As a seasoned analyst with over two decades of experience observing the interplay between business, politics, and technology, I find myself intrigued yet cautiously optimistic about the potential collaboration between Elon Musk and Donald Trump, should it indeed come to fruition.
If Elon Musk, CEO of Tesla and currently the world’s wealthiest individual, decides to work for the U.S. government under President-elect Donald Trump, he may be eligible for a delay in paying billions of dollars in federal taxes.
Trump declared on November 12 that Elon Musk and Vivek Ramaswamy, who previously contested but later allied with him, will lead the ‘Department of Government Efficiency’ (DOGE) upon his inauguration on January 20. The incoming president stated that Musk, valued at approximately $300 billion, along with Ramaswamy, would work towards reducing unnecessary spending in the federal budget.
Even though it’s called a “department,” it’s important to note that only legislative action by Congress can create a brand-new government agency. This implies that DOGE might serve more as an advisory body. However, with the Republicans controlling both the Senate and House of Representatives starting from 2025, they appear to have the power to pass bills and potentially establish a new department if they so choose.
It’s uncertain if either man needs approval from the U.S. Senate. If the role were to designate Elon Musk as a “government officer or employee in the executive branch,” experts propose that the Tesla CEO might be able to postpone paying capital gains taxes on assets sold to meet federal requirements – potentially saving billions of dollars that would otherwise go to the U.S. government.
From Trump cheerleader to US government employee?
In 2022, Musk, who had previously stated that Trump was too old to be the U.S. President, showed his support for Trump’s reelection campaign in various ways such as making appearances at rallies, using X (a social media platform he owns) to communicate with his followers, and donating substantial amounts of money for giveaways to voters in Pennsylvania. Following the news outlets’ declaration of Trump’s victory, Musk experienced an increase in net worth exceeding $20 billion as Tesla’s stock price skyrocketed.
SpaceX, owned by Elon Musk, and Tesla have received billions of dollars from government contracts. If Donald Trump chooses to restructure DOGE (Dogecoin) and Elon Musk’s employment status in a certain way, the CEO could potentially have direct influence over these companies. This arrangement has sparked concerns about potential conflicts of interest among critics, even before Musk’s official appointment was announced as part of Trump’s transition team.
In a post on November 15th, Ramaswamy stated that the Department of DOGE (presumably a hypothetical department) would cease to exist in the year 2026, following their efforts to reduce government size, which he and Musk had initiated. Furthermore, he suggested implementing budget reductions for institutions such as the US Food and Drug Administration and the Nuclear Regulatory Commission.
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2024-11-15 23:36