Key Facts
• On June 28, Elon Musk criticized a new GOP tax bill draft.
• The bill accelerates the end of the $7,500 EV tax credit to September 30.
• Musk called the cuts “extremely destructive” to the U.S. economy on X (formerly Twitter).
• The bill also ends tax credits for used and commercial EV purchases.
• Musk warned the bill could destroy millions of U.S. jobs and harm future industries.
• Previously, the tax credit was set to expire at the end of 2025.
• Musk’s criticism may reignite public tensions with former President Trump.
• Musk briefly worked in the Trump administration before parting ways.
• The bill reallocates funds to older industries, per Musk’s comments.
Summary
Elon Musk has strongly criticized a new tax bill draft from Senate Republicans, which accelerates the termination of the $7,500 electric vehicle (EV) tax credit to September 30, 2025. Musk, CEO of Tesla, expressed his concerns on X (formerly Twitter), calling the cuts “extremely destructive” to the U.S. economy. He warned that the bill could destroy millions of jobs and harm emerging industries while favoring older sectors. The bill also ends tax credits for used and commercial EV purchases. Musk’s comments may reignite his public disagreements with former President Trump, under whose administration Musk briefly served before stepping away. The proposed changes mark a significant shift from the previous plan, which set the tax credit’s expiration for the end of 2025.
