On Independence Day, it’s a good question to ask everyone: Do you want to break away from the two-party system (some might say this is “the same party”)? Should we create an “American Party”?
On July 4th, local time, American entrepreneur Elon Musk once again posted on social media about the vote to establish a new political party called “The American Party.” As of now, 64.4% have chosen “Yes,” and 35.6% have chosen “No.”
It is understood that Musk first proposed this idea on June 5th. He initiated a vote on his social media platform, asking 220 million users whether they agreed that “It’s time for America to create a truly representative new political party that represents 80% of the middle class.” The results showed that over 80% of voters chose “Yes.”
On July 4th, local time, President Trump signed the “Big Beautiful” tax and spending bill, making it effective. Previously, the bill had passed the U.S. House of Representatives with a vote of 218 in favor and 214 against.
U.S. domestic concerns about the bill further exacerbating the country’s fiscal deficit and debt risks. In response to Trump’s push for the “Big Beautiful” tax and spending bill, Musk has repeatedly criticized it. On June 30th, local time, Musk posted dozens of posts, stating those supporting the bill should feel ashamed, and said, “If the bill passes, it will be established the next day as ‘The American Party.'”
Trump: Musk knew all along
In response to Musk’s statement, Trump posted early on July 1st, Eastern Time, responding to Musk saying, “Elon Musk strongly supported my presidential campaign before I knew how strongly I opposed the ‘electric vehicle mandate.’ It’s absurd, and it has always been a major part of my campaign. Electric vehicles are fine, but there shouldn’t be a compulsion for everyone to own one. Elon’s subsidies could far exceed any person in history.”
Without subsidies, Elon might have to shut down and return to his homeland in South Africa. Without rocket launches, satellites, or electric vehicle production, our country would save a significant amount of money. Perhaps we should have the government efficiency department thoroughly investigate this? This could save us a lot of money!”
The debate over population continues. After the U.S. stock market opened on July 1st, Tesla’s stock price fell by about 7%.
“Big but beautiful” is criticized for “rewarding the rich at the expense of the poor.”
The “Big but Beautiful” bill was a landmark legislative agenda introduced by Trump at the beginning of his second term in 2025. The main content of the bill includes extending the corporate and individual tax cuts passed by Trump during his first term in 2017, exempting tips and overtime wages from taxation, and its core provision is to reduce corporate taxes.
This bill has been controversial due to its impact on federal aid reductions, long-term debt increases, and tax cuts for the wealthy and large corporations. The New York Times pointed out that this bill has led the United States onto a new, more dangerous fiscal path. Preliminary analysis shows that this bill will increase the U.S. deficit by approximately $3.3 trillion over the next decade and reduce national tax revenues over several decades. Such gaps could lead to a fundamental change in the U.S. fiscal trajectory and heighten concerns about the debt crisis.
To protest this major tax and spending bill, House Minority Leader Nancy Pelosi exercised her leader’s privilege to allow unlimited debate on July 3rd,
Speaking for over 8 hours in the House,
Detailing the stories of vulnerable groups who would be affected by the medical assistance reform and other cuts in the bill,
Criticizing the bill as a gift to the wealthy.
Previously, an International Monetary Fund spokesperson stated that
The tax and spending bill of the Trump administration in the United States would further widen the fiscal deficit of the country.
This contradicts the organization’s recommendation that the United States should reduce its fiscal deficit in the medium term.