Elon Musk promised to cut the government's tax budget by a third. Experts call it fiscal austerity!

At a packed rally at Madison Square Garden in New York, Elon Musk announced his bold plan to slash $2 trillion from the federal budget if Donald Trump wins the 2024 election.

Elon Musk's promise to carry out a $2 trillion tax cut

In the beginning of his speech, Musk declared;

“At the end of the day you are being taxed....Your money is being wasted and the Department of Government Effeciency is going to fix that!”

By cutting back on the taxation of everyday Americans, Musk has promised to "get the government off their backs and out of their pocket book." Which also means that Musk hopes that his policy would allow Americans to keep more of their hard-earned money.

Of course, his comment was received with a roar of praise from the Trump supporters who had gathered at Madison Square to listen to Elon Musk, and many of the supporters were also chanting Elon Musk's name.

Department Of Government Efficiency AKA DOGE

The title "Department of Government Efficiency" started as a joke that Elon Musk cracked, saying that he would aid Trump in his role as the new President and lead a new department called the the Department of Government Efficiency, which shares the acronym of Elon Musk's favorite memecoin, DOGE coin.

Who knew that in just 48 hours after he made the announcement, more than 1.40 billion DOGE coin tokens were acquired by whales, causing a sharp spike in the price of the token.

Some experts said that Musk might be overpromising

Experts have pointed out that Musk's promise for a $2 trillion tax cut would amount to cutting off almost a third of the budget, which would deprive the government of resources from carrying out a range of social programs like Social Security.

Experts have called Musk's suggestion a fiscal austerity; something that Trump has never championed for. While Trump have always expressed his support to cut spending and balance budgets, but never once had he suggested cutting away Social Security and Medicare completely.

Experts have called this suggestion completely absurd, and that for Musk to suggest something like this would only show that he is unserious and not willing to grapple with the difficult economic dilemma the country is facing right now.

With all things considered, I think it would also make many reconsider if Musk would be a good person to serve in the public service, especially since Musk is considering giving him a role that involved finance and budgeting. Can you image the kind of policy Musk would suggest if he is successfully elected into power.

Some of the other policies that Trump would be putting in place

Alongside spending cuts, Trump introduced a new tax credit aimed at supporting family caregivers, though details on funding remain unspecified. His expanding list of tax incentives targets a wide audience, from hourly wage workers to retirees, and includes proposed reductions in corporate taxes and new incentives for domestic manufacturing.

Trump also pledged to reimpose tariffs on imported goods, seeking additional revenue streams despite economist concerns about potential price increases for American households.

Musk, having contributed over $132 million in support of Trump and other Republicans this election cycle, is positioning himself as a powerful figure in the 2024 political landscape, with his influence potentially shaping a pro-reform administration intent on sweeping budget and tax changes.