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Wisconsin Governor tony Evers signed the state’s new two-year budget, totaling $111 billion, into law early Thursday morning, July 3, 2025, after it cleared both the Senate and Assembly in an expedited process [1].The budget includes income tax cuts for individuals and retirees, elimination of sales taxes on residential electric bills, and adjustments to fees for driver’s licenses and vehicle titles
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In a renewed wave of criticism, Elon musk has condemned President donald Trump’s sweeping tax and spending cuts bill, asserting that the legislation will devastate American jobs and inflict strategic harm on the nation’s burgeoning industries [[2]]. Musk’s remarks come as the Senate grapples with the controversial bill,aiming to pass it before President Trump’s July 4th deadline.
The Tesla and SpaceX CEO took to social media platform X to express his concerns, stating that the “latest Senate draft bill will destroy millions of jobs in America and cause immense strategic harm to our country” [[2]]. He further argued that the bill favors outdated industries while crippling those poised for future growth.
Did You Know? The U.S. Bureau of Labor Statistics projects that solar photovoltaic installers will be the fastest-growing occupation from 2022 to 2032, with a projected growth rate of 27.4% [[1]].
Musk also suggested that supporting the bill would be “political suicide for the Republican Party” [[2]], highlighting the potential political ramifications of the legislation.
this recent criticism marks a resurgence of tensions between Musk and the Trump governance, following Musk’s departure from his role as head of the Department of Government Efficiency. Previously, Musk had described the bill as a “nauseating abomination” and “pork-filled” [[3]].
Pro Tip: Staying informed about proposed legislation and its potential impacts can definitely help you make informed decisions about your business and investments.
The relationship between Musk and Trump has seen its share of turbulence. Earlier this year, a public feud erupted after Trump voiced his disappointment with Musk’s initial criticisms. The situation escalated when Musk alluded to Trump’s possible connection to Jeffrey Epstein, though he later expressed regret for some of his remarks [[2]].
Despite Musk’s objections, the Senate narrowly passed a procedural vote on the bill, allowing debate to commence [[2]]. President Trump, while not directly addressing Musk’s comments, has pressured Republican senators to support the legislation, even threatening to campaign against those who oppose it.
While Musk’s political influence has seemingly waned since leaving his government position,his financial contributions remain significant. He invested heavily in Trump’s 2024 campaign, demonstrating his capacity to sway political outcomes when passionate about a cause [[2]].
| Aspect | Description |
|---|---|
| Job Impact | Musk predicts millions of job losses. |
| Industry Focus | Favors older industries over emerging ones. |
| Senate Status | procedural vote passed, debate ongoing. |
| musk’s Stance | Strongly opposed, calling it an “abomination.” |
The Senate will continue to debate the tax bill, with Republican leaders aiming for passage by President Trump’s July 4th deadline. The White House has yet to comment on Musk’s latest criticisms, leaving the future of their relationship uncertain
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“It’s evolving,”
—John Thune, Senate Majority Leader
The weekend session could determine the fate of **Trump**’s major domestic policy plan, with **Trump** pushing Congress to finalize it. The legislation comprises multiple GOP priorities, including making permanent many tax cuts from **Trump**’s first term, set to expire if Congress doesn’t act. The bill would also introduce new tax breaks and allocate $350 billion to national security, including funding for **Trump**’s mass deportation agenda.
Internal dissent exists within the GOP over spending cuts needed to balance tax revenue losses. Some legislators believe the cuts are too extreme, notably those affecting Medicaid recipients. Meanwhile, conservatives want deeper reductions due to concerns about national debt.
**Senator Thom Tillis** has stated his opposition, expressing concerns about the package’s fundamentals. **Senator Ron Johnson**, seeking deeper cuts, has requested to review the final legislative text.
The release of the final draft was delayed as the Senate parliamentarian reviewed it. The goal was to ensure compliance with the “Byrd Rule,” which generally restricts policy matters in budget bills unless they receive 60 votes. This could be difficult in a Senate with a narrow Republican majority and unified Democratic opposition.
Republicans encountered setbacks after some proposals were deemed non-compliant by the Senate’s rules arbiter. These included plans to shift certain food stamp costs to states and eliminate the Consumer Financial Protection Bureau’s funding. However, Republicans have since revised and reinstated these proposals.
The final version includes revised cuts to a Medicaid provider tax. The changes extended the start date of those cuts and created a $25 billion fund to assist rural hospitals and providers. Several Republicans view the provider tax as a “scam,” advocating for its elimination.
The nonpartisan Congressional Budget Office projects significant consequences under the House-passed bill, with an estimated 10.9 million more people potentially losing healthcare access and at least 3 million fewer qualifying for food aid. The CBO has not yet assessed the Senate draft, which proposes deeper reductions. The CBO has also found that the top income earners would get a tax cut of $12,000 under the House plan, while the poorest Americans would face a $1,600 tax increase. (CBO Report).
A key unresolved issue involves the SALT provision, a deduction for state and local taxes, a high priority for lawmakers from states with high taxes. The current cap is $10,000.
Negotiations between the White House and House Republicans centered on a $40,000 cap, though for five years, not ten. Republican senators are against this. **Representative Nick LaLota** opposes the compromise.
**Senator Chuck Schumer** believes Republicans are trying to pass the bill before the public fully grasps its contents.
The leaders need nearly every lawmaker to vote in support to ensure passage, with **Johnson** and **Thune** working closely with the White House to pressure holdouts.
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