SAN FRANCISCO Reuters - Tesla Inc CEO Elon Musk said on Monday that the U.S. Congress should not approve the Biden administration's bill to boost subsidies for electric vehicles EVs, saying that the proposal would worsen the country's budget deficit.
The billionaire entrepreneur is criticizing the administration and Democrats for the proposal to give union-made, U.S. electric vehicles an additional $4,500 tax incentive. There is no union at the U.S. factories of Tesla and foreign automakers.
Musk said at the WSJ CEO Council Summit that it might be better if the bill doesn't pass.
He said that he was saying get rid of all subsidies and that the government should try to get out of the way and not hinder progress. He also reaffirmed his opposition to a proposal by Democrats to tax billionaires. It does not make sense to take the job of capital allocation away from people who have shown great skill and give it to an entity that has shown very poor skill in capital allocation, which is the government. Musk said that his brain-chip startup, Neuralink, hopes to start human trials next year pending the approval of the U.S. Food and Drug Administration. I think that Neuralink will be able to restore full body function to someone with a spinal cord injury.