Elon Musk claimed he can get rid of at the least $2 trillion from the federal budget, laying out his imaginative and prescient for substantial authorities spending cuts if Donald Trump wins the presidency.
“Your money is being wasted,” Musk mentioned Sunday at a rally for Trump in New York’s Madison Sq. Backyard. “We’re going to get the federal government off your again and out of your pocket e book.”
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Trump has mentioned he would ask Musk, the world’s richest particular person and a serious donor to the Republican nominee’s marketing campaign, to go up an effort to cut authorities spending, nicknamed the Division of Authorities Effectivity, or DOGE, a reference to a cryptocurrency Musk has embraced.
Critics have mentioned this place would characterize a battle of curiosity for Musk. The businesses he runs, together with Tesla Inc. and SpaceX, have billions of {dollars} value of federal contracts and have benefited from federal spending, together with electrical automobile tax credit and infrastructure investments.
The $2 trillion goal represents almost a 3rd of present spending. The federal authorities spent $6.75 trillion in fiscal yr 2024, in keeping with the Treasury Division.
Cantor Fitzgerald LP’s Howard Lutnick requested Musk on stage how a lot he may “rip out of” the budget underneath President Joe Biden and Trump’s rival, Vice President Kamala Harris. Musk responded, “Effectively, I believe we can do at the least $2 trillion, yeah.”
Trump on the marketing campaign path has talked about decreasing the federal debt, however has not detailed particular applications he would curb. As a substitute, the Republican nominee has promised a protracted listing of tax cuts aimed toward key teams of voters, reductions that economists have warned would balloon the deficit.
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Musk has spent at the least $132 million to elect Trump and different Republicans in 2024, federal filings present. That degree of giving has vaulted him into the higher echelon of political donors, making Musk one of the vital prolific contributors of your complete 2024 cycle.
The contributions reveal how Musk, who has personally bristled at authorities laws, is increasing his political affect community to incorporate a possible future president and members of Congress.
Musk is enjoying an unprecedented position within the 2024 marketing campaign for a political donor. Along with his donations, he’s appeared on stage with Trump and held his personal marketing campaign rallies with out the previous president.
New Tax Cut
Trump on Sunday added to his lengthy listing of tax proposals, unveiling a credit score for caregivers who maintain relations.
The Republican nominee didn’t present particulars or say how he would pay for it. His litany of tax proposals already consists of one thing for nearly each American household: tipped employees, hourly staff, senior residents and higher-income residents of Democratic-led states whose tax breaks he took away whereas president.
“They add a lot to our nation and are by no means spoken of, ever, ever, ever, however they’re going to be spoken of now,” Trump mentioned of household caregivers on the packed enviornment that has a 20,000 particular person capability.
Harris has proposed increasing Medicare to cowl house care companies, an olive department to seniors and the so-called sandwich technology juggling caring for elders and kids. She’s additionally proposed to increase tax credit for fogeys and increase deductions for startup companies, offset by rising levies on firms and rich households.
The previous president additionally vowed to hold out an aggressive marketing campaign of deregulation, renew expiring tax cuts, decrease the company tax charge to fifteen% from 21%, and provide contemporary tax reductions and advantages to bolster home manufacturing. He has mentioned he would elevate contemporary income from across-the-board tariffs, which he goals to impose on imports from US allies and adversaries alike. Economists have warned tariffs received’t offset the value tag of his tax cut concepts and will enhance prices on US households.
In an interview with Bloomberg Information Editor-in-Chief John Micklethwait earlier this month, Trump mentioned, with out proof, that the totality of his financial platform would outpace the price to taxpayers. Some buyers are betting Trump’s insurance policies will depart the US saddled with extra debt and better inflation and rates of interest.
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‘Your money is being wasted’: Elon Musk says he can cut $2 trillion from US federal budget www.hindustantimes.com 2024-10-28 02:16:19
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