Elon Musk, the tech billionaire and former head of Dogecoin, voiced strong criticism on X (formerly Twitter) on his 54th birthday regarding the Senate’s latest draft of President Donald Trump’s proposed “big, beautiful bill.” Musk accused the bill of threatening to “destroy millions of jobs” in America and imposing higher taxes on wind and solar projects that have yet to commence construction, describing it as “utterly insane and destructive.”
This criticism builds upon Musk’s earlier remarks in June when he condemned the initial version of the bill as a “massive, outrageous, pork-filled Congressional spending bill” and asserted that those who voted for it were aware of their wrongdoing. The new bill, introduced by Senate Budget Committee Chair Lindsey Graham, aims to deliver changes by July 4 and includes adjustments on various tax rates and incentives related to energy production.
Among the contentious elements is a proposal that significantly alters tax incentives for clean energy initiatives. Musk emphasized that the bill would misallocate financial resources, providing “handouts” to outdated industries while crippling the development of emerging ones. He is not alone in his concerns; the American Clean Power Association (ACP) also criticized the proposed tax increases, arguing they would hinder investment in domestic energy and lead to increased energy costs for households.
Jason Grumet, CEO of the ACP, referred to the sudden tax changes as “midnight dumping,” highlighting their potential adverse effects on energy security and manufacturing growth, particularly in rural areas poised to benefit from clean energy investments.
In response to the ongoing debates around the legislation, Senator Elizabeth Warren noted that she was working through the night to ensure the Senate thoroughly examines the almost 1,000-page document. She called on fellow Democrats to utilize every moment to oppose the bill effectively.
The White House has yet to provide any official comments on the emerging concerns regarding the proposed legislation.
This situation illustrates the challenges in balancing economic development with supporting innovative energy initiatives. As discussions continue, there is hope that lawmakers will consider the long-term impact of the bill on job creation and sustainable energy investments for future growth.