Donald Trump promises to create US government efficiency commission headed by Elon Musk

He said Tesla CEO Elon Musk has agreed to lead that task force, as quoted by the CSP news network in a video posted on its X platform.

Elon Musk welcomed Trump's decision, saying it was “very necessary.”

Addressing the Economic Club of New York on September 5, Trump said, “To stop this assault on low prices, I pledge today that in my second term we will eliminate at least ten outdated regulations. Every new regulation we introduce, we will simply eliminate it. In fact, instead of attacking the industries of the future, we will embrace them, including making the United States the world capital for crypto and bitcoin.”

“At the suggestion of Elon Musk, who has given me his complete and total support, he's a good and smart guy. He knows what he's doing. He knows what he's doing. Thank you very much. I will be forming a government efficiency commission whose job will be to do a full financial and performance audit of the entire federal government and make recommendations for the drastic reforms that we need to make. It can't go on the way we're doing it now. And Elon, because he's not too busy, has agreed to lead that task force, it'll be interesting if he has the time, but he's agreed,” Trump said.

He said improper and fraudulent payments will cost taxpayers an estimated hundreds of billions of dollars in 2022. He announced that the commission will create an action plan to end the payments within a few months and said it will save trillions of dollars, according to a video posted by CSPN on X.

Trump said, “In 2022, fraud and improper payments alone will cost taxpayers hundreds of billions of dollars. As a first order of business, this commission will develop an action plan within six months to completely eliminate fraud and improper payments. That will save trillions of dollars. That's a big deal for the same service you have now, trillions of dollars wasted and gone, and nobody knows where it went next, to reduce inactivity and reduce prices.”

He also promised to make Trump's tax cuts permanent and announced that there will be no tax on tips. He alleged that US Vice President Kamala Harris copied his plan and announced no tax on tips. He said Harris will not go ahead with this and will stick to her plan.

Republican presidential nominee Donald Trump said, “The 5th pillar of my plan is to make the Trump tax cuts permanent. They're huge tax cuts, the biggest permanent cuts ever and even more tax cuts, and we'll put no tax on tips, something she copied four weeks after I said it. She got upset and said no tax on tips. I said I just said she's actually copying the original of my plan. In fact, we're going to send her MAGA any time next week… But we also know she doesn't mean it. She's going to stick to what she's always said and put no tax on Social Security benefits.”

Vowing to save Social Security, Trump said he would not tax benefits people receive under Social Security, stressing that these benefits have been eroded due to inflation.

“The people who depend on Social Security have been decimated by inflation and now on top of that, we're taxing their benefits. We're not going to tax their benefits. We have so many different ways to make so much money. In this country, the possibilities are so incredible. We shouldn't take that away from the people who depend on Social Security. We're not going to do that. We're going to save Social Security. This is going to destroy Social Security,” Trump said.

The former US president said his administration has proven that targeted tax cuts do not increase the deficit. He said it reduces the deficit by growing the economy and raising revenues, as reported in a video posted on X by Cspan.

“When we did the massive tax cut, we took in taxes at a much lower rate the next year. Billions and trillions of dollars more than the previous year, think about that. So, with a much lower rate, we took in more money because people got incentives,” he said.

He pledged to reduce the corporate tax rate from 21 percent to 15 percent for companies that manufacture products in the United States.

He said, “Today, corporate tax revenues are 31 percent higher than they were when my tax law was signed, including all the deductions. To further support the revival of American manufacturing, my plan calls for an expanded R&D tax credit, 100 percent bonus depreciation, expensing for manufacturing investments, and a reduction in the corporate tax rate from 21 percent to 15 percent for companies that make their products only in the U.S.”

It is very much needed https://t.co/H9AKYbDssZ

— Elon Musk (@elonmusk) September 5, 2024

Responding to a video by Trump announcing his plans, Musk posted on X: “This was much needed.”