Breaking
February 19, 2025

Elon Musk’s D.O.G.E targets IRS and CFPB next amid lawsuits and staff doxxing Jai Hamid | usagoldmines.com

Elon Musk is going for the kill again. His Department of Government Efficiency (D.O.G.E) just set its sights on the IRS and the Consumer Financial Protection Bureau (CFPB) after axing USAID less than 24 hours ago amid intense lawsuits by Democratic lawmakers and harassment/doxxing of his staff by Democratic Americans on Bluesky.

Elon, appointed by President Donald Trump to lead the agency-slashing rampage, announced plans to “toss the tax code into a shredder” and said that he’s ready to wipe out the CFPB entirely. This comes as the newly-confirmed pro-crypto Treasury Secretary Scott Bessent has been appointed interim director of the CFPB. The message is loud and clear: no agency is safe.

The CFPB confirmed on Monday that Scott would take over from Rohit Chopra, who stepped down over the weekend. Scott was one of Trump’s top economic advisers during the 2024 campaign. Now, he’s being positioned as a key figure in Trump’s push to overhaul the government’s regulatory framework, with Elon orchestrating from behind the scenes.

CFPB on the chopping block as Elon hints at IRS overhaul

Republicans have had a long-standing grudge against the CFPB, criticizing it for overreach in the financial sector. In 2020, the Supreme Court ruled that the agency’s director serves at the president’s pleasure, effectively giving Trump the power to remove Chopra.

Earlier today, Elon went straight to X, declaring, “We’ll delete CFPB.” Scott has been less extreme in his comments, though he’s playing the long game. He answered a Senate questionnaire during his confirmation process, saying, “The CFPB was created by legislation passed by Congress. I look forward to ensuring that it fulfills its statutory mission.”

But in this new Elon-led world of efficiency, that mission may shrink—or disappear—faster than anyone expects. Meanwhile, on February 3, Elon claimed on X that he “deleted” 18F, the digital services team behind the IRS’s Direct File program.

Despite Elon’s claim, IRS officials came out to say that the program is still running and accepting returns. This didn’t stop Elon from doubling down. The next day, he called Direct File “bloated bureaucracy” and vowed to tear apart the entire tax system.

“Stop torturing the American people,” Elon said on X. His vision includes a flat tax that eliminates nearly all deductions and credits, like those for mortgage interest, student loans, and low-income earners. Critics immediately raised alarms, pointing out that this would hit middle- and low-income families the hardest.

But Elon isn’t backing off. He proposed a government-built app for free tax filing, targeting private companies like TurboTax that dominate the tax-preparation market.

When asked if the IRS itself could be abolished during his X Spaces on Sunday, Elon changed the subject without actually responding. But his alignment with GOP efforts to replace income taxes with tariffs or a consumption tax suggests that nothing is off the table.

One of Elon’s more provocative remarks came during the X Spaces session when he said he’d gladly cancel D.O.G.E if the government would “delete everything not passed explicitly by Congress,” adding, “Not in a million years would they do it.”

Massive US debt crisis fuels Elon’s D.O.G.E ambitions

While Elon shreds regulations at home, he’s also turning up the pressure on US debt policy. He warned on January 2 that the national debt, now at $36.2 trillion, is utterly out of control. According to Elon, 23% of federal revenue goes straight to interest payments. If this continues, Social Security and Medicare could be gutted. “We’re going bankrupt!” he said.

The numbers back up his concerns. This year, $9.2 trillion in US government debt is either maturing or needs refinancing. Much of it was borrowed when interest rates were low. Now, as rates climb, the government faces higher debt service costs.

The average interest rate on Treasury debt is at 3.2%—the highest since 2010. Elon claims his cost-cutting measures through D.O.G.E will stabilize these numbers, but the Democrats don’t wanna listen.

During a recent collaboration with JPMorgan Chase CEO Jamie Dimon, Elon reassured bondholders that D.O.G.E reforms would ease fiscal pressure. The eccentric billionaire said during the session that:

“I’m giving a talk later this week with JPMorgan Chase and Jamie Dimon, and this [will obviously be to a] financial audience, and really just to say, look, if you’re shorting bonds, I think you’re on the wrong side of the bet. We’re showing investors that efficiency drives stability.”

Still, with $9.2 trillion to refinance and rising rates, markets remain nervous. Real yields on government bonds have surged, with the 10-year note yield jumping 115 basis points since January.

Seventy percent of this maturing debt is due between January and June 2025. Elon has been blunt about his priorities. He wants deep cuts to avoid any rate hikes. Bond markets may “thank him” later, he claimed, but lawmakers aren’t so convinced.

Senator Patty Murray blasted Elon’s influence on Treasury operations, calling it a conflict of interest. Tesla, after all, reported $2.3 billion in US income last year but paid no federal taxes thanks to stock option credits and tax breaks. “Hypocrisy at its finest,” Murray said.

Elon, however, still doesn’t care. He ran a poll on X asking if D.O.G.E should audit the IRS. Out of 347,492 votes, 54.9% said yes, while 39.4% emphatically chose “F yes.” Only 5.7% said no. Elon took the results as validation of his anti-bureaucracy crusade. “Nothing polls higher than cutting government spending,” he wrote.

The controversy even reignited a feud between Elon and Representative Alexandria Ocasio-Cortez, who called him “one of the most unintelligent billionaires ever.” Cardano founder Charles Hoskinson jumped to Elon’s defense, arguing that: “What she doesn’t get is that Musk is the most likely to outsource a huge amount of his decision-making to Grok, which will be a superintelligence this year. By extension, he’s one of the first augmented superhumans. Having unlimited money and computers really does make a difference these days.”

Cryptopolitan Academy: Are You Making These Web3 Resume Mistakes? – Find Out Here

 

This articles is written by : Nermeen Nabil Khear Abdelmalak

All rights reserved to : USAGOLDMIES . www.usagoldmines.com

You can Enjoy surfing our website categories and read more content in many fields you may like .

Why USAGoldMines ?

USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.

Recent:

CZ says crypto wallets should be the main interface for blockchain, not exchanges Nellius Irene | us...

Sol Strategies adds 12,456 SOL, expanding its SOL holdings value to CAD $64.2M Collins J. Okoth | us...

Dogecoin, XRP, or Remittix: Which Top Altcoin Has Been Tipped For 5,800% Gains In 2025? Cryptopolita...

US Treasury Secretary Scott Bessent tells taxpayers their data is safe with Elon Musk’s D.O.G.E Jai ...

Ethereum To Move Sideways For 2-3 Months? Analyst Says Longer ETH Consolidation Is Needed Rubmar Gar...

Binance Delisting 5 Crypto Trading Pairs on Feb 21 2025 Zameer Attar | usagoldmines.com

Karina Milei Faces Scrutiny Amid Leaked Messages in the Explosive LIBRA Token Scandal Qadir AK | usa...

Elon Musk Proposes $5,000 Tax Refund, But Is He Really in Charge? Mustafa Mulla | usagoldmines.com

XRP Price Prediction For February 19 Anjali Belgaumkar | usagoldmines.com

Tether and Circle mint 1B USDT on Tron and 250M USDC on Solana, respectively Collins J. Okoth | usag...

Arbitrum DAO approves second RWA investment program worth $15m to increase stability Derek H Anderse...

Black Pass Empowers Gamers with Exclusive Access to Astra Nova’s AI-Powered Ecosystem Cryptopolitan ...

Crypto News | Cardano Transaction Fees Jump 254% QoQ as ADA Price and Activity Soar Chayanika Deka ...

FTX Repayment News: Who’s Getting Paid First and When? Mustafa Mulla | usagoldmines.com

XRP, ADA, SOL and DOGE ETF Approvals: Bloomberg Analyst Weighs In, LTC ETF Approval by October? Anj...

Solana (SOL) Drops This Week While Mutuum Finance (MUTM) Surges Past $680K in Presale Cryptopolitan ...

Astra Nova Unveils Black Pass: A SocialFi Platform for AI Gaming Communities Cryptopolitan Media | u...

Polygon Q4 Digest: Agglayer Testnet Launch Drives 30% Spike In POL Market Cap Ronaldo Marquez | usag...

Dogecoin (DOGE) Stuck In Limbo—What’s Holding Back The Recovery? Aayush Jindal | usagoldmines.com

Did President Donald Trump Post About Ripple On His Truth Social? Anjali Belgaumkar | usagoldmines....

Ethereum Price Eyes Key Breakout—Will Momentum Lead to a Surge? Aayush Jindal | usagoldmines.com

Is Ethereum Quietly Building Momentum for a Rally? Analysts Weigh In Samuel Edyme | usagoldmines.com

XRP Price Loses Steam—Can It Overcome These Challenges? Aayush Jindal | usagoldmines.com

Crypto News: Strategy Announces Proposed Private Offering of $2.0B of Convertible Senior Notes Anja...

Justin Bons blames Solana’s dominance for the mushrooming of meme coin fraud on the blockchain Nelli...

Sony offers 9 new games in February for PS Plus Extra and Premium subscribers Collins J. Okoth | usa...

Is the US Congress powerless against Elon Musk’s D.O.G.E? Jai Hamid | usagoldmines.com

Coinbase exchange launches CFTC-regulated futures for Solana and Hedera Collins J. Okoth | usagoldmi...

Which Coin Is Poised for a Breakout? Analysts Highlight the Next Big Crypto Explosion Cryptopolitan ...

Ethereum Exchange Balances Drop To 9-Year Low – Time For A Major Price Move? Ash Tiwari | usagoldmin...

Bitcoin Price Remains Under Pressure—Can It Break Free? Aayush Jindal | usagoldmines.com

Three Reasons to Add Mutuum Finance (MUTM) to Your Portfolio with a Potential 4000% Surge Cryptopoli...

XRP Price Consolidation Completed: Will Wave 3 Propel Prices Beyond The $5 Barrier? Ronaldo Marquez ...

Crypto News | Concerned Shareholders Nominate Two Highly-Qualified Candidates for Election to Ionic...

Crypto News | OpenSea Halts Airdrop Reward System Following Community Backlash Chayanika Deka | usa...

Crypto News | Could Meme Index Be the Next Crypto Sensation? Felix Mollen | usagoldmines.com

Crypto News | JPMorgan Thinks Solana Could Hit $500, CouSolaxy to Pump Higher? Felix Mollen | usago...

Crypto News | Another Shiba Inu (SHIB) Price Crash Ahead? 3 Factors Driving Bearish Sentiment Dimit...

Crypto News | These Crypto Assets Are Seeing the Biggest Surge in Social Media Buzz Mandy Williams ...

Crypto News | XRP, ADA, and SOL Tumble, Driving Liquidations Above $300M Jordan Lyanchev | usagoldm...

Crypto News | Ripple (XRP) ETF Edges Closer to Reality with New Milestone Jordan Lyanchev | usagold...

Crypto News | CZ Refutes Binance Sale Rumors After Recent Asset Transfers Wayne Jones | usagoldmine...

Crypto News | Meteora Exec Resigns Amid Financial Misconduct Claims Wayne Jones | usagoldmines.com

MARA Holdings announces Texas wind farm acquisition in renewable energy initiative Hannah Collymore ...

The S&P 500 officially hits a new all time high, now up +4.5% year-to-date Jai Hamid | usagoldmi...

Fed’s Michael Barr weighs in on crypto and debanking—Do it right or not at all Nellius Irene | usago...

Mutuum Finance (MUTM) Presale Surpasses $730K with 1,200 Holders and Growing Demand Cryptopolitan Me...

Bitcoin To $500,000: Standard Chartered Doubles Down On 2028 Target Jake Simmons | usagoldmines.com

Crypto News | BNY Mellon discloses $13 million Bitcoin ETF exposure amid to Wallstreet’s cautious cr...

Michael Saylor’s Strategy to raise $2B in convertible debt to expand Bitcoin holdings Jai Hamid | us...

Nigerian Lawmaker Sues Binance Exec Tigran Gambaryan for ₦1 Billion Over Bribery Allegation Hassan S...

Tether Co-Founder Supports New Stablecoin Project on Ethereum and Solana Hassan Shittu | usagoldmine...

World of Women and Artist Sara Baumann Launch Free NFT Portrait Series Tanzeel Akhtar | usagoldmines...

Ethereum, Shiba Inu, and MAGACOIN OFFICIAL: Top Cryptos Expected to Surge in the 2025 Bull Run Crypt...

World Liberty Financial WLFI Token Sales Surge: Less Than 1 Billion Tokens Remain Ronaldo Marquez | ...

Crypto News | Rising ‘share-seed-phrase’ scam targets crypto holders, Binance CEO warns Oluwapelumi ...

Crypto News | TRON Builders League Launches with $10M in Funding to Accelerate Ecosystem Growth News...

Crypto News | Russian energy giant Rosseti faces $14.2 million loss from illegal crypto mining Oluwa...

Crypto News | Bitcoin and gold draw closer as correlation with dollar and equities weakens Andjela R...

Crypto News | FTX creditors begin receiving $1.2 billion in payouts with interest on Kraken Assad Ja...

Crypto News | Tether co-founder backs new yield-bearing decentralized stablecoin Gino Matos | usagol...

Crypto News | Bitwise pledges 10% of BITB ETF gross profits to Bitcoin developers Gino Matos | usago...

Crypto News | Nigeria reportedly advances crypto tax plan while grappling with Binance dispute Oluwa...

Crypto News | On-chain weekly trading volumes drop since mid-January as Solana falters Gino Matos | ...

Crypto News | Fold set to debut on Nasdaq, reinforcing Bitcoin presence in TradFi Gino Matos | usago...

XRP Price Today: Can It Drop to $2.10?  Chandan Gupta | usagoldmines.com

Tether Teams Up with Guinea To Drive Digital Transformation Through Blockchain Mustafa Mulla | usago...

Nigeria Set to Tax Crypto Transactions, Unlocking Major Revenue Potential Nidhi Kolhapur | usagoldmi...

Bitcoin’s Bearish Pressure Rises as FTX Begins Repayments for Claims Below $50K Shayan Chowdhury | u...

LINK Price at Risk of Dropping to $14.75, Despite Whale Buying Chandan Gupta | usagoldmines.com

BitGo Launches Global OTC Trading Desk for Digital Assets Amid IPO Plans Nidhi Kolhapur | usagoldmin...

Tether Eyes Major Stake in South African Energy Firm Nidhi Kolhapur | usagoldmines.com

Ethereum (ETH) Price Prediction for February 19, 2025 Chandan Gupta | usagoldmines.com

Just In: SEC Acknowledges Bitwise’s XRP ETF Filing Nidhi Kolhapur | usagoldmines.com

Litecoin (LTC) Defies Crypto Downtrend, Price Poised for 30% Rally Chandan Gupta | usagoldmines.com

Epic games legal victory against pro player proves cheaters never win in Fortnite Noor Bazmi | usago...

Bitcoin market experiencing ‘lethargic conditions’ unseen since pre-US election-K33 Nellius Irene | ...

Is Your Portfolio Stuck? Here’s the Best Altcoin to Buy and Hold in 2025 Cryptopolitan Media | usago...

LTP secures key regulatory licenses in Hong Kong for Virtual Asset Prime Brokerage offering Cryptopo...

Bitcoin, Ethereum, And Solana: Real Vision’s Raoul Pal Calls The Greatest Macro Trade Of All Time Sc...

Next date for FTX distributions set to April 11 for claims above $50,000 Hristina Vasileva | usagold...

Kaiko Research: Bitfinex’s LEO, WBTC, and HYPE lead overvalued asset category, draw FTX/FTT comparis...

Hayden Davis says he was able to control Javier Milei via payments to sister Karina Milei Jai Hamid ...

Bitcoin mining has added over $4 billion to the US economy Ol | usagoldmines.com

AbstractChain Reports Security Breach: Team Confirms Isolated Cardex App Issue Hassan Shittu | usago...

Dogecoin (DOGE) Price Approaches Key Technical Level – Here’s Where Its Headed Next Joel Frank | usa...

Analyst Reveals Bitcoin’s Halving Cycle Signals Untapped Potential—What’s Next? Samuel Edyme | usago...

Tether Eyes Major Stake in South African Energy Firm Nidhi Kolhapur | usagoldmines.com

CalSTRS Sees Major Gains with $83M in MSTR Shares Victor | usagoldmines.com

Polkadot Launches Blockchain Course for UK Policymakers Tari | usagoldmines.com

Clearpool & Its Newest Partners Stu L | usagoldmines.com

Argentina’s President Defends Sharing $LIBRA Token Victor | usagoldmines.com

Binance Denies Sale Rumors, Open to Acquiring Rivals Lawrence Mike Woriji | usagoldmines.com

OpenSea ends XP rewards for listing & bidding due to community backlash Shummas Humayun | usagol...

Mastercard shifts focus from crypto experimentation to “real solutions” Noor Bazmi | usagoldmines.co...

Bethesda Game Studios offers Elder Scroll 6 fans a chance to create their own NPC in the game Collin...

US to lift sanctions on Russia if the war in Ukraine is resolved Jai Hamid | usagoldmines.com

Mutuum Finance Price Prediction: How Fast Can MUTM Reach $1 from $0.01? Cryptopolitan Media | usagol...

Nigeria is amending regulations to allow crypto trading Jai Hamid | usagoldmines.com

SEC acknowledges Cboe’s request to list 21Shares XRP ETF Florence Muchai | usagoldmines.com

Leave a Reply