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending.
Reuters
2 days ago
- Business
- Reuters
Musk's father says Elon made a mistake 'under stress' and that Trump will prevail
MOSCOW, June 9 (Reuters) - The row between Elon Musk, the world's richest man, and U.S. President Donald Trump was triggered by stress on both sides and Elon made a mistake by publicly challenging Trump, Musk's father told Russian media in Moscow. Musk and Trump began exchanging insults last week on social media with Musk denouncing the president's sweeping tax and spending bill as a "disgusting abomination." "You know they have been under a lot of stress for five months - you know - give them a break," Errol Musk told the Izvestia newspaper during a visit to the Russian capital. "They are very tired and stressed so you can expect something like this." "Trump will prevail - he's the president, he was elected as the president. So, you know, Elon made a mistake, I think. But he is tired, he is stressed." Errol Musk also suggested that the row "was just a small thing" and would "be over tomorrow." Neither the White House nor Musk could be reached for comment outside normal U.S. business hours. Trump said on Saturday his relationship with billionaire donor Musk was over and warned there would be "serious consequences" if Musk decided to fund U.S. Democrats running against Republicans who vote for the tax and spending bill. Musk, the world's richest man, bankrolled a large part of Trump's 2024 presidential campaign. Trump named Musk to head a controversial effort to downsize the federal workforce and slash spending.
CNA
3 days ago
- Business
- CNA
Trump says Musk relationship over, warns of 'serious consequences' if he funds Democrats
NEW JERSEY: Donald Trump said on Saturday (Jun 7) his relationship with his billionaire donor Elon Musk is over and warned there would be "serious consequences" if Musk funds US Democrats running against Republicans who vote for the president's sweeping tax and spending Bill. In a telephone interview with NBC News, Trump declined to say what those consequences would be, and went on to add that he had not had discussions about whether to investigate Musk. Asked if he thought his relationship with the Tesla and SpaceX CEO was over, Trump said, "I would assume so, yeah." "No," Trump told NBC when asked if he had any desire to repair his relationship with Musk. "I have no intention of speaking to him," Trump said. However, Trump said he had not thought about terminating US government contracts with Musk's StarLink satellite internet or SpaceX rocket launch companies. Musk and Trump began exchanging insults this week, as Musk denounced Trump's Bill as a " disgusting abomination". Musk's opposition to the measure complicated efforts to pass the legislation in Congress, where Republicans hold only slim majorities in the House of Representatives and Senate. The Bill narrowly passed the House last month and is now before the Senate, where Trump's fellow Republicans are considering making changes. Nonpartisan analysts estimate the measure would add US$2.4 trillion to the US$36.2 trillion US debt over 10 years, which worries many lawmakers, including some Republicans who are fiscal hawks. Musk also declared it was time for a new political party in the United States "to represent the 80% in the middle!" Trump said on Saturday he is confident the Bill would get passed by the US Jul 4 Independence Day holiday. "In fact, yeah, people that were, were going to vote for it are now enthusiastically going to vote for it, and we expect it to pass," Trump told NBC. Republicans have strongly backed Trump's initiatives since he began his second term as president on Jan 20. While some Republican lawmakers have made comments to the news media expressing concern about some of Trump's choices, they have yet to vote down any of his policies or nominations. DELETED MUSK POSTS Musk has deleted some social media posts critical of Trump, including one that signalled support for impeaching the president, appearing to seek a de-escalation of their public feud, which exploded on Thursday. During his first term as president, the House, then controlled by Democrats, twice voted to impeach Trump but the Senate both times acquitted him. The White House and Musk did not immediately respond to requests for comment on Saturday on the deleted posts. People who have spoken to Musk said his anger has begun to recede and they thought he would want to repair his relationship with Trump. One of the X posts that Musk appeared to have deleted was a response to another user posting: "President vs Elon. Who wins? My money's on Elon. Trump should be impeached and (Vice President) JD Vance should replace him." Musk had written "yes". On Theo Von's "This Past Weekend" podcast - recorded on Thursday as the feud between Trump and Musk unfolded and released on Saturday - Vance called Musk's criticism of Trump a "huge mistake". "I'm always going to be loyal to the president, and I hope that eventually Elon kind of comes back into the fold. Maybe that's not possible now because he's gone so nuclear. But I hope it is," said Vance, describing Musk as an "incredible entrepreneur". Trump is due to attend an Ultimate Fighting Championship fight card on Saturday in New Jersey. Since his second election win, he has attended two previous UFC mixed martial arts fight cards with Musk. Musk is not expected to attend on Saturday. Musk, the world's richest man, bankrolled a large part of Trump's 2024 presidential campaign, spending nearly US$300 million in last year's US elections and taking credit for Republicans retaining a majority of seats in the House and retaking a majority in the Senate. Trump named Musk to head an effort to downsize the federal workforce and slash spending, lauding him at the White House only about a week ago for his work as head of the Department of Government Efficiency.
Reuters
5 days ago
- Automotive
- Reuters
Senate Republicans propose to eliminate fuel economy penalties
WASHINGTON, June 5 (Reuters) - Senate Republicans on Thursday proposed eliminating fines for automakers who fail to meet Corporate Average Fuel Economy rules as part of a wide-ranging tax bill, a boost to Detroit automakers selling gas-powered vehicles. Last year, Chrysler-parent Stellantis ( opens new tab paid $190.7 million in civil penalties for failing to meet U.S. fuel economy requirements for 2019 and 2020 after paying nearly $400 million for penalties from 2016 through 2019. GM (GM.N), opens new tab previously paid $128.2 million in penalties for 2016 and 2017.
Bloomberg
6 days ago
- Business
- Bloomberg
Trump's Tax Bill Would Dampen, But Not Quash, the Clean Energy Buildout
By and Amanda Kolson Hurley Save The current version of President Donald Trump's centerpiece tax and spending bill would winnow the amount of renewable energy capacity the US adds over the next decade, according to a report released Wednesday by BloombergNEF. Wind, solar and storage capacity overall would drop by 10% by 2035 relative to a baseline scenario, the research firm finds. The bill would also result in 3.8 million more tons of carbon emissions from the country's power sector by 2050.
