Elon Musk Could Secure a Huge Tax Cut If Trump Wins

If Donald Trump wins the election and keeps his promise to appoint Elon Musk to a prominent government position, Musk could reap one of the largest personalized tax breaks in US history — on top of the massive tax cuts Trump wants to give billionaires.

Republican Presidential Candidate Former President Trump Holds Rally In Butler, Pennsylvania

Elon Musk shaking hands with Donald Trump back stage during a campaign rally on October 5, 2024, in Butler, Pennsylvania. (Anna Moneymaker / Getty Images)


Thanks to a provision buried in the tax code, Elon Musk could reap one of the largest personalized tax breaks in American history if former president Donald Trump wins the 2024 election and fulfills his pledge to appoint Musk to a top government post, according to tax and ethics experts’ review of long-standing statutes.

This special tax benefit — which is only available to federal officials — would be in addition to massive tax breaks Musk could reap if a new Trump administration further cuts income and other taxes for billionaires.

Musk has poured millions of dollars into a Trump-boosting super PAC. His companies, Tesla and SpaceX, currently have billions of dollars of government contracts that could be regulated or expanded by a new government commission or cabinet-level department that Trump is promising will be headed by Musk. Trump has said Musk will be his new “secretary of cost-cutting” and Musk has said he “can’t wait” to work in a Trump White House.

This article is for subscribers only. Please login or subscribe to access our full archives and beautiful print and digital magazine starting at just $3 a month.