In a surprising turn, Tesla CEO Elon Musk took to X to voice his disappointment with President Trump's latest tax and spending bill, which narrowly passed the House on May 22.
The legislation extends 2017-era tax cuts, adds breaks for consumption and auto loans, boosts defense funding and ramps up spending to address illegal immigration – moves Musk argues will worsen the U.S. budget deficit at a time when fiscal restraint is key.
On Wednesday, Musk confirmed he is stepping down as a Special Government Employee adviser. 'As my scheduled time as a Special Government Employee comes to an end, I would like to thank President Trump for the opportunity to reduce wasteful spending,' he posted.
Musk's move highlights growing tension between private-sector leaders and policymakers over fiscal priorities. For entrepreneurs and global investors, the debate raises questions about government spending, tax policy and the future of innovation funding.
As the U.S. navigates complex economic challenges, the conversation around balancing growth, public investment and deficit reduction will only intensify – resonating with young global citizens and business thinkers alike.
Reference(s):
cgtn.com
