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Title: Tesla's Musk says Biden's EV bill shouldn't pass

Dec 07, 2021 05:35AM ET

By: AnalysisWatch

Tesla Inc Chief Executive Elon Musk said on Monday that the US Congress ought not to support the Biden organization's bill to build appropriations for electric vehicles (EVs) in light of the fact that the proposition would deteriorate the nation's financial plan shortfall.

The billionaire entrepreneur is intensifying criticism of the administration and Democrats over a proposal that would give union-made, US-built electric vehicles an extra $4,500 tax incentive. Tesla and foreign automakers do not have unions in their US factories.

"Frankly, it might be better if the bill doesn't pass," Musk said at the WSJ CEO Council Summit.

He said I'm in a real sense saying we ought to take out all sponsorships, adding that he figures the public authority should simply attempt to move and not block progress.

He also reiterated his opposition to a Democratic proposal to tax billionaires. It doesn't make sense to take the task of allocating capital away from people who have demonstrated great ability and give it to an entity that has demonstrated very poor ability at allocating capital, namely the government.

Musk also said his brain chip startup, Neuralink, hopes to begin human trials next year, provided the US Food and Drug Administration gives approval. "I believe that with Neuralink we have a chance to restore full body functionality to someone who has a spinal cord injury," he said.

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