Elon Musk is actively working to derail President Donald Trump’s $2.4 trillion tax bill after failing to convince Republican lawmakers to preserve key electric vehicle subsidies. The Tesla CEO personally appealed to House Speaker Mike Johnson in an attempt to retain the $7,500 EV tax credit, which the House version of the legislation would eliminate by the end of 2025.
Following that unsuccessful lobbying effort, Musk escalated his opposition on Wednesday, urging Americans to contact their representatives in Congress to reject the bill. The high-profile condemnation from Musk comes as Trump and Republican leaders push to pass the legislation, which also raises the debt ceiling while facing criticism from fiscal conservatives over its cost.
Call your Senator,
Call your Congressman,Bankrupting America is NOT ok!
KILL the BILL
— Elon Musk (@elonmusk) June 4, 2025
The White House has defended the bill, saying it will usher in a new era of economic growth. However, tensions between Musk and the administration have grown. Days before voicing his public objections, Musk stepped down from his short-lived leadership role at the Department of Government Efficiency, an initiative aimed at reducing federal spending. His association with the Trump administration has drawn scrutiny amid a reported decline in Tesla sales.
Further, the Congressional Budget Office released an estimate on Wednesday stating the tax measure would add $2.4 trillion to the deficit over the next decade. That projection accounts for a $3.67 trillion loss in revenue and $1.25 trillion in reduced spending, but it does not include any potential economic growth offsets, which Trump and Johnson argue will cover the cost.
Musk, with an estimated net worth of $377 billion, has become the most prominent political donor in the U.S., contributing over $290 million in 2024. While most of his spending supported Trump, he also backed multiple congressional candidates. His financial contributions play a crucial role in helping the GOP retain control of the House in the 2026 midterm elections, making his disagreement with Trump over the tax bill particularly important.
