Beyond tax cuts, Trump plans to impose universal tariffs on imports, aiming to boost revenue. Economists warn these tariffs could raise prices for US households, yet Trump insists on their necessity for stability and growth.
By Bena Ilyas
Edited by Julia Sakovich
Updated
3 mins read
Elon Musk took center stage at a vibrant rally in New York’s Madison Square Garden, making headlines with a staggering promise. Musk asserted that a Trump victory in the upcoming election could lead to a reduction of at least $2 trillion from the federal budget.
“Your money is being wasted,” he proclaimed, emphasizing his commitment to “get the government off your back and out of your pocketbook”.
Musk’s role in the campaign involves more than just speeches. Donald Trump has proposed that Musk, his leading campaign donor, as the head of a new cost-cutting project. Dubbed the “Department of Government Efficiency” (DOGE), the initiative playfully nods to Dogecoin, a cryptocurrency Musk avidly supports.
LET’S GOOOO!!!!
— Elon Musk (@elonmusk) October 28, 2024
pic.twitter.com/2ifjLk9iIT
During the rally, Howard Lutnick of Cantor Fitzgerald challenged Musk on potential savings under different administrations. Musk responded confidently:
“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.”
Trump called for major budget cuts and introduced a tax credit supporting family caregivers, though funding specifics lack clarity. His tax proposals target a wide range of Americans, from hourly workers to seniors, while also aiming to lower corporate taxes and incentivize domestic production, indicating a broad economic reform agenda.
Beyond tax cuts, Trump plans to impose universal tariffs on imports, aiming to boost revenue. Economists warn these tariffs could raise prices for US households, yet Trump insists on their necessity for stability and growth.
Musk’s financial contributions to the Trump campaign exceed $132 million, aiding Trump and other Republican candidates in the 2024 race. Musk’s sizable backing highlights his impact on the political scene, as he leverages wealth and influence to support an administration pushing for substantial budget and tax reforms.
Ripple Labs CEO Brad Garlinghouse also voiced mixed sentiments on US crypto regulations, balancing caution with hope. Despite past difficulties, he remains optimistic about the post-election climate.
“This is the most important election we’ve had, but I also believe no matter what happens, we’re going to have a more pro-crypto, more pro-innovation Congress than we’ve ever had,” he shared during an interview with CNBC at DC Fintech Week.
Ripple, a leader in global payments through its XRP token XRP $2.14 24h volatility: 0.9% Market cap: $124.65 B Vol. 24h: $2.45 B , primarily conducts business outside the US, with nearly 95% of operations abroad. This international emphasis highlights friction in Washington’s regulatory stance. A notable legal win last year marked a milestone for Ripple when a judge ruled that XRP is not a security in retail exchange sales, bringing relief to the crypto sector.
Garlinghouse advised fintech startups to establish themselves abroad, bypassing US regulatory obstacles. He remains hopeful about the industry’s potential, suggesting any setbacks will prove temporary. Garlinghouse believes the US might eventually acknowledge missed opportunities, but he sees the sector’s resilience as inevitable.
Disclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.
With over 3 years of crypto writing experience, Bena strives to make crypto, blockchain, Web3, and fintech accessible to all. Beyond cryptocurrencies, Bena also enjoys reading books in her spare time.
