Elon Musk goes to kill again. The Ministry of Government Efficiency (DOGE) put its attention on the Tax Authority and the Consumer Protection Office (CFPB) after it broke the United States Agency for International Development less than 24 hours ago amid extensive lawsuits by Democratic and Inclusion/Tux/Tox. .
Elon, who was appointed by President Donald Trump to lead the agitation that deviates from the agency, Declare She plans to “throw the tax law to tear” and said he is ready to completely survey CFPB. This comes at a time when the newly supportive Treasury Secretary Scott Besin was appointed as temporary director of CFPB. The message is high and clear: there is no safe agency.
CFPB confirmed on Monday that Scott will take over from Rohit Chopra, who stepped down during the weekend. Scott was one of the best economic advisers in Trump during the 2024 campaign. Now, he is placed as a major figure in the Trump batch to reform the organizational framework of the government, with Eleon coordinating behind the scenes.
CFPB on the cutting block as Elon is alluded to repair the Tax Authority
Republicans had a long -term grudging against CFPB, and criticized it to overcome the financial sector. In 2020, the Supreme Court ruled that the agency’s director is working with the president, which actually gives Trump the authority to remove Chopra.
Earlier today, Elon went directly to X, advertising, “We will delete CFPB”. Scott was less extreme in his comments, although he played the long game. He answered the Senate Qusion during his confirmation, saying: “CFPB was created by legislation approved by Congress. I look forward to making sure that it meets its legal mission.”
But in this newly led by Elon’s new competency world, this task-or disappears-what anyone expects. Meanwhile, on February 3, Elon claimed that he was “deleting” 18f, the digital service team behind the direct file of tax department.
Although Illon claimed, the Tax Authority officials went out to say that the program is still working and accepting the returns. This did not prevent Elon from doubling. The next day, the direct file was called “inflated bureaucracy” and pledged to tear the entire tax system.
“He stopped torturing the American people,” Elon said on X. His vision includes a flat tax that abolishes almost all discounts and credits, such as those of real estate mortgage and students ’loans and low -income owners. Critics immediately sparked warnings, noting that this will collide with medium and low -income families.
But Elon does not retreat. It suggested an application by the government to deposit a free tax, targeting private companies such as Turbotax, which dominates the tax supply market.
When asked if the tax department itself could be canceled during its x spaces on Sunday, it changed the subject actually without responding. But his agreement with the efforts of the Republican Party to replace income taxes with tariffs or consumption tax indicates that there is nothing outside the table.
One of the most provocative notes of Elon came during X a class When he said that he would delight Dog plearily if the government “will delete everything that Congress does not explicitly pass,” adding, “Not in a million years they will do that.”
The huge American debt crisis feeds the ambitions
While the ELON regulations tear at home, it also shows pressure on the American debt policy. On January 2, he warned that the national debt, which is now $ 36.2 trillion, is completely out of control. According to Elon, 23 % of federal revenues go directly to interest payments. If this continues, social security and medical care can be destroyed. “We are going to bankruptcy!” He said.
The numbers reserve his fears. This year, 9.2 trillion dollars in US government debts either mature or needs to be re -funded. Many of them were borrowed when interest rates were low. Now, with high prices, the government faces high debt service costs.
The average interest rate on the cabinet debt is 3.2 %-the highest since 2010. Elon claims that cost reduction measures through Dog will prove these numbers, but Democrats do not want to listen.
During a recent cooperation with Jimmy Damon, CEO of JPMorgan Chase, Elon, bond holders, reassured that DOGE reforms will reduce financial pressure. A strange billionaire said during the session:
“I am talking later this week with Jpmorgan Chase and Jamie Dimon, and this [will obviously be to a] Financial public, and in fact just say, see, if you limit the bonds, I think you are on the wrong side of the bet. We show investors that efficiency pays stability. “
However, with 9.2 trillion dollars for re -financing and high rates, the markets are still nervous. The real revenues have increased on government bonds, with the revenue jumped for 10 years 115 basis points since January.
Seventy percent of this mature debt is scheduled to be between January and June 2025. Elon was explicit about his priorities. He wants deep discounts to avoid any interest in interest. The bond markets have claimed his “thanks” at a later time, but legislators are not convinced.
Senator Patty Murray criticized Elon’s effect on treasury, describing it as conflicts of interests. After all, Tesla recorded $ 2.3 billion in US income last year, but she did not pay any federal taxes thanks to stock option credits and tax exemptions. “Hypocrisy at its best,” Murray said.
Elon, however, still doesn’t care. He conducted a X poll asking whether DOGE should review the Tax Authority. Of 347,492 votes, 54.9 % said yes, while 39.4 % chose “F YES”. Only 5.7 % said no. Elon took the results as the validity of the Crusade to combat vascular control. “Nothing is higher than government spending pieces,” he wrote.
The controversy even sparked a dispute between Elon and Alexandria Alexandria Okasio Cortez, who was called “one of the most uncomfortable billionaires ever.” Cardano founder Charles Hoskinson jumped to Elon’s defense, Argument This: “What you don’t get is that musk is the most likely to use external sources a large amount of decision -making to Grok, which will be Superintelligence this year. In extension, it is one of the first enhanced humans. Hing unlimited money and computers make a difference in this Days.
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