According to Cointelegraph, Tesla CEO Elon Musk may defer paying billions of dollars in federal taxes because of his service in the Trump administration. Trump announced that Musk and Vivek Ramaswamy will lead the "Department of Government Efficiency (DOGE)" to help cut wasteful spending in the federal budget. It is not clear whether Musk needs Senate confirmation. If he is considered an executive branch official, experts say he can defer paying capital gains taxes indefinitely. Musk supported Trump's re-election and increased his net worth by more than $20 billion after the election. SpaceX and Tesla benefit from government contracts, which may cause conflicts of interest. Ramaswamy said DOGE will be disbanded in 2026 and proposed budget cuts for the FDA and the Nuclear Regulatory Commission.