Hi, I'm Javeria, and in a bold move, Elon Musk's Department of Government Efficiency (D.O.G.E) is taking aim at the IRS and the Consumer Financial Protection Bureau (CFPB), sparking intense debate and raising questions about the future of governance.Elon Musk's Department of Government Efficiency (D.O.G.E) has set its sights on the IRS and the Consumer Financial Protection Bureau (CFPB), following the elimination of USAID amid intense lawsuits and staff harassment. Musk, appointed by President Donald Trump, plans to "toss the tax code into a shredder" and potentially wipe out the CFPB entirely ¹.
The CFPB, already a target of Republican criticism for its perceived overreach in the financial sector, has confirmed that newly-appointed Treasury Secretary Scott Bessent will take over as interim director. Bessent, a pro-crypto advocate, has stated his intention to ensure the CFPB fulfills its statutory mission, but Musk's influence may lead to a significant reduction or elimination of the agency.
Musk has also proposed a flat tax, eliminating deductions and credits, and a government-built app for free tax filing, targeting private companies like TurboTax. Critics argue that these measures would disproportionately affect middle- and low-income families.
The IRS is also in Musk's crosshairs, with the billionaire claiming to have "deleted" the digital services team behind the Direct File program. While IRS officials deny this claim, Musk remains committed to overhauling the tax system.
Musk's D.O.G.E initiative is fueled by concerns over the massive US debt crisis, with $9.2 trillion in government debt maturing or needing refinancing this year. Musk warns that if left unchecked, this debt could lead to bankruptcy, gutting Social Security and Medicare.
The situation has sparked intense debate, with some lawmakers criticizing Musk's influence on Treasury operations as a conflict of interest. Others, like Cardano founder Charles Hoskinson, have come to Musk's defense, arguing that his access to advanced technology and resources makes him a unique force in shaping the future of governance.#USBitcoinReserves #BTCHovers100k #DogCoins #ElonMusk
