Latest news with #taxbill
The Guardian
3 hours ago
- Business
- The Guardian
Trump news at a glance: Musk confirms White House exit after split with Trump on tax bill
In the latest sign the honeymoon is over between Donald Trump and his tech billionaire sidekick, Elon Musk, the president confirmed he will go ahead with his signature tax bill, despite Musk's public criticism of it. Musk has sneered at the bill in a series of social media posts and interviews, including one with CBS, in which he said he was 'disappointed' to see the bill progressing, saying it would increase the budget deficit and 'undermines the work that the Doge team is doing', referring to the department he oversaw to slash jobs, spending and resources from federal agencies. The disagreement between Trump and the world's richest man comes as Musk confirmed on social media platform X that his time at the White House was officially coming to an end. Musk has publicly diverged from the president on policy several times and had clearly signaled his intent to spend less time in Washington and more on his businesses, Tesla, SpaceX and xAI. It's a drastic turnaround for Musk, who plowed $200m into Trump's campaign and dedicated most of the last year to promoting Trump and far-right ideology online. Here are the key stories at a glance: In a further jibe at Trump's bill – known officially as the One Big Beautiful Bill Act – Musk told CBS: 'I think a bill can be big, or it can be beautiful. But I don't know if it can be both. My personal opinion.' The bill is Trump's marquee piece of legislation and would allow him to follow through on campaign promises, including tax cuts for individuals and corporations, and an end to clean energy incentives enacted under Joe Biden. It also funds the construction of a wall along the border with Mexico, as well as staff and facilities for mass deportations of undocumented immigrants. Read the full story A federal trade court on Wednesday blocked Trump from imposing sweeping tariffs on imports under an emergency-powers law. The ruling from a three-judge panel at the New York-based court of international trade came after several lawsuits arguing Trump has exceeded his authority, left US trade policy dependent on his whims and unleashed economic chaos. Read the full story Trump's big, beautiful new plane from the government of Qatar has arrived – but the US president has a problem with it: it's too big. The Qataris have given the president a Boeing 747-8, a stretch model of the jumbo that is more than 18ft longer than the much older 747-200B that flies as the current Air Force One. Read the full story Robert F Kennedy Jr has threatened to ban government scientists from publishing in the world's leading medical journals, which he branded 'corrupt', and to instead create alternative publications run by the state. 'We're probably going to stop publishing in the Lancet, New England Journal of Medicine, Jama and those other journals, because they're all corrupt,' the US health secretary said on the Ultimate Human podcast. He accused the publications of being controlled by pharmaceutical companies. Read the full story Advocates for pregnant people said they are alarmed by Robert F Kennedy Jr's unprecedented and unilateral decision to remove Covid-19 booster shots from the recommended immunization schedule. Read the full story The secretary of state, Marco Rubio, said the US will 'aggressively' revoke visas of Chinese students, one of the largest sources of revenue for American universities, in the latest attack on the country's higher education institutions. Read the full story The family of a four-year-old girl who is receiving life-saving treatment in the United States are fighting against deportation, as her medical team warns she will likely die 'within days' if forced to return to Mexico. Read the full story The Trump administration is distancing itself from the Gaza Humanitarian Foundation as questions swirl over its leadership, funding, ties to Israeli officials and links to private US security firms. Reports and leaked video of its operations to bring food aid to Gaza depicted scenes of chaos, with crowds storming a distribution site and Israeli military officials confirming they had fired 'warning shots' to restore order. Gaza health officials said at least one civilian had been killed and 48 injured in the incident. Read the full analysis A judge released a Russian-born scientist and Harvard researcher from immigration custody as she deals with a criminal charge of smuggling frog embryos into the US. RFK Jr and Mehmet Oz are attempting to save more than 300 ostriches in Canada that the government had ordered killed over fears of avian flu. The US said it will refuse visas to foreign officials who block Americans' social media posts as Trump's administration wages a new battle over free expression. Catching up? Here's what happened on 27 May 2025.
Bloomberg
7 hours ago
- Business
- Bloomberg
Musk Joined by Some Senate Republicans Bemoaning Tax Bill's Red Ink
This is Washington Edition, the newsletter about money, power and politics in the nation's capital. Today, congressional correspondent Steven T. Dennis looks at some of the Republican dissent over the tax and spending bill passed by the House . Sign up here and follow us at @bpolitics. Email our editors here. Elon Musk's not the only one disappointed in the way President Donald Trump's 'one, big beautiful bill' turned out in the House.
Fast Company
8 hours ago
- Business
- Fast Company
Trump says he will negotiate his budget bill after Musk's criticism
BY President Donald Trump said on Wednesday that he plans to negotiate aspects of the 'big, beautiful' tax bill, expressing dissatisfaction with certain provisions while being satisfied with others. His comments followed billionaire Elon Musk's criticism a day earlier, in which Musk argued that the bill detracts from efforts to reduce the U.S. budget deficit. 'We will be negotiating that bill, and I'm not happy about certain aspects of it, but I'm thrilled by other aspects of it,' Trump told reporters, without directly addressing Musk's concerns. He also emphasized the need to secure sufficient support for the bill's passage in the Senate, stating, 'we can't be cutting, you know, we need to get a lot of support.' In an interview with CBS 'Sunday Morning,' broadcast late on Tuesday, Musk said he was 'disappointed to see the massive spending bill' because it increases the budget deficit and undermines the Department of Government Efficiency (DOGE). 'I think a bill can be big or it can be beautiful. But I don't know if it can be both,' Musk said in the interview. The White House intends to send Congress a small package as early as next week to formalize cuts made by Musk's team targeting federal government spending, a White House official familiar with the plan said on Wednesday. For months, Republican lawmakers in the U.S. Congress have been asking the administration to codify the federal spending cuts announced by DOGE. Musk, the world's richest man, was appointed by Trump in February to lead his administration's chaotic reform of the federal government as head of the newly created Department of Government Efficiency, known as DOGE. The U.S. House of Representatives on Thursday passed the sweeping tax and spending bill that would enact much of Trump's policy agenda and saddle the country with trillions of dollars more in debt. Trump and his fellow Republicans, which passed the measure by a single vote, have dubbed the legislation the 'big, beautiful bill.' It will add about $3.8 trillion to the federal government's $36.2 trillion in debt over the next decade, according to the nonpartisan Congressional Budget Office. The U.S. Senate is now considering the measure. —Nandita Bose and Doina Chiacu, Reuters
ABC News
9 hours ago
- Business
- ABC News
Elon Musk criticises Donald Trump's tax bill for expanding US federal deficit
US President Donald Trump says some parts of a controversial tax bill may be up for negotiation after it was criticised by Elon Musk for increasing government debt by up to US$3 trillion ($4.67 trillion). Mr Musk had previously headed up the Trump administration's so-called Department of Government Efficiency (DOGE), which aimed to slash trillions of US dollars in government spending, before announcing his departure last month. But in an interview with US broadcaster CBS, the owner of tech giants SpaceX and Telsa said Mr Trump's large tax bill, officially known as the "One Big, Beautiful Bill Act", contradicted DOGE's aims of reducing the federal deficit. "I was disappointed to see the massive spending bill, frankly, which increases the budget deficit, not just decreases it, and undermines the work that the DOGE team is doing," Mr Musk said. The US president has repeatedly said the "big beautiful bill" would usher in a new "Golden Age" for the US. But following Mr Musk's remarks, Mr Trump told reporters he also held concerns about some aspects of the bill. "We will be negotiating that bill, and I'm not happy about certain aspects of it, but I'm thrilled by other aspects of it," he said. The bill, which now sits before the US Senate after passing the House of Representatives, aims to shrink social safety net programs to pay for a 10-year extension of deep tax cuts for wealthier tax payers. The spending bill is the centrepiece of Mr Trump's domestic policy agenda and could define his second term in the White House. Independent analysts have warned it could increase the deficit by as much as US$4 trillion over a decade. Mr Musk's comments come as he steps back from his government work, rededicating himself to companies like the electric automaker Tesla and rocket manufacturer SpaceX. He has also said he will reduce his political spending, because "I think I've done enough". In a separate interview with the Washington Post, Mr Musk said that the "federal bureaucracy situation" he had tried to combat with DOGE was "much worse than I realised". "I thought there were problems, but it sure is an uphill battle trying to improve things in (Washington) DC, to say the least." Mr Musk had previously been positive about the opportunity to reshape Washington. He wore campaign hats in the White House, held his own campaign rallies and talked about excessive spending as an existential crisis. He was also gushing in his praise of the US president and even sold him a Tesla on the front lawn of the White House. "The more I've gotten to know President Trump, the more I like the guy," Mr Musk said at one point. "Frankly, I love him." Mr Trump repaid the favour, describing Mr Musk as "a truly great American". It is unclear what, if any, impact Mr Musk's comments about the bill would have on the legislative debate. But Mr Trump remains the dominant figure within the Republican Party, and many Republican politicians have been unwilling to cross the president when he applies pressure for his agenda. The Congressional Budget Office, in a preliminary estimate, said the tax provisions would increase federal deficits by US$3.8 trillion over the decade. Changes to federal health programs, food stamps and other services would reduce spending by more than US$1 trillion over the same period. House Republican leaders say increased economic growth would allow the bill to be deficit neutral or reducing, but outside watchdogs are skeptical. The Committee for a Responsible Federal Budget estimates the bill would add US$3 trillion to the debt, including interest, over the next decade. The bill passed the US lower house by one vote, and some Republican US senators now tasked with considering it have expressed concerns about the winding back of benefit programs. AFP/AP/Reuters
Wall Street Journal
10 hours ago
- Business
- Wall Street Journal
Trump Defends ‘Big, Beautiful Bill' After Elon Musk's Criticism
President Trump said he wasn't happy with all aspects of the Republican's tax-and-spending bill, which still needs widespread party support to pass. Photo: Chris Kleponis/Bloomberg News
