Thomas Catenacci, DCNF
Tesla CEO Elon Musk slammed Democrats’ Build Back Better Act, arguing that it should be scrapped entirely since many of its provisions are unnecessary or harmful.
“Honestly, I would just can this whole bill,” Musk said during The Wall Street Journal’s CEO Council Summit on Monday. “Don’t pass it. That’s my recommendation.”
Musk also told the WSJ that his colleagues at Tesla don’t care or think about the bill. He also noted that the federal deficit continues to rise and would be negatively impacted by the $2.1 trillion budget, which the House passed but which awaits Senate approval.
“Honestly, it might be better if the bill doesn’t pass because we’ve spent so much money,” Musk said. “The federal budget deficit is insane.”
The bill is projected to increase the federal deficit by $274 billion over the next 10 years and decrease gross domestic product 0.2% by 2050, according to an estimate from the Penn Wharton Budget Model.
The Build Back Better Act includes an up to $12,500 tax credit for purchases of electric vehicles made with union labor using American batteries. Cars made by Tesla, a non-union shop, would receive a smaller tax incentive under the pending legislation.
Tesla cars, though, account for nearly 80% of the total new U.S. electric vehicle sales, CNBC reported. Still, the leading electric vehicle maker has been largely ignored by the White House which has primarily focused on boosting companies that have unionized workforces.
On Monday, Musk also criticized a provision in the recently-enacted bipartisan infrastructure bill that expands the domestic electric vehicle charging network, according to the WSJ. The legislation allocates $7.5 billion for building new charging ports nationwide.
“Do we need support for gas stations? We don’t,” Musk told the WSJ. “So, there’s no need for support for a charging network. I would delete it. Delete.”
“I’m literally saying get rid of all subsidies,” he continued.
Musk added that “something really bad is going to happen” if the U.S. doesn’t begin cutting government spending.
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