Former President Donald Trump has announced his support for a government efficiency commission, an idea proposed by tech billionaire Elon Musk.
According to The New York Post, Trump made this commitment during a speech at the Economic Club of New York on September 5, 2024.
The proposed commission would be tasked with conducting a comprehensive financial and performance audit of the entire federal government. Its primary goal would be to make recommendations for significant reforms to improve efficiency and reduce wasteful spending.
Elon Musk, the CEO of SpaceX and Tesla, initially pitched the idea during a conversation with Trump that was streamed on X (formerly Twitter) on August 12. Trump expressed enthusiasm for the concept and even suggested that Musk could lead the initiative.
During his speech, Trump stated:
At the suggestion of Elon Musk, who is giving me his complete and total endorsement… I will create a government efficiency commission tasked with conducting a complete financial and performance audit of the entire federal government and making recommendations for drastic reforms.
The former president also indicated that Musk has agreed to head the task force, praising his capabilities and availability for the role.
In addition to the efficiency commission, Trump outlined several other economic proposals during his address. He expressed his intention to lower the corporate tax rate for domestic manufacturers from 21% to 15% if he were to win the presidency again.
Trump also criticized Vice President Kamala Harris's economic plans, claiming they would have severe negative consequences for the American economy. He argued against Harris's proposed tax increases, particularly focusing on potential taxes on unrealized capital gains.
The Republican nominee stated:
Unbelievably, she will seek a tax on unrealized capital gains. If you happen to have a lot of wealth but no cash, you're a lot of trouble… with these policies, especially the tax on unrealized capital gains… companies and innovation would flee from America to other countries. Venture capital markets would disappear. The stock market would be annihilated… and senior pensions would totally go up in smoke.
Trump reaffirmed his commitment to increasing tariffs on foreign goods, a strategy he employed during his previous term. He argued that these tariffs would not lead to inflation but would instead combat it and reduce the national deficit.
The former president also proposed eliminating federal income taxes on tipped income and Social Security payments. He mentioned exploring potential legislation to reduce childcare costs and criticized Harris for adopting his "no tax on tips" pledge.
Trump's support for a government efficiency commission represents a significant step towards addressing concerns about federal spending and bureaucratic inefficiency. This proposal, backed by a prominent figure like Elon Musk, could potentially reshape how the government operates and manages its resources.
However, the effectiveness of such a commission would depend on its implementation and the willingness of various government agencies to cooperate. As the 2024 election approaches, this commitment may become a key talking point in discussions about fiscal responsibility and government reform.
