‘Honestly, I might just be able to all this bill’: Elon Musk tears up Biden’s ‘Build Back Better’ plan
Tesla founder Elon Musk on Monday tore up President Joe Biden’s “Build Back Better” plan on its regulatory framework – even as the plan prepares to provide large subsidies for electric cars.
Musk, who has attacked Democratic tax policies in the past, criticized the proposal in an interview with the Wall Street Journal.
âRules and regulations are immortal,â he said. ‘They don’t die. The vast majority of rules and regulations live on forever … there really isn’t an effective garbage collection system to remove rules and regulations so it hardens the arteries of civilization where you can do less and less over time.
He even attacked the $ 1.8 trillion bill’s programs designed to dramatically cut the costs of electric vehicles, with subsidies for buyers as well as manufacturers – albeit in the language of the bill, it only applies to union stores that manufacture vehicles in the United States.
That means it helps General Motors, but not necessarily Tesla or foreign manufacturers like Toyota, which do not have a union workforce in their US factories.
âHonestly, it might be better if the bill didn’t pass,â said Tesla CEO Elon Musk, who tore up President Biden’s Build Back Better plan at a CEO forum.
âHonestly, it might be better if the bill didn’t pass,â Musk said at the Journal’s CEO Council summit.
âI am literally saying get rid of all the subsidies,â he said.
The billionaire founder of SpaceX, who offloaded assets, also sought payments in the Biden plan, which provides funds for climate change, universal pre-K, elderly care and other programs.
Bill provides $ 4,500 tax credit for electric vehicle manufacturers, but only applies to vehicles made in the United States with unions
Musk also criticized the plan’s tax provisions and rejected its subsidies, although his company has received subsidies in the past.
President Joe Biden, seen with First Lady Jill Biden (right), has yet to push the plan through the Senate 50-50
“It doesn’t make sense to take the capital allocation work away from people who have demonstrated great skill … and hand it over, you know, to an entity that has shown very little skill in the matter. allocation of capital, which is the government, âhe said.
The bill passed by the House and the White House framework of Biden’s plan impose a 5% surtax on income over $ 10 million, plus an additional 3% surtax on income over $ 25. millions of dollars.
While the provision targets the very rich, it targets income, while many ultra-rich people have most of their holdings in stocks or other assets.
The ‘Build Back Better’ plan provides for numerous subsidies for electric vehicles:
– US consumers receive up to $ 12,500 for the purchase of an electric vehicle (EV)
– House bill provides $ 4,500 for US-based manufacturers
– However, vehicles must be made with union labor
– The infrastructure bill provides funds for new charging stations for electric vehicles
Musk started selling Tesla stock last month after posting an action on Twitter asking his followers if he should sell.
âThere has been a lot of talk lately about unrealized gains as a means of tax evasion, so I am proposing to sell 10% of my Tesla shares,â he tweeted.
CNBC reported that Musk faces a potential tax bill of $ 15 billion amid stock options and loans secured by his Tesla stock.
Biden’s plan remains harassed in the Senate, as Democrats seek support from West Virginia Senator Joe Manchin and Arizona’s Kyrsten Sinema.
Biden’s bipartisan infrastructure law provides funds for electric vehicle charging stations.
Tesla’s road to becoming the world’s most valuable automotive company has been accompanied by substantial federal and state subsidies for the purchase of electric cars.
Elon Musk sold his Silicon Valley estate for $ 30 million, the last of his seven California homes, and moved to Texas. This 109-year-old European-style home sits on 47 acres of land south of San Francisco
Musk sold his Silicon Valley estate for $ 30 million on Thursday, down 7.5 million from the original asking price of $ 37.5 million.
Musk, 50, who has a net worth of $ 151 billion, previously said the 47-acre property south of San Francisco was his “last home.”
âMy main house is literally a roughly $ 50,000 house in Boca Chica / Starbase that I rent to SpaceX. It’s still pretty awesome, ” Musk tweeted.
He wrote in a tweet last year: âI sell almost all physical assets. Won’t own a house.
He told podcaster Joe Rogan in May, âI think possessions weigh you down a bit. And they’re kind of an attack vector. People say, âHey, billionaire, you got all of this. ‘Well, now I don’t have the stuff – now what are you going to do?’ “‘
He then owned seven Californian houses.