Elon Musk Promises $2 Trillion in Tax Savings if Trump Wins

At a rally in New York’s Madison Square Garden, Elon Musk claimed he could cut at least $2 trillion from the federal budget if Donald Trump wins the 2024 election. “Your money is being wasted,” Musk declared, promising to “get the government off your back and out of your pocketbook.”

Trump has proposed that Musk, his top campaign donor, lead an initiative to cut government spending under a “Department of Government Efficiency” (DOGE).

Source:  X

The name playfully nods to Dogecoin, the cryptocurrency Musk supports. During the rally, Howard Lutnick of Cantor Fitzgerald asked Musk how much he could save from the budget under Biden versus Trump’s leadership.

Musk replied, “You think we can rip off this wasted $6.5 trillion Biden budget? Well, I think we can do at least $2 trillion. Yeah, yes, two trillion. I mean, at the end of the day, you’re being taxed; you’re being taxed—all government spending is taxation.”

In addition to promising spending cuts, Trump unveiled a new tax credit to support family caregivers, though he hasn’t detailed how he’d pay for it. His growing list of tax promises targets a broad range of Americans, from hourly workers to senior citizens, and includes lower corporate taxes and domestic manufacturing incentives. 

Trump also plans to reintroduce across-the-board tariffs on imports, hoping to raise revenue despite economist concerns that these tariffs could increase prices for U.S. households.

Musk, who has spent over $132 million supporting Trump and other Republicans this cycle, is playing a powerful role in 2024’s political landscape, using his influence to back a potential administration set on major budget and tax reforms.