2025-06-04 22:55:08
Politics
Economy

Musk's Stark Critique of Trump's Tax Plan

Image courtesy of : AFP (ALLISON ROBBERT)

Elon Musk has sharply denounced President Trump's tax law, labeling it a 'disgusting abomination.' He argues that the legislation could exacerbate the national debt by $2.5 trillion, placing an unsustainable burden on American citizens. Critics, including some Republicans, echo Musk's concerns, noting that the plan not only extends tax cuts but also threatens essential social benefits.

A non-partisan analysis warns that the bill could leave 10.9 million Americans without health insurance by 2034. The proposed tax cuts are projected to decrease federal revenues significantly, raising alarms about the long-term fiscal health of the nation.

Amidst this turmoil, voices like billionaire Tim Draper suggest that Bitcoin may serve as a safeguard against government overspending. As discussions continue, the implications of the tax plan remain a contentious topic, with calls for a more responsible fiscal approach gaining traction.

Berliner Zeitung
4. Juni 2025 um 06:24

Elon Musk criticizes Trump's tax law: "Disgusting abomination"

Elon Musk has criticized the planned tax law of the Trump administration as a "disgusting abomination" and warns that it will increase the budget deficit by 2.5 trillion dollars and burden citizens with unsustainable debt. The law, which was passed by the House of Representatives in May by a narrow majority, provides for an increase in the debt ceiling and is criticized by both some Republicans and Democrats, as it extends tax cuts and cuts social benefits. The White House remained calm and em..
The Guardian
4. Juni 2025 um 18:26

Trump’s tax bill would add $2.4tn to US debt, says non-partisan analysis

A non-partisan congressional budget office analysis estimates that Trump's tax bill would add $2.4tn to US debt over the next decade, decreasing federal revenues by $3.67tn while cutting spending by $1.25tn. The legislation has faced criticism from within Republican ranks, including a scathing critique from Elon Musk who called it a 'disgusting abomination' and urged a new bill that doesn't grow the deficit. The CBO analysis also found that 10.9 million more Americans would be without health i..
Crypto.news
4. Juni 2025 um 17:24

Elon Musk called it an “abomination” — but the Big Beautiful Bill might be crypto’s backdoor stimulus

While moderate inflation can support Bitcoin, sudden spikes that trigger monetary tightening can reverse this effect. The Big Beautiful Bill's stimulative impact could contribute to inflation, leading to higher interest rates and pressure on crypto markets. Institutional investors may exit crypto in search of more stable yields, and retail investors may reduce exposure during inflationary stress. Additionally, uncertain purchasing power could complicate crypto's use as a payment method.
EL PAÍS
4. Juni 2025 um 18:17

Trump’s tax bill threatens to leave 10.9 million people without health insurance

The tax bill, criticized as a 'disgusting abomination' by Congressman Brendan Boyle of Pennsylvania, threatens 10.9 million with health insurance loss by 2034, including Medicaid and Medicare recipients. Donald Trump pushes for passage so he can sign it on July 4, despite Joni Ernst's failed attempt to defend the cuts amidst voter outrage. Tariff collections may offset a $2.8 trillion deficit increase, according to the Congressional Budget Office estimates.
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