Deep Dive
Shownotes Transcript
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The PC gave us computing power at home, the internet connected us, and mobile let us do it pretty much anywhere. Now generative AI lets us communicate with technology in our own language, using our own senses. But figuring it all out when you're living through it is a totally different story. Welcome to Leading the Shift.
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Hi everyone and welcome back to the Elon Musk podcast. I'm your host, Will Walden. And if you're new here, this is a show all about Elon Musk and his groundbreaking work that he's doing with his various companies, including Tesla, SpaceX, The Boring Company, Neuralink, and of course, X. And before we dive into today's episode, I wanted to share a quick insight from our show's analytics. It turns out that 45% of you listening right now are subscribed to the show and thank you for that. But the
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That's it. Pretty simple and straightforward. It takes just a second for you, but it makes a huge difference for the show. Thank you, Mr. Chair. Thank you, Senator Warner. Thank you, Mr. Chairman. It's good to see you again. I got to pick up where my friend, the senator from Minnesota, you would agree that IRS has antiquated systems. Yes, sir. Do you agree with independent assessments that you...
Not adding a single new tax, but actual enforcement of existing laws could generate, you know, over a 10-year period excess of $500 billion. Some people have said a trillion. Do you think those independent assessments are accurate? I'm skeptical of those numbers, that we could—that there's that amount that we could actually incrementally collect.
Think that it again as I mentioned to the previous set of questions Where I think we can best improve enforcement is by having better data so that we have tax enforcement people going where the pockets of tax evasion are most likely on the data budget I just you know and and I know you we talked about this in the office, but that just the idea Okay, we're gonna not deal with taxpayer services but if it appears that it is open season and
And we're going to cut back 50,000 folks, even with additional technology, or a total of 50,000 folks. You know, we talked about this at some point. I was a business guy for a long time. And I think that would be a stupid business decision. Many of us, and we didn't come to agreement, but many of my Republican friends, including the chairman, we talked about this at times and recognized that there was additional dollars in the IRS could actually
Save taxpayer money because we would have better enforcement and we echo completely we need the new systems But I just I am hugely concerned and I'm not gonna beat you up the way everybody else does I think they've already have on the doge boys And what they're doing in national security and it is it is beyond it is making our country less safe but on just plain dollars and cents basis I Think the notion that you can the 12,000 people that have been fired you are gonna make no difference that that number goes up to 50,000
It's going to make no difference. It defies the reality that all of us on both sides of the aisle had, and we may have agreed, had different numbers agreed about how much new investment, but that IRS was woefully invested in. We needed to upgrade our systems. We need to bring back new modern technology. And I am extraordinarily afraid that we are going to take a giant step back this way. Bringing in a thoughtful approach
on any of these issues would make sense. I don't believe that's taking place. But I do want to touch on one thing that we, I think we agree on, and I want to make sure I can get the chairman nodding on this since he and I have been partners on this. This is CDFIs, Community Development Financial Institutions. You know, under the first Trump administration, we made record investments
$12 billion, $9 billion of which went for Tier 1 capital. We've seen that field expand nine to tenfold over the last decade. It is a broadly bipartisan issue. We have 28 members, 14 Democrats, 14 Republicans on this caucus. Senator Crapo and I have worked on things like can we get a secondary market started in CDFI debt, which could again further expand that opportunity. We've worked together as well as trying to get
get on the Economic Opportunity Coalition to try to get dollars deposits in. I ask Secretary Besson on this question, but would you continue to agree to work with me and us on CFIs?
And Senator Warner, you do have me nodding on this. I want to make sure. I was hoping I was getting you nodding on the IRS conversation, too, because I remember some of those conversations. But like I said— Senator Warner, I'm happy to hear, reiterate what you and I discussed in your office, which is that for the last six months of the first Trump administration, CDFIs reported into me.
They exist because there are geographies in our country where there are unbanked and underbanked people, largely rural areas, where the infrastructure costs do not merit the creation of standalone branches. And so I commit to you that we will continue to invest in cities. I would argue that it is not simply rural, but I— Predominantly rural. You're right. We can litigate that another time. I just have to tell you, and this is, you know, some who are talking about—
you know, on the tax debate, current law versus current policy. I believe if any business entities said, well, we're going to presume that we didn't have to pay for the cost of production increases because that's our current policy, even though those policies were supposed to end at a certain point, and you operated on those financial premises rather than the current law, I think you'd get
I think Donald Trump, the TV host, would say, you're fired because the idea that you're going to somehow cover up $4 trillion plus of tax cuts and not count it is the kind of accounting that I hope we were going to get away from at a debt that's now at $36 trillion. I think it is grossly fiscally irresponsible. And I hope and pray that you and my colleagues on the other side that we can have a robust discussion on that. Thank you, Mr. Chairman.
Thank you, Senator Warner. And I will just say there's a big difference between saying you won't pay for something and saying you won't raise $4 trillion of taxes on people. Mr. Chairman, as we all know, we spent a lot of time on these subjects. And this is the kind of congressional don't look here while we take your money there. And just because a tax cut is put in place or a spending program is put in place...
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