Tesla CEO and billionaire Elon Musk has fiercely criticized the Senate draft of President Donald Trump's broad tax and spending bill. He claims it's utterly destructive for the middle class.
Musk took to X (formerly Twitter) to express his discontent, stating that the Senate's new draft will slay millions of jobs in the US and strategically harm the nation. 'It's sheer madness and deadly,' he argued, as the bill favors past industries over critical future sectors.
The entrepreneur urged Republican leaders to refrain from advancing this bill, warning it could devastate the middle class and future economy. Musk's remarks pose a fresh challenge for Senate Republicans, aiming for a final version by July 4.
Impact on the Middle Class
Musk believes the bill is especially hazardous for the middle class, potentially undermining social safety nets and harming future industries like electric vehicles and renewable energy. He criticizes its focus on past industries, ignoring innovation and technological advancements.
Notably, this isn't Musk's first strong comment on this bill; he has repeatedly voiced criticism before.
Musk's Previous Opposition
Earlier this month, Musk condemned the House version of the bill. Labeling it hate-filled, he described this massive, overly expensive congressional bill as a disgraceful insult. 'Those who voted for it should feel ashamed,' he asserted. 'You knew you did wrong.'
Musk has also scrutinized the economic impacts of the bill, predicting it will raise the debt ceiling by 5 trillion dollars, marking the largest increase in history and propelling America towards debt servitude.
President Trump has dubbed it the big, beautiful tax bill. This 940-page document pinpoints significant cuts to social programs, big tax breaks, and increased spending on defense and immigration enforcement. It slashes Medicaid and food stamp funding considerably. The bill's highlight is Trump's $350 billion border and security plan, allocating $46 billion for border wall expansion, $45 billion for 100,000 migrant detention beds, and offering $10,000 signing bonuses to recruit 10,000 new ICE officers.
This bill bolsters Trump's promise of launching the largest deportation campaign in American history, aiming to deport about a million people each year.
