Elon Musk, CEO of Tesla, stated on Monday that the US Congress should reject the Biden administration's measure to increase electric vehicle (EV) subsidies, claiming that the idea would exacerbate the country's fiscal imbalance.

The billionaire entrepreneur is intensifying his criticism of the administration and Democrats over a proposal to provide a $4,500 tax credit to union-made, American-built electric vehicles. Tesla and other foreign manufacturers have no unions in their U.S. plants.Tesla CEO Elon Musk attempts to alleviate concerns at factory site after  protests by locals - Neowin

At the WSJ CEO Council Summit, Musk remarked, "Honestly, it might be better if the measure doesn't pass."

"I'm simply saying do rid of all subsidies," he stated, adding, "I think the government should just get out of the way and not obstruct progress."

He also stated his opposition to a Democratic proposal to tax billionaires. "Taking the task of capital allocation away from people who have shown great talent... and giving it to, you know, an institution that has demonstrated very low skill in capital allocation, which is the government, makes no sense."

Musk also stated that his brain-chip company, Neuralink, plans to begin human trials next year, pending FDA approval. "With Neuralink, I believe we have a potential of restoring complete body functionality to someone who has had a spinal cord injury."