"Cannot Accept U.S. Bankruptcy"
Urges Calls to Congress
Called Proposal "Disgusting and Repulsive" the Previous Day
U.S. CBO: "Fiscal Deficit to Increase by $2.4 Trillion Over 10 Years"
Elon Musk, CEO of Tesla, directly criticized President Donald Trump's major tax cut proposal and urged Americans to pressure Congress to "KILL the BILL" on June 4 (local time).
On his social media platform X (formerly Twitter), Musk posted, "Call your senators and representatives," adding, "It is unacceptable to bankrupt America."
This statement came just one day after Musk had denounced the tax cut proposal as "disgusting and repulsive." His criticism is rooted in concerns that the tax cut bill, which passed the House last month under pressure from President Trump and is currently being debated in the Senate, would rapidly expand the U.S. fiscal deficit. In particular, Musk, who has been working on reducing federal government expenditures until the end of his recent term as head of the Department of Government Efficiency (DOGE), has been intensifying his criticism of the tax cut proposal day after day.
Musk also emphasized, "Any new (government) spending bill should not massively increase the deficit or raise the debt ceiling by as much as $5 trillion." He then posted a poster from the movie "Kill Bill," which has a similar pronunciation to the English phrase "kill the bill," calling for the bill to be scrapped.
Musk also shared past video clips of Jerome Powell, Chair of the Federal Reserve, and Warren Buffett, Chairman of Berkshire Hathaway and renowned investor, both of whom have expressed concerns about the rising federal debt. Musk criticized, "America is on a fast track to becoming a slave to debt."
President Trump has not yet issued any public response to the open criticism from Musk, who is often referred to as the President's "First Buddy." However, the White House released a statement the previous day asserting that the bill would "usher in an era of unprecedented economic growth."
Mike Johnson, Speaker of the House and a member of the Republican Party, told reporters that Musk's claims were "completely wrong," arguing that the tax cut proposal would lead to economic growth and increased tax revenue.
However, analyses by major institutions such as the Congressional Budget Office (CBO) present the opposite view. According to a report released by the CBO on this day, the proposed tax cuts are expected to increase the federal government's fiscal deficit by $2.42 trillion (approximately 3,300 trillion won) over the next 10 years. The CBO estimates that by 2034, federal tax revenues will decrease by $3.67 trillion, while expenditures will decrease by $1.25 trillion, resulting in a net increase in the fiscal deficit of $2.42 trillion. However, the CBO did not factor in the potential economic stimulus or increased tax revenue effects that could result from the tax cuts.
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