- Billionaire CEO Elon Musk had a sharp assessment of the Democratic Social and Climate Act.
- He urged Democrats to “know” the law.
- He specifically targeted a provision that would allow a tax deduction if Americans bought an electric vehicle assembled by unionized workers with batteries built in the United States.
Tesla CEO Elon Musk attacked a $ 2 trillion bill for social and climate spending, saying he is in favor of scrapping the entire package.
“Honestly, I just wanted to be able to cover this whole bill. Do not pass it,” Musk said at the Wall Street Journal’s CEO Council, where he almost appeared. “That’s my recommendation.”
He opposed a specific provision in the law that would allow a tax deduction of up to $ 12,500 for Americans if they bought an electric vehicle assembled by unionized workers with batteries built in the United States.
“I say literally get rid of all subsidies,” he said.
Congressional Democrats are aiming to put the bill on President Joe Biden’s desk sometime before the end of the year. The far-reaching measure contains the bulk of his financial agenda.
The House-approved legislation would create universal pre-K for three- and four-year-olds and renew monthly cash payments to the vast majority of U.S. families for another year. It would expand Medicare to cover hearing services, adopt four weeks of paid family and medical leave, and combat the climate crisis. Democrats will pay for it with tax increases on the rich and big corporations.
Musk, who said he generally believes the government should “get out of the way,” has already criticized and mocked Democrats for their legislation, sometimes using vulgar terms. He escalated his attacks as they put together a new tax bill targeting billionaires. It has dropped out of the bill due to center opposition.
Tesla’s CEO also criticized the growing budget deficit or the gap between what the government spends and ultimately collects in tax revenue each year. He called it “crazy” and said that “resetting” all the billionaires would still not correct the deficit.