Elon Musk said he’s carrying out his threat to form a new political party after his fissure with President Donald Trump, announcing the America Party in response to the president’s sweeping tax cuts law.

Congress has signed off on a $3.4 trillion legislative package featuring new tax breaks, spending cuts, and more funding for defense and immigration enforcement, delivering President Donald Trump his “big, beautiful bill” despite rumblings from fiscal hawks about the projected $4 trillion it could add to the national debt over the next decade.