Musk Criticizes Tax Cut Plan…"U.S. Will Become a 'Slave to Debt'"

"Will Campaign for Lawmakers' Defeat"

Elon Musk, CEO of Tesla, on the 30th (local time), criticized President Donald Trump's tax cut policies included in the 'Trump Budget', calling it a "bill that will make (America) a slave to debt." He further stated that he would campaign for the defeat of lawmakers who led the passage of the bill.

Musk posted on X (formerly Twitter) that, "Lawmakers who called for government spending cuts during the election and now suddenly support the largest ever increase in the fiscal deficit should be ashamed of themselves." He added, "All those (who led the bill) will lose in the primaries next year," and "If I have any say, I won't help them during my lifetime."

Musk specifically mentioned some Republican lawmakers. He questioned Andy Harris (Maryland) and Chip Roy (Texas), members of the conservative House Republican group 'Freedom Caucus', asking, "How can you call yourself the Freedom Caucus if you support a bill that creates the largest budget deficit in history, making us slaves to debt?"

Last year, Musk demonstrated significant political influence by supporting President Trump's election victory. If Musk launches a campaign to defeat lawmakers, the House of Representatives is likely to be more affected than the Senate. U.S. House members serve two-year terms, shorter than senators' six years. Since House members are based on constituencies, Musk's massive campaign funding for primary challengers could have an even greater impact.

He also mentioned the possibility of forming a new party. Musk said, "If we recklessly increase spending as this bill proposes, this country we live in—a 'bloated single-party state'—will certainly see a record fiscal deficit rise to $5 trillion." By stating this, he called the joint passage of the tax cut bill by both Republicans and Democrats a single party. The Congressional Budget Office (CBO) estimated that if the Trump Budget passes, the U.S. fiscal deficit will increase by $3.3 trillion over the next 10 years.

Musk added, "If this reckless spending bill passes, the 'America Party' will be founded the very next day," and emphasized that "America needs an alternative to the Democratic-Republican single-party system."

New York = Shin-Young Park, Correspondent nyusos@hankyung.com