• The U.S. passed the OBBBA bill, triggering tax cuts, immigration funding, energy rollbacks, and controversy over its fiscal and social impacts.

  • Elon Musk opposed the bill, citing debt concerns and environmental rollbacks, and launched the “America Party” to challenge the two-party system.

  • Meme coins themed around Musk’s America Party surged in popularity, but investors face high volatility and scam risks without Musk’s official endorsement.

 

On July 4, 2025, the 119th U.S. Congress passed the One Big Beautiful Bill Act (OBBBA), which was then signed into law by President Donald Trump. This major bill has become a key piece of legislation in Trump’s second term.

 

It passed the Senate 51–50 (with Vice President JD Vance casting the tie-breaking vote) and the House 218–214. The bill includes policies on taxes, welfare, immigration, and energy, and has triggered widespread controversy.

 

 

Elon Musk, founder of Tesla and X, strongly opposed the bill. He criticized its financial and policy flaws and announced the formation of a new political party — the America Party — to challenge the current two-party system.

 

At the same time, a wave of meme coins themed around the “America Party” and the bill surged in the crypto market, increasing public attention.

 

 

MAIN CONTENT AND IMPACT OF THE 

ONE BIG BEAUTIFUL BILL ACT

 

The OBBBA is a large, all-in-one budget reconciliation bill aimed at fulfilling Trump’s campaign promises. It covers many areas. Key points include:

 

  • Making the 2017 tax cuts permanent, keeping personal income tax rates (10%–37%) and doubling the standard deduction.

 

  • Raising the SALT (state and local tax) deduction cap to $40,000 for incomes under $500,000, returning to $10,000 after five years.

 

  • Temporary tax breaks (2025–2028): tax-free tips and overtime pay, car loan interest deduction, $6,000 senior deduction, and a $1,000 “Trump Account” for babies born in 2024–2025.

 

  • Child tax credit permanently increased to $2,200, and raised to $2,500 during 2025–2028.

 

  • A 23% permanent deduction for small businesses, full immediate write-offs for equipment and R&D, and removal of tax-free imports under $800.

 

  • Work requirements for Medicaid and SNAP, funding cuts to Medicaid, and bans on funds going to Planned Parenthood.

 

  • $45 billion for ICE detention, $14 billion for deportation, $50 billion for border walls, and new immigration fees.

 

  • Repeal of clean energy tax credits from the 2022 Inflation Reduction Act, opening federal land for fossil fuel drilling, and removal of EV mandates.

 

  • Investments in military upgrades ($25 billion for missile defense), FAA modernization ($12.5 billion), end of silencer tax, and a $5 trillion debt ceiling increase.

 

Supporters call it the “biggest tax cut in history.” It’s expected to boost GDP by 0.8–1.2% and raise household incomes by $11,600–13,300.

 

However, the Congressional Budget Office (CBO) estimates it will add $2.4–4.1 trillion to the deficit, or up to $5 trillion if temporary cuts are extended.

 

Critics warn it could cause 11.8 million to lose health insurance and 3 million to lose food aid by 2034, leading to 51,000 preventable deaths yearly. Ending clean energy credits may cancel $522 billion in investments.

 

Immigration enforcement could hurt agriculture and communities. The rushed process and 1,000+ page length have also drawn criticism, and some say the bill’s name is exaggerated.

 

 

 

MUSK’S OPPOSITION AND REASONS

 

Elon Musk strongly opposed the OBBBA, calling it a “disgusting monster” and a “crazy spending bill” on X. He said raising the debt ceiling by $5 trillion and adding $2.4–4.1 trillion in debt over ten years would push the U.S. into a “debt crisis.”

 

He warned this debt would burden future generations and violate fiscal discipline. He also criticized the bill’s support for fossil fuels and removal of EV and clean energy incentives, saying it hurts companies like Tesla and damages innovation.

 

Though Tesla may lose from the bill, Musk said his stance is for the country’s long-term future, not for personal business gain.

 

Musk also felt betrayed by politics. He accused Republican lawmakers who supported the bill of breaking promises to cut government spending, saying they “sold out voters” and compared both parties to a “pork party” wasting taxpayer money.

 

This worsened his relationship with Trump. Musk had donated over $277 million to Trump’s 2024 campaign and briefly led the Department of Government Efficiency (DOGE).

 

Trump responded on Truth Social, saying Musk’s companies depend on subsidies and threatened to investigate them. This public feud shows Musk’s deep frustration with the bill and the two-party system, and it led to his next political move.

 

 

MUSK’S MOVE: FOUNDING THE 

AMERICA PARTY

 

After the bill passed, Musk said on X that if it became law, he would form the America Party the next day to “restore freedom to the people.”

 

On July 6, he officially launched the America Party, aiming to represent the “middle 80% of Americans” — moderates and independents who feel left out by both Democrats and Republicans.

 

He said the party would try to win 2–3 Senate seats and 8–10 House seats, to break the narrow majority and bring policies back to “common sense, liberty, and sustainability.”

 

In a June 5 X poll, 80.4% of users supported forming a new party. By July 4, support fell to 65.4% but remained strong.

 

 

The America Party sparked discussion, but its future is uncertain. Experts say third parties rarely succeed in the U.S., like Ross Perot’s Reform Party in 1992. The new party might also split Republican votes and help Democrats.

 

As of now, the party is still in the early stage, with no official charter, candidates, or election plans. Critics say Musk’s opposition to the bill may partly be due to Tesla’s business losses or personal reasons, like his allies not being nominated to NASA.

 

Still, Musk’s wealth, influence on X, and appeal to young voters give the party some potential. Supporters on X call him a “disruptor of the political game,” while critics say it’s just “empty talk” unlikely to shake the system.

 

 

AMERICA MEME COIN CRAZE AND RISKS

 

After Musk launched the America Party, many meme coins related to the party and the OBBBA quickly appeared on the X platform. These crypto tokens used the “America” theme to attract investors by riding on Musk’s political buzz.

 

 

Some users saw them as “Musk concept coins” and hoped for quick profits. Some coins surged in price quickly but then dropped due to sell-offs, showing typical meme coin volatility.

 

Supporters say these tokens show dissatisfaction with the two-party system, but critics call them hype bubbles or scams.

 

Investing in America MEME coins carries big risks. First, prices depend heavily on social media hype and can swing wildly, risking total loss. Second, most have no solid value or regulation, and developers may run away or manipulate the market.

 

Most importantly, Musk has not officially backed any America MEME coins. His statements only refer to the America Party. Investors should beware of scams using his name.

 

Only invest money you can afford to lose. Always research carefully and avoid blindly following trends.

〈Musk Announces “America Party,” Triggers Meme Craze〉這篇文章最早發佈於《CoinRank》。