Washington [US], June 29: Billionaire Elon Musk has criticized the latest version of US President Donald Trump's tax and spending bill released by the US Senate on June 27.
In a post on the X platform on June 28, billionaire Elon Musk called the latest version of the tax and spending bill "absolutely insane and destructive."
"The latest Senate bill would destroy millions of American jobs and cause enormous strategic harm to our country," Musk wrote in a post, according to Reuters.
In addition to eliminating existing tax incentives, the latest version of the bill would also create a new tax on future sustainable energy projects , including wind and solar power, according to The Hill. And the world's richest billionaire disagrees with the bill.
"It benefits traditional industries, but seriously damages future industries," according to the billionaire.
The American Clean Power Partnership (ACP) noted on June 28 that the new taxes would freeze energy investments, reduce domestic energy production and increase household electricity bills.
Several Republican senators, including Thom Tillis, Ron Johnson and Rand Paul, have warned that they will vote against advancing the bill. Meanwhile, Senate Democratic Leader Chuck Schumer said he would force clerks to read the 1,000-page version of the new tax and spending bill before voting, according to The Hill .
Previously, billionaire Elon Musk caused a stir in US politics when he suddenly publicly criticized the first version of the tax and spending bill supported by President Trump, calling it "terrible" and threatening to worsen the public debt.
"I'm sorry, but I can't take it anymore. This Congressional spending bill filled with special interests is an unacceptable mess. Shame on those who voted for it. They know it's wrong," Fox News quoted billionaire Musk's article on X on June 3.
President Trump then expressed his "disappointment" in Elon Musk after the billionaire criticized the US government's spending bill. Previously, Mr. Trump argued that the new spending bill would stimulate the economy, support Americans and have the potential to appeal to the working class such as ending the tip tax, according to The New York Times .
The US Senate is expected to vote on the bill on June 28 (US time). If passed, the document will be sent to the US House of Representatives to vote on amendments, then sent to the White House for Mr. Trump to sign into law. President Trump is urging the US Congress to pass the bill with a deadline of July 4, according to The Hill.
In a recent NBC News Decision Desk poll, 40% of Republicans said "ensuring national debt reduction" was the most important issue as Congress considers the massive bill backed by Mr. Trump.
Source: Thanh Nien Newspaper
