Trump warns Americans will be hit with 'whopping' 68% tax hike if Republicans can't squash their civil war
He warned that if the legislation doesn't get through the upper chamber, where Republicans hold a majority, then the tax increase will reach a 'whopping 68 percent.'
Sen. Rand Paul (R-Ky.) is by far the most vocal critic of the bill, claiming it would only bolster the federal debt.
But Trump still called it in a Truth Social post the 'most important' spending bill in U.S. history.
Departing the White House on Tuesday morning, the president said he would be returning from Florida after touring 'Alligator Alcatraz' to continue 'fighting for the bill.'
'I think we're going to get there,' Trump said of passing the bill. 'It's tough, we're trying to bring it down – break it down so it's really good for the country.'
'Everything's going well,' he assured when a reporter asked if he thinks the bill will pass by the deadline he set in just a few days.
Trump posted to Truth Social on Tuesday morning that 'failure to pass' will spell disaster for tax rates
'Look, the Republicans have their heart in it,' Trump added. 'The Democrats want to – they just want to destroy our country. A Democrat wants to destroy our country. They won't vote on it.'
'It's the best bill we've ever had, we can't get one Democrat vote.'
He boasted the tax cuts it would hold for border security and veterans, and claimed it would produce more jobs in the U.S.
'The failure to pass means a whopping 68% Tax increase, the largest in history!!!' he wrote to Truth Social on Tuesday morning.
On June 28, the Senate held a procedure vote on the One Big Beautiful Bill Act (OBBBA), passing 51-49 to advance the bill to the floor for debate.
On Monday morning a so-called 'vote-a-rama' started for amendments to the legislation with no clear end date.
Some Senate sources claim Republican proponents for the bill in the upper chamber plan to pass it by July 4, 2025 in an effort to meet Trump's Independence Day deadline.
Meanwhile, Trump and former 'first buddy' Elon Musk are publicly fighting about the bill again.
The 'one big beautiful bill' was the principal reason that Trump and Musk saw a souring of their relationship earlier this year. It ultimately led to the tech boss leaving the White House and to a public spat that caused a rift in the MAGAverse.
Musk was vocal about his opposition to the so-called BBB, claiming that it would raise the U.S. debt and was counterproductive to all the work he did at the Department of Government Efficiency (DOGE) to cut federal spending and reduce the inflated government workforce.
The president now claims that Musk only opposes the bill because it would slash the Electric Vehicle mandate, which benefitted the billionaire's company Tesla.
'Elon Musk knew, long before he so strongly Endorsed me for President, that I was strongly against the EV Mandate,' Trump posted to his Truth Social on Tuesday morning. 'It is ridiculous, and was always a major part of my campaign.'
In the post, Trump said that the EV mandate 'forced' people to buy this type of vehicle rather than a traditional fuel-run automotive.
He said that Musk would be the person who would benefit most from the credit.
But without it, Trump claims, the richest man on earth might need to 'close up shop and head back home to South Africa.'
Trump then threatened to have DOGE – the group he created at the suggestion of Musk – 'take a good, hard look' at ridding the U.S. of SpaceX rocket launches and electric car production.
'We might have to put DOGE on Elon,' Trump said on the South Lawn Tuesday morning.
'You know what DOGE is? It's the monster that might have to go back and eat Elon, wouldn't that be terrible?' he joked. 'He gets a lot of subsidies. Elon's very upset that the EV mandate is going to be terminated.'
'Not everybody wants an electric car. I don't want an electric car.'
Trump purchased a Tesla from Musk earlier this year when the billionaire brought a fleet of the electric vehicles to the White House when the two were still on good terms.
'He's upset that he's losing his EV mandate and he's upset – he's very upset about things. But he could lose more than that, a lot more than that,' Trump warned.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Sky News
22 minutes ago
- Sky News
Trump warns Hamas - and claims Israel has agreed to 60-day ceasefire in Gaza
Donald Trump has said Israel has agreed on terms for a 60-day ceasefire in Gaza, and is urging Hamas to accept the deal before conditions worsen. The US president announced the development ahead of hosting Israeli Prime Minister Benjamin Netanyahu for talks at the White House next week. He has been increasing pressure on the Israeli government and Hamas to work out a ceasefire and hostage agreement to end the war. "My Representatives had a long and productive meeting with the Israelis today on Gaza. Israel has agreed to the necessary conditions to finalise the 60 Day CEASEFIRE, during which time we will work with all parties to end the War," Mr Trump wrote on social media - adding that Qatari and Egyptian officials would deliver the final proposal. "I hope, for the good of the Middle East, that Hamas takes this Deal, because it will not get better - IT WILL ONLY GET WORSE." Analysis: Many unanswered questions remain In the long Gaza war, this is a significant moment. For the people of Gaza, for the hostages and their families - this could be the moment it ends. But we have been here before, so many times. The key question - will Hamas accept what Israel has agreed to: a 60-day ceasefire? At the weekend, a source at the heart of the negotiations told me: "Both Hamas and Israel are refusing to budge from their position - Hamas wants the ceasefire to last until a permanent agreement is reached. Israel is opposed to this. At this point only President Trump can break this deadlock." The source added: "Unless Trump pushes, we are in a stalemate." The problem is that the announcement made now by Donald Trump - which is his social-media-summarised version of whatever Israel has actually agreed to - may just amount to Israel's already-established position. We don't know the details and conditions attached to Israel's proposals. Would Israeli troops withdraw from Gaza? Totally? Or partially? How many Palestinian prisoners would they agree to release from Israel's jails? And why only 60 days? Why not a total ceasefire? What are they asking of Hamas in return? We just don't know the answers to any of these questions, except one. We do know why Israel wants a 60-day ceasefire, not a permanent one. It's all about domestic politics. If Israeli Prime Minister Benjamin Netanyahu was to agree now to a permanent ceasefire, the extreme right-wingers in his coalition would collapse his government. Itamar Ben-Gvir and Bezalel Smotrich have both been clear about their desire for the war to continue. They hold the balance of power in Mr Netanyahu's coalition. If Mr Netanyahu instead agrees to just 60 days - which domestically he can sell as just a pause - then that may placate the extreme right-wingers for a few weeks until the Israeli parliament, the Knesset, is adjourned for the summer. It is also no coincidence that the US president has called for Mr Netanyahu's corruption trial to be scrapped. Without the prospect of jail, Mr Netanyahu might be more willing to quit the war safe in the knowledge that focus will not shift immediately to his own political and legal vulnerability.
Reuters
38 minutes ago
- Reuters
Del Monte Foods seeks buyer as it initiates US bankruptcy proceedings
July 1 (Reuters) - Del Monte Foods kicked off efforts to pursue a sale as it filed for Chapter 11 bankruptcy proceedings in the United States on Tuesday under an agreement with certain key lenders, the company said in a statement. The company has secured $912.5 million in financing to support itself through the proceedings, it said, adding that it intends to remain open and continue operations throughout the bankruptcy. The 135-year old company hosts names like canned fruits and vegetables brand Del Monte, College Inn, under which it sells broth and stocks, and tea brands like Joyba. It listed estimated assets and liabilities in the range of $1 billion to $10 billion, according to a filing with the New Jersey bankruptcy court, while the number of creditors is estimated between 10,000 and 25,000. "This is a strategic step forward for Del Monte Foods. After a thorough evaluation of all available options, we determined a court-supervised sale process is the most effective way to accelerate our turnaround and create a stronger and enduring Del Monte Foods," CEO Greg Longstreet said. Certain of its non-U.S. subsidiaries are not included in the Chapter 11 proceedings and continue to operate as usual, Del Monte Foods said.
The Independent
an hour ago
- The Independent
US, Indo-Pacific partners agree to strengthen maritime, critical minerals cooperation
The United States. Australia, India and Japan have agreed to expand their cooperation on maritime security in the Indo-Pacific and further collaborate on supplies of critical minerals and rare earths that are key components of high-tech production. The foreign ministers of the four countries, known as the 'Quad,' met in Washington on Tuesday as the Trump administration seeks to expand U.S. influence in the Indo-Pacific to compete with a rising China amid tensions with partners over trade and defense issues. In a joint meeting with his three colleagues, Secretary of State Marco Rubio said the Quad must be a 'vehicle for action' that goes beyond statements of intent and stressed that commerce and trade will be critical to ensuring the group's relevance in the future. To that end, the four announced in a statement the creation of a 'Quad Critical Minerals Initiative' that aims 'to strengthen economic security and collective resilience by collaborating on securing and diversifying critical mineral supply chains.' The statement did not provide details of the initiative. 'We are deeply concerned about the abrupt constriction and future reliability of key supply chains, specifically for critical minerals,' they said. 'This includes the use of non-market policies and practices for critical minerals, certain derivative products, and mineral processing technology.' The statement did not mention China by name, but Chinese domination of the critical minerals supply chain has long been a concern of the U.S. and others. The ministers expressed specific concern about rising tensions in the East and South China Seas, where Beijing has become increasingly assertive of maritime and territorial claims that are rejected by its smaller neighbors. 'We reiterate our strong opposition to any unilateral actions that seek to change the status quo by force or coercion,' they said. 'We express our serious concerns regarding dangerous and provocative actions, including interference with offshore resource development, the repeated obstruction of the freedoms of navigation and overflight, and the dangerous maneuvers by military aircraft and coast guard and maritime militia vessels, especially the unsafe use of water cannons and ramming or blocking actions in the South China Sea.' The ministers also condemned North Korea for continuing to launch ballistic missiles, expand its nuclear weapons program and engage in malicious cyberactivity. In a veiled reference to North Korean support for Russia in its war against Ukraine, they expressed 'deep concern about countries that are deepening military cooperation with North Korea, which directly undermines the global nonproliferation regime.'
