Musk said he's in favor of scrapping the entire package of spending.
I would be able to do this whole bill. "Don't pass it," Musk said at the Wall Street Journal's CEO Council. "That's my recommendation."
He was against a provision in the legislation that would allow Americans to get a tax credit of up to $12,500 for buying an electric vehicle made in the US.
He said to get rid of all subsidies.
The bill is expected to be on President Joe Biden's desk by the end of the year. The measure contains most of his economic agenda.
The House approved a bill that would set up universal pre-K for three- and four-year-olds and extend cash payments to most American families for another year. Four weeks of paid family and medical leave would be enacted, and Medicare would be expanded to cover hearing services. Democrats want to raise taxes on the rich and large corporations.
Musk has already criticized and mocked Democrats for their legislation, sometimes using derogatory terms. As they prepared a new tax proposal targeting billionaires, he stepped up his attacks. The bill has fallen out due to the centrist opposition.
The budget deficit is the gap between what the government spends and ultimately collects in tax revenue. He said that zeroing out billionaires wouldn't fix the deficit.
