Tesla CEO Elon Musk has spoken out against President Donald Trump’s new tax bill, accusing it of contributing to a bloated federal deficit and hampering the efficiency reforms he once championed. Musk’s criticism came in a CBS interview preview, where he expressed dismay at the bill’s scope and priorities.
The One Big Beautiful Bill Act extends tax breaks but makes deep cuts to Medicaid, SNAP, and clean energy programs. It also targets EVs by ending tax credits and imposing a $250 registration fee, despite Tesla’s ongoing financial struggles. With the company’s profits plunging and market value tumbling, Musk’s opposition to the bill seems both principled and strategic.
Musk had once called for a phaseout of subsidies, but circumstances have changed. As Tesla falters, he now warns that Trump’s fiscal policy could further destabilize industries meant to lead America’s energy transition. His comments may also signal political realignment ahead of a contentious legislative season.