High-ranking Treasury official to exit after rift with Elon Musk
The United States Department of the Treasury’s top tax enforcement official, David Kraner, is set to leave his position following a public disagreement with Elon Musk and another high-ranking official, it has been reported.
Kraner, who serves as the undersecretary for domestic finance, is the No. 3 official at the Treasury Department, behind only the Secretary and the Deputy Secretary. However, he will depart the department in the coming weeks, according to sources familiar with the matter.
The decision is seen as a significant financial blow to the department, as Kraner was instrumental in shaping the administration’s tax and economic policy. His departure comes amid a growing rift between the Treasury Department and the Internal Revenue Service (IRS) over the agency’s ability to effectively enforce tax compliance.
Kraner’s departure is said to be a direct result of his public disagreement with Musk, who has been a vocal critic of the IRS and its handling of certain tax matters. The two had a heated exchange at a recent event, with Musk accusing the Treasury Department of being out of touch with the needs of the American people.
Kraner’s exit is seen as a major setback for the Treasury Department, which has been grappling with a number of challenges in recent years, including the ongoing pandemic and the increasing threat of global economic instability. The department has also faced scrutiny over its handling of tax policy, which has been criticized by some as being too lenient towards large corporations and wealthy individuals.
Kraner’s departure is expected to send shockwaves through the financial community, and his replacement is likely to face significant challenges in stabilizing the department’s finances and restoring confidence in its ability to effectively enforce tax compliance.
The timing of Kraner’s departure is also significant, coming as it is just days before the financial sector is set to face a series of new challenges, including the end of the current fiscal year and the start of a new one. The transition will be closely watched by market analysts and investors, who will be keen to see how the department adapts to the loss of one of its top officials.
