OBBB Is Law, So What’s In It?

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Welcome to Something More with Chris Boyd.

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Chris Boyd is a certified financial planner practitioner

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and senior vice president and financial advisor at

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Wealth Enhancement Group, one of the nation's largest

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registered investment advisors.

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We call it Something More because we'd like

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to talk not only about those important dollar

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and cents issues, but also the quality of

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life issues that make the money matters matter.

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Here he is, your fulfillment facilitator, your partner

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in prosperity, advising clients on Cape Cod and

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across the country.

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Here's your host, Jay Christopher Boyd.

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Thank you for joining us for another Something

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More with Chris Boyd.

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I'm Chris Boyd, certified financial planner practitioner.

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I'm here with Jeff Perry, JD.

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He is also an advisory representative with Wealth

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Enhancement Group and our team is the AMR

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team.

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And glad to be with you.

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Today, we wanted to talk about the one

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big, beautiful bill, OBB, it's a law now.

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So yeah, OBB, how many B's is that?

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Three.

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Lots to unpack in this, but it has

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passed through the legislative process is now law.

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And Jeff, let me ask you to begin

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with one of the things I wanted to

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investigate is, does all this take effect for

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the 2025 tax year?

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It does.

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Sometimes they go retroactive, but it's, yeah, and

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sometimes they start, you know, at a future

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date or, you know, that kind of thing.

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So that's, well, given the timing in the

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year kind of makes sense, it's we're roughly

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halfway.

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So that is so that changes for a

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lot of things.

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I assume that they wouldn't because this, although

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the bill is effective when he signs it,

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it's actually for the October 1st budget.

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So I kind of thought it was going

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to be effective and, and, and the tax

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cut and jobs act expires on 1231.

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So I guess I thought it would have

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made sense to start it effective then.

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But for all the, for all the good

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things, I guess people get it this year

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as well.

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Well, let's highlight, we can, I don't know

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where you want to begin, but that's our

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mission for this episode is to give you

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an overview of the kind of things covered

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in the one big beautiful bill act.

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And you know, in the coming weeks, we're

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going to, I think, want to talk about

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this in more depth, put together perhaps a

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webinar for clientele.

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And when, when we do that, we'll make

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it known so that our listeners can enjoy

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the benefit from that too.

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To get started though, Jeff, where should we

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begin?

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This wasn't an easy bill to pass.

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No, and politically it's a significant achievement for

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president Trump and the Republican leadership.

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I mean, this was, this is the signature

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legislation that the president talked about in the

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campaign and you know, the early part of

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his first hundred days.

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And you know, he hasn't achieved everything certainly

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that he wanted to, he's still struggling with

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tariffs and you know, there's still two wars

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kind of going on.

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One definitely and one probably, but so he

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hasn't, you know, he can't take a victory

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lap across the entire spectrum, but on this

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piece of legislation, it's a victory for him.

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And it was not without angst.

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It was not without the dealing, you know,

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the close call in the Senate, right.

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He did the vice president to be the

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tiebreaker.

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Well, we needed to buy the Senator from

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Alaska and give her all her Alaskan type

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exemptions and you know, this and that and

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have the vice president step in.

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So it was not a sure thing for

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a while, but you know, at the end

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of the day and you know, if you're

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looking at a, just from this, from a

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Trump-ish perspective, he had to do this

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now because as you get closer to the

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next election, although he's not up for reelection

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obviously, but House members, Senate members who are

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up for reelection, they get more sensitive to

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their particular vote.

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Yeah.

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I mean, if this was next year, you

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got the midterm elections looming and it becomes

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harder because then it's more top of mind

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and whatever the voting, it becomes the election

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issue.

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Whereas now there's a year away or so

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before you've got the, what's top of mind,

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who knows what it'll be a year from

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now.

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Right.

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You know, and then if you're dealing with

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it after the midterm election, it might have

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a totally different composition of the Congress.

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Well, that's very possible.

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I mean, as you mentioned, the vice president

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had to step into the, for the Senate

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and the House is just, as you saw

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how close that was with just a three

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vote difference, I think.

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So yes, this could now, or maybe never,

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and he, you know, I don't think we're

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going to talk about kind of the big

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items in there that the president's agenda got,

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you know, he'd get more money for immigration,

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he'd get more money for border control, he'd

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get more money for the military and the

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Golden Dome idea or get that rolling.

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So he got some of the big agenda

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items funded and then there's a lot of,

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you know, depending on your perspective.

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You and I were talking about before the

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show, the whole notion of the debt ceiling.

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Right.

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So that's a negative to me.

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And I think most conservatives, I'm not going

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to say the word Republican anymore.

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I'm still a Republican, so don't, that's not

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breaking news.

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But the Republican Party in control now, I

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don't particularly agree with much of their fiscal

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stances, many of their fiscal stances.

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So this adds $5 trillion to the deficit

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over the next 10 years.

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And this particular budget bill is 500 to

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600 billion more than it was last year.

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So this is not a fiscally, in my

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opinion, fiscally conservative bill.

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There's good things in it, you know, good

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things that I like.

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But overall, they didn't, the president and his

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team, they did not achieve the level of

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cuts that I think the American people expected.

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As an investor, I look at the issue

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of the debt ceiling off the table as

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something that provides greater continuity.

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There's less angst or anxiety for will the

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government make good on its obligations.

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So it pushes that off.

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I don't dispute your point that we have

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a problem long term that we've got this

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growing debt.

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This bill, this act will probably exacerbate that

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problem with the likelihood that we're going to

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have increasing debts beyond what we do last

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year, $1.8 trillion deficit, something along those

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lines.

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This doesn't improve on that in any way.

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It continues those problems.

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You can maybe hope some tariff impact will

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help to mute some of that.

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But we're talking a fraction of that deficit

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that the tariffs may help to offset, not

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sufficient to offset the overspending.

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And then this extends that challenge.

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There's varying numbers.

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I think I've seen from $3 to $5

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trillion over the next 10 years of additional

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spending coming out of this debt.

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But ultimately, this isn't the sole issue.

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The problem existed before this bill, and the

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problem isn't getting any better because of this

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bill.

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It's still a problem.

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We'll have to come back to address at

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some point in time.

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Well, if the Trump administration is serious about

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that, like actually dealing with it, there is

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a process to deal with it outside of

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the budget.

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It's called a reconciliation where they can go

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line item by line item.

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It's tedious work, and it's not getting things,

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which most congressmen are trying to do, right?

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They're trying to get things for their district

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or for their special interest or things that

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they perceive as good for their districts and

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the American people, but it's reducing the spending.

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So they could go through that process.

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It's hard, especially with a very slim majority,

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because when you're eliminating things from line items,

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you're making someone unhappy.

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And I joked about the senator from Alaska,

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but a significant number of legislators, that's how

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they perceive their job is- Protect their

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pork, so to speak.

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Right, and there's a hundreds of years debate

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about what are you supposed to do?

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Are you supposed to do what's good for

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your district or good for the country?

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Hopefully somewhere those two things can be reconciled,

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but it's a tough process.

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But there is a process, so we'll see.

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But the bill passed in 870 pages of

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lots of stuff, and much of it is

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- Think everybody got to read it before

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they voted on it?

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I think they had the opportunity to read

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it.

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I don't know if they read it.

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I guess the headline news is that, for

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us anyway, and for most of our clients

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and listeners, is the tax cuts of the

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tax cut and job DAG are permanently-

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Extended.

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Extended.

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The tax rates are the same.

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So- So that's a good thing, just

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to review.

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With the Tax Cut and Jobs Act, the

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signature legislation of the original Trump administration, the

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first Trump administration, in that legislative effort, the

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tax rates got lower, but the brackets, how

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much income you have before you go into

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the next rate, got higher.

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So for most people, tax rates went down.

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In addition to that, the standard deduction was

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dramatically increased from the way it worked before,

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and we went from an environment where most

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people- Well, it wasn't uncommon.

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It was very common for people to do

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itemized deductions, whereas under the Tax Cut and

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Jobs Act, and now furthered with the One

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Big Beautiful Bill, most people will choose to

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use a standard deduction as the way to

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deal with this, rather than itemized deductions, because

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they'll actually probably see a better result when

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it comes to their tax- Yeah, I'm

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one of those people.

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We went from itemized to standard deduction.

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Do you recall what the numbers were for

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the standard deduction for either an individual or

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a couple?

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It's up to, I think it's $31,500

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now for joint, and half of that for

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a standard deduction for an individual for 2025.

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Nice.

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That's a pretty substantial starting point before you'd

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have to have any tax burden.

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Another thing that may change the itemized part

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of it, meaning some people may now go

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back to itemized, is in the first President

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Trump tax bill, there was something called SALT,

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which reduced the amount of state and local

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taxes, usually property taxes is the big one

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for people, that they were able to deduct.

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If you limit that to 10, and your

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standard deduction is 30 round numbers, you got

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to get a lot of other deductions to

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00:12:22,110 --> 00:12:22,970
get back to even.

270
00:12:24,450 --> 00:12:28,030
Republicans from blue states with typically high property

271
00:12:28,030 --> 00:12:33,150
taxes fought hard and successfully to not eliminate

272
00:12:33,150 --> 00:12:35,170
the SALT cap, but to put it at

273
00:12:35,170 --> 00:12:35,910
$40,000.

274
00:12:37,190 --> 00:12:40,750
If you have an individual who has deductions,

275
00:12:41,190 --> 00:12:45,430
and especially SALT deductions, that are significant, they

276
00:12:45,430 --> 00:12:48,590
get above that $30,000, they may go

277
00:12:48,590 --> 00:12:49,810
just with property taxes.

278
00:12:51,570 --> 00:12:54,030
You get a couple of homes in blue

279
00:12:54,030 --> 00:12:56,210
states that have high property taxes, and many

280
00:12:56,210 --> 00:12:57,710
of these folks have more than one home,

281
00:12:58,490 --> 00:13:01,650
they'll be back in the itemization team pretty

282
00:13:01,650 --> 00:13:01,990
quickly.

283
00:13:02,310 --> 00:13:05,750
Now you said $30,000, I'd seen somewhere

284
00:13:05,750 --> 00:13:07,350
about $40,000 temporarily.

285
00:13:08,870 --> 00:13:09,450
No, it's $40,000.

286
00:13:09,670 --> 00:13:11,350
If I said $30,000, I misspoke.

287
00:13:13,610 --> 00:13:14,930
So that's a lot.

288
00:13:15,790 --> 00:13:17,990
Much bigger than the $10,000 that it

289
00:13:17,990 --> 00:13:18,650
had been, right?

290
00:13:18,730 --> 00:13:19,190
That's right.

291
00:13:19,830 --> 00:13:21,590
The House originally put the $40,000 in,

292
00:13:21,630 --> 00:13:22,830
the Senate took it out.

293
00:13:24,150 --> 00:13:25,350
But had to pass it with it.

294
00:13:25,590 --> 00:13:27,210
And so that was part of the horse

295
00:13:27,210 --> 00:13:28,210
trading, so to speak.

296
00:13:28,810 --> 00:13:29,070
Yeah.

297
00:13:29,570 --> 00:13:32,710
I think there was also something about the

298
00:13:32,710 --> 00:13:33,930
child tax credit.

299
00:13:34,510 --> 00:13:36,410
Do you know what those details were?

300
00:13:36,470 --> 00:13:37,670
But that went up as well.

301
00:13:37,950 --> 00:13:40,130
Yeah, it went from $1,200 to $2

302
00:13:40,130 --> 00:13:43,550
,200, a significant credit.

303
00:13:43,850 --> 00:13:45,170
So it's a credit, not a deduction.

304
00:13:45,330 --> 00:13:47,650
I always like to point that out because

305
00:13:47,650 --> 00:13:49,350
it's actually like cash.

306
00:13:50,130 --> 00:13:52,630
Not everyone understands the difference, but a credit

307
00:13:52,630 --> 00:13:56,230
is an actual removal of tax.

308
00:13:56,230 --> 00:14:01,490
It offsets tax, whereas a deduction offsets income.

309
00:14:02,930 --> 00:14:06,810
So essentially, if you said, oh, I had

310
00:14:06,810 --> 00:14:14,350
a $10,000 deduction, but I had $50

311
00:14:14,350 --> 00:14:15,990
,000 of income.

312
00:14:16,930 --> 00:14:18,930
Oh, it's like I had $40,000 of

313
00:14:18,930 --> 00:14:19,710
income, right?

314
00:14:19,950 --> 00:14:20,210
Right.

315
00:14:20,310 --> 00:14:21,670
And then what's that tax?

316
00:14:21,970 --> 00:14:25,230
Yeah, you have to take the deduction times

317
00:14:25,230 --> 00:14:26,210
your tax rate.

318
00:14:26,210 --> 00:14:29,270
Whereas if you said, oh, I have this

319
00:14:29,270 --> 00:14:32,590
much tax and the credit offsets tax, it's

320
00:14:32,590 --> 00:14:34,630
more powerful is the bottom line.

321
00:14:34,750 --> 00:14:36,530
We like credits more than deductions generally.

322
00:14:36,930 --> 00:14:38,090
Yeah, yeah, it's preferable.

323
00:14:38,390 --> 00:14:42,630
And so there was some criticism by the

324
00:14:42,630 --> 00:14:44,710
left about that this bill would just help

325
00:14:44,710 --> 00:14:45,250
the wealthy.

326
00:14:46,350 --> 00:14:48,770
There's many examples in here that showed that

327
00:14:48,770 --> 00:14:50,790
that's not accurate at all.

328
00:14:50,910 --> 00:14:53,730
And this child tax credit is one of

329
00:14:53,730 --> 00:14:53,830
them.

330
00:14:53,830 --> 00:14:57,070
Another one is the exemption of tips from

331
00:14:57,070 --> 00:14:57,330
income.

332
00:14:57,350 --> 00:15:00,010
Yeah, the president campaigned on this idea of

333
00:15:00,010 --> 00:15:01,190
tips and overtime.

334
00:15:01,570 --> 00:15:03,670
I have to say, when he was campaigning,

335
00:15:03,790 --> 00:15:05,070
I said, no way to the TV.

336
00:15:05,630 --> 00:15:07,190
I did not see that coming either.

337
00:15:07,470 --> 00:15:09,550
I honestly agree with you, Jeff.

338
00:15:09,630 --> 00:15:11,050
I thought it was a lot of rhetoric.

339
00:15:11,450 --> 00:15:17,650
And I've pictured my high school campaigns for

340
00:15:17,650 --> 00:15:18,850
people running for office.

341
00:15:19,250 --> 00:15:20,470
We're going to have longer recess.

342
00:15:20,870 --> 00:15:22,830
We're going to have- Free pizza every

343
00:15:22,830 --> 00:15:23,110
day.

344
00:15:23,110 --> 00:15:26,590
Pizza every day, candy machines in the cafeteria.

345
00:15:26,750 --> 00:15:27,170
You know what I mean?

346
00:15:27,210 --> 00:15:28,370
It was kind of one of those.

347
00:15:29,190 --> 00:15:31,010
But I actually got it through.

348
00:15:31,090 --> 00:15:33,010
Now, I don't know if that is permanent

349
00:15:33,010 --> 00:15:34,350
or I think some of that- It

350
00:15:34,350 --> 00:15:34,870
is not.

351
00:15:35,010 --> 00:15:37,750
Both the tips, the exclusion on the first

352
00:15:37,750 --> 00:15:42,070
$25,000 of tip income, and that does

353
00:15:42,070 --> 00:15:44,590
have a limit of $150,000 of income.

354
00:15:44,770 --> 00:15:47,170
So if you're a high earner and you

355
00:15:47,170 --> 00:15:49,070
happen to get tips, probably not.

356
00:15:49,070 --> 00:15:50,570
But if you happen to be in that

357
00:15:50,570 --> 00:15:53,850
category, it starts to be eliminated at $150

358
00:15:53,850 --> 00:15:54,150
,000.

359
00:15:54,750 --> 00:15:57,910
So the first $25,000 of tips is

360
00:15:57,910 --> 00:16:00,390
not included in taxable income.

361
00:16:01,110 --> 00:16:04,890
And three years, it ends in 2028.

362
00:16:04,970 --> 00:16:06,950
And the same is for the no tax

363
00:16:06,950 --> 00:16:07,730
on overtime.

364
00:16:07,970 --> 00:16:10,510
And that is limited to $12,500.

365
00:16:11,390 --> 00:16:14,830
And it's also started to be eliminated at

366
00:16:14,830 --> 00:16:15,310
$150,000.

367
00:16:15,310 --> 00:16:20,070
So those are things that, just to put

368
00:16:20,070 --> 00:16:23,110
it out there, that benefit the not rich,

369
00:16:23,290 --> 00:16:23,650
generally.

370
00:16:24,150 --> 00:16:24,710
Generally.

371
00:16:25,490 --> 00:16:26,970
I would say that's true, yeah.

372
00:16:27,250 --> 00:16:30,290
Another thing in that category is the $6

373
00:16:30,290 --> 00:16:35,170
,000 deduction for seniors 65 and older.

374
00:16:35,430 --> 00:16:35,990
And that's affected- Yeah.

375
00:16:36,130 --> 00:16:37,850
So let's talk about that for a second.

376
00:16:38,150 --> 00:16:42,130
The president campaigned on the idea of having

377
00:16:42,130 --> 00:16:44,750
social security not subject to tax, essentially.

378
00:16:46,010 --> 00:16:48,790
And that was something that proved difficult to

379
00:16:48,790 --> 00:16:49,750
actually implement.

380
00:16:50,770 --> 00:16:53,410
So this was sort of their alternative way

381
00:16:53,410 --> 00:16:57,110
to offer something close to that, essentially.

382
00:16:57,270 --> 00:16:58,310
Wasn't that the gist of it?

383
00:16:58,390 --> 00:16:58,810
I think so.

384
00:16:58,910 --> 00:16:59,550
I think that's right.

385
00:17:00,730 --> 00:17:02,050
And so how does this work?

386
00:17:03,329 --> 00:17:05,349
It's phased out by the more you make,

387
00:17:05,410 --> 00:17:05,630
right?

388
00:17:05,750 --> 00:17:08,089
So if there's an element of...

389
00:17:08,089 --> 00:17:13,310
Certain people will get this $6,000 deduction

390
00:17:13,310 --> 00:17:17,270
to help offset taxes on their social security.

391
00:17:17,730 --> 00:17:18,030
That's right.

392
00:17:18,230 --> 00:17:21,069
But if you make over certain amounts, you

393
00:17:21,069 --> 00:17:23,369
might lose that, essentially.

394
00:17:23,690 --> 00:17:24,770
And that's why I put it in this

395
00:17:24,770 --> 00:17:28,170
category of things not for the rich, right?

396
00:17:28,590 --> 00:17:28,910
Yeah.

397
00:17:29,710 --> 00:17:30,230
Yeah.

398
00:17:30,910 --> 00:17:33,310
I don't have in front of me anything

399
00:17:33,310 --> 00:17:35,950
about where those details are right now.

400
00:17:36,050 --> 00:17:36,750
Do you have that?

401
00:17:36,910 --> 00:17:38,190
Or is that something- I don't have

402
00:17:38,190 --> 00:17:39,290
the income limit.

403
00:17:39,430 --> 00:17:42,570
Yeah, we'll get into the granular stuff in

404
00:17:42,570 --> 00:17:45,410
a future seminar webinar that we'll do.

405
00:17:45,830 --> 00:17:47,490
We'll be able to detail that.

406
00:17:47,810 --> 00:17:50,270
Before we shift into...

407
00:17:50,270 --> 00:17:51,510
I don't know where we're going next, whether

408
00:17:51,510 --> 00:17:54,950
we're going to 529s and those things.

409
00:17:55,070 --> 00:17:58,590
But two other things that impact people of

410
00:17:58,590 --> 00:18:02,370
modest income is car loan interest now.

411
00:18:02,430 --> 00:18:03,690
If you take a loan on a new

412
00:18:03,690 --> 00:18:05,730
car that is assembled in the United States.

413
00:18:05,730 --> 00:18:07,170
I guess we're not ready to say made

414
00:18:07,170 --> 00:18:07,990
in the United States.

415
00:18:08,310 --> 00:18:08,410
Yeah.

416
00:18:08,590 --> 00:18:08,870
Okay.

417
00:18:09,010 --> 00:18:10,650
Assembled in the United States.

418
00:18:10,790 --> 00:18:12,390
A new car, not a used car.

419
00:18:12,710 --> 00:18:13,370
That's correct.

420
00:18:13,650 --> 00:18:16,550
So it's designed to encourage people to buy

421
00:18:16,550 --> 00:18:18,570
American assembled cars.

422
00:18:19,910 --> 00:18:21,730
Because, hey, we have a lot of Toyotas

423
00:18:21,730 --> 00:18:22,870
made in the United States.

424
00:18:23,010 --> 00:18:24,370
It's assembled in the United States.

425
00:18:24,810 --> 00:18:27,330
Anyway, car loan interest, which used to be

426
00:18:27,330 --> 00:18:31,010
deductible a while ago, is now deductible, again,

427
00:18:31,070 --> 00:18:34,670
up to $10,000, meaning $10,000 of

428
00:18:34,670 --> 00:18:35,430
interest payments.

429
00:18:35,730 --> 00:18:38,770
Well, with interest rates rising, that could be

430
00:18:38,770 --> 00:18:39,490
helpful, right?

431
00:18:40,430 --> 00:18:43,850
It's an incentive to buy a new car

432
00:18:43,850 --> 00:18:46,650
assembled in the United States and take a

433
00:18:46,650 --> 00:18:46,870
loan.

434
00:18:47,190 --> 00:18:48,570
I mean, most people have to take a

435
00:18:48,570 --> 00:18:48,770
loan.

436
00:18:49,570 --> 00:18:51,590
Most people of modest means do take loans

437
00:18:51,590 --> 00:18:52,170
for cars.

438
00:18:52,830 --> 00:18:52,970
Yeah.

439
00:18:53,170 --> 00:18:55,290
So again, to your point, more likely to

440
00:18:55,290 --> 00:18:57,710
help some of those people who are not

441
00:18:57,710 --> 00:18:58,210
the rich.

442
00:18:58,610 --> 00:18:58,950
That's right.

443
00:18:59,730 --> 00:19:02,190
But this definitely does have some features that

444
00:19:02,190 --> 00:19:03,790
do help people with wealth.

445
00:19:04,270 --> 00:19:04,450
For sure.

446
00:19:04,450 --> 00:19:05,450
People of means.

447
00:19:07,250 --> 00:19:11,890
We could talk about the estate tax threshold

448
00:19:11,890 --> 00:19:14,930
being maybe changed.

449
00:19:15,750 --> 00:19:18,270
Not really changed, but just extended, I guess,

450
00:19:18,330 --> 00:19:18,870
made permanent.

451
00:19:19,250 --> 00:19:22,610
Slightly higher, but not hugely different, right?

452
00:19:23,130 --> 00:19:25,170
It went up to $15 million, I believe.

453
00:19:25,450 --> 00:19:26,110
$15 million.

454
00:19:26,390 --> 00:19:28,210
It was pretty darn close.

455
00:19:28,410 --> 00:19:28,690
$13.

456
00:19:28,770 --> 00:19:29,530
I think it was $13.

457
00:19:29,810 --> 00:19:31,810
The piece that I liked when I was

458
00:19:31,810 --> 00:19:34,170
reviewing that section, what I liked about it,

459
00:19:34,190 --> 00:19:35,570
and I always like about this because it

460
00:19:35,570 --> 00:19:38,910
prevents or it eliminates the need to adjust

461
00:19:38,910 --> 00:19:39,290
it later.

462
00:19:39,430 --> 00:19:40,690
It's adjusted for inflation.

463
00:19:41,210 --> 00:19:41,330
Yeah.

464
00:19:41,410 --> 00:19:42,090
Thank goodness.

465
00:19:42,290 --> 00:19:42,590
Right.

466
00:19:42,730 --> 00:19:44,890
It takes that issue out of the way.

467
00:19:45,050 --> 00:19:45,190
Yep.

468
00:19:45,810 --> 00:19:46,090
All right.

469
00:19:46,110 --> 00:19:48,790
So in any case, you want to sound

470
00:19:48,790 --> 00:19:49,930
like you want to talk about some other

471
00:19:49,930 --> 00:19:52,310
stuff, like 529 plans or some other things.

472
00:19:52,370 --> 00:19:53,670
What was it you wanted to focus on?

473
00:19:53,690 --> 00:19:55,550
Well, I always like talking about college education

474
00:19:55,550 --> 00:19:56,610
and saving for kids.

475
00:19:56,910 --> 00:20:00,630
So I thought of you when I read

476
00:20:00,630 --> 00:20:01,090
this section.

477
00:20:01,090 --> 00:20:03,730
For 529s, you can now use the money

478
00:20:03,730 --> 00:20:05,650
to become a certified financial planner.

479
00:20:06,110 --> 00:20:06,550
There you go.

480
00:20:07,110 --> 00:20:08,170
And CPA, right?

481
00:20:08,250 --> 00:20:09,210
And CPA, yep.

482
00:20:09,450 --> 00:20:12,830
Oh, and I think other post-secondary certifications

483
00:20:12,830 --> 00:20:13,290
broadly.

484
00:20:14,310 --> 00:20:17,270
The summary that I read had those two

485
00:20:17,270 --> 00:20:17,930
as examples.

486
00:20:18,690 --> 00:20:21,050
But there's lots of times you're done with

487
00:20:21,050 --> 00:20:22,090
the college and you don't really- You

488
00:20:22,090 --> 00:20:23,630
have some money left over, huh?

489
00:20:23,690 --> 00:20:23,930
Right.

490
00:20:23,950 --> 00:20:27,330
And maybe you don't need another degree, but

491
00:20:27,330 --> 00:20:29,910
a certain certification like a CFP or a

492
00:20:29,910 --> 00:20:30,410
CPA.

493
00:20:30,410 --> 00:20:32,690
I mean, they're endless in different professions.

494
00:20:32,850 --> 00:20:34,210
I'm not going to try to- Very

495
00:20:34,210 --> 00:20:34,530
good.

496
00:20:34,950 --> 00:20:37,090
Yeah, so that makes it a little more

497
00:20:37,090 --> 00:20:37,310
helpful.

498
00:20:37,450 --> 00:20:40,110
Is it only for the obtaining of those

499
00:20:40,110 --> 00:20:41,170
designations?

500
00:20:41,390 --> 00:20:42,770
Or was it for like if I have

501
00:20:42,770 --> 00:20:45,750
CE costs, can I use it for-

502
00:20:45,750 --> 00:20:47,310
I think it's to obtain the credentials.

503
00:20:47,610 --> 00:20:48,510
To obtain the credentials.

504
00:20:48,650 --> 00:20:51,390
Yeah, I don't think you can keep your

505
00:20:51,390 --> 00:20:53,890
CEs going for the next 30 years.

506
00:20:54,790 --> 00:20:55,590
Okay, oh well.

507
00:20:55,590 --> 00:20:59,630
And the Trump account, which I thought when

508
00:20:59,630 --> 00:21:01,010
I saw that, I said, no way.

509
00:21:01,110 --> 00:21:03,030
And actually, I'm against this.

510
00:21:03,150 --> 00:21:05,610
I'm philosophically against just giving.

511
00:21:06,390 --> 00:21:08,530
We started off the segment by talking about

512
00:21:08,530 --> 00:21:09,550
how much debt we had.

513
00:21:10,370 --> 00:21:12,370
So let's give every child born $1,000.

514
00:21:12,990 --> 00:21:16,270
I mean, it's like saying in your household,

515
00:21:16,510 --> 00:21:18,650
we got big credit card bills.

516
00:21:19,570 --> 00:21:21,810
We're late on our car payment, but we're

517
00:21:21,810 --> 00:21:22,530
going to a wedding.

518
00:21:22,630 --> 00:21:23,910
Let's give them $1,000.

519
00:21:23,910 --> 00:21:27,950
You know, it's just, it's great.

520
00:21:28,350 --> 00:21:29,910
I mean- It's nice, but it may

521
00:21:29,910 --> 00:21:31,570
be not the most responsible.

522
00:21:31,770 --> 00:21:33,650
Would you elaborate on what a Trump account

523
00:21:33,650 --> 00:21:34,170
is?

524
00:21:34,450 --> 00:21:36,690
So it's a tax preferred, they're calling it

525
00:21:36,690 --> 00:21:40,350
savings for children, with an initial $1,000

526
00:21:40,350 --> 00:21:43,550
federal subsidy for every child born in these

527
00:21:43,550 --> 00:21:44,450
three years again.

528
00:21:45,030 --> 00:21:47,730
25, 26, well, 25 through 28.

529
00:21:47,790 --> 00:21:48,790
I guess that's four years.

530
00:21:50,090 --> 00:21:54,630
So does it require something of the family

531
00:21:54,630 --> 00:22:01,130
to create the account, to add money for

532
00:22:01,130 --> 00:22:03,490
it to be also provided by the government?

533
00:22:03,770 --> 00:22:04,730
Not add money, no.

534
00:22:04,790 --> 00:22:07,350
The $1,000 is a gift, and it

535
00:22:07,350 --> 00:22:09,950
has to be, and this is left to

536
00:22:09,950 --> 00:22:12,750
promulgate regulations and policies by the treasury.

537
00:22:12,890 --> 00:22:14,630
It's not specific in the bill, but there

538
00:22:14,630 --> 00:22:16,010
will be approved institutions.

539
00:22:16,730 --> 00:22:19,210
You know, the commentary is it will probably

540
00:22:19,210 --> 00:22:21,190
be- Like a 529 plan or something.

541
00:22:21,250 --> 00:22:23,950
Right, it will be banks, brokerage, mutual funds.

542
00:22:24,350 --> 00:22:25,990
And it has to be in, the bill

543
00:22:25,990 --> 00:22:30,330
says the diversified index fund of equities.

544
00:22:32,110 --> 00:22:34,890
So $1,000 initially, the parents can put

545
00:22:34,890 --> 00:22:39,190
in up to $5,000 each year.

546
00:22:39,410 --> 00:22:40,910
The $1,000 is the one time-

547
00:22:41,110 --> 00:22:41,530
Annually.

548
00:22:42,330 --> 00:22:45,530
And this money is tax deferred while it's

549
00:22:45,530 --> 00:22:45,950
in there.

550
00:22:46,770 --> 00:22:48,710
What happens when I take the money out?

551
00:22:48,850 --> 00:22:50,250
And is there a limit as to when

552
00:22:50,250 --> 00:22:51,330
I can take that money out?

553
00:22:51,670 --> 00:22:55,770
So second question first, I tried to find

554
00:22:55,770 --> 00:22:59,590
out, but the details, I wasn't able to

555
00:22:59,590 --> 00:23:00,270
find out.

556
00:23:01,510 --> 00:23:03,970
So, you know, many, we know this-

557
00:23:03,970 --> 00:23:05,550
I'm sure it's intended to be for long

558
00:23:05,550 --> 00:23:07,970
-term, you know, maybe, you know, college or

559
00:23:07,970 --> 00:23:10,270
something like that, but long-term use.

560
00:23:11,530 --> 00:23:13,410
I don't know the answer to that.

561
00:23:14,250 --> 00:23:19,870
But if it is available soon, we know,

562
00:23:20,090 --> 00:23:23,310
sadly, that many people will take it out

563
00:23:23,310 --> 00:23:24,370
as soon as it's available.

564
00:23:24,790 --> 00:23:25,810
Sure, sure.

565
00:23:25,890 --> 00:23:27,250
Taken out, we just know that.

566
00:23:27,570 --> 00:23:29,570
Anything that's given to you, you tend to

567
00:23:29,570 --> 00:23:31,610
not treat it with the same value.

568
00:23:31,890 --> 00:23:34,330
And, you know, people who need the money,

569
00:23:34,450 --> 00:23:34,970
need the money.

570
00:23:35,590 --> 00:23:36,410
Yeah, yeah.

571
00:23:36,950 --> 00:23:40,330
Yeah, so there's all types of commentary, you

572
00:23:40,330 --> 00:23:41,610
know, and we like to do this too.

573
00:23:41,710 --> 00:23:45,910
If you leave that $1,000 there for

574
00:23:45,910 --> 00:23:50,070
60 years, you know, it'd be $340,000

575
00:23:50,070 --> 00:23:52,910
at typical stock market performance.

576
00:23:53,190 --> 00:23:56,810
And so the idea is for college or

577
00:23:56,810 --> 00:23:58,750
for, you know, the beginning of a retirement

578
00:23:58,750 --> 00:24:00,090
account someday.

579
00:24:00,590 --> 00:24:04,270
So let's see, let's see the regulations and

580
00:24:04,270 --> 00:24:05,050
how it all works.

581
00:24:05,190 --> 00:24:07,990
But for some, it will be a wonderful

582
00:24:07,990 --> 00:24:08,350
gift.

583
00:24:08,350 --> 00:24:10,910
And for some, it'll be a temporary three

584
00:24:10,910 --> 00:24:12,630
-day cruise to the Bahamas, I guess.

585
00:24:13,890 --> 00:24:14,690
Yeah, yeah.

586
00:24:15,130 --> 00:24:18,790
All right, well, here's the AI quick copilot

587
00:24:18,790 --> 00:24:19,530
response.

588
00:24:20,290 --> 00:24:22,450
At age 18, up to half the account's

589
00:24:22,450 --> 00:24:25,190
value can be withdrawn for approved purposes, such

590
00:24:25,190 --> 00:24:29,390
as higher education, job training, starting small business

591
00:24:29,390 --> 00:24:31,170
or purchase of a first home.

592
00:24:32,730 --> 00:24:35,890
Withdrawals for non-qualified expenses will be taxed

593
00:24:35,890 --> 00:24:38,430
as ordinary income and may incur penalties.

594
00:24:38,450 --> 00:24:40,710
At age 25, the full balance can be

595
00:24:40,710 --> 00:24:43,510
accessed for qualified purposes.

596
00:24:44,150 --> 00:24:47,410
Non-qualified withdrawals will be taxed as ordinary

597
00:24:47,410 --> 00:24:49,730
income and may incur penalties.

598
00:24:49,730 --> 00:24:53,230
At age 31, the account terminates and all

599
00:24:53,230 --> 00:24:57,390
funds will be fully accessible for any purpose

600
00:24:57,390 --> 00:24:59,510
taxed as capital gains.

601
00:25:00,610 --> 00:25:02,830
Okay, well, it's a preferred tax.

602
00:25:02,890 --> 00:25:04,410
That's why they use the word preferred, I

603
00:25:04,410 --> 00:25:07,170
guess, preferred tax treatment, because typically capital gains

604
00:25:07,170 --> 00:25:08,450
are less than income taxes.

605
00:25:08,610 --> 00:25:09,750
Yeah, so that's funny.

606
00:25:09,830 --> 00:25:11,430
If you wait till the end, it's capital

607
00:25:11,430 --> 00:25:11,570
gains.

608
00:25:11,590 --> 00:25:13,290
I got to say a real side note,

609
00:25:13,390 --> 00:25:13,730
a tangent.

610
00:25:13,910 --> 00:25:15,990
You are becoming Mr. AI.

611
00:25:16,790 --> 00:25:20,210
I'm enjoying the use of copilot in our

612
00:25:20,210 --> 00:25:23,150
work environment, chat GPT, and maybe outside.

613
00:25:23,790 --> 00:25:25,070
I've got to catch up.

614
00:25:25,170 --> 00:25:26,350
And when I was looking for the answer,

615
00:25:26,430 --> 00:25:28,870
I was just looking the normal way, Googling,

616
00:25:29,010 --> 00:25:31,830
and I should have just asked copilot.

617
00:25:32,090 --> 00:25:33,010
There you go.

618
00:25:33,010 --> 00:25:36,770
Although, side note, copilot is not copilot, but

619
00:25:36,770 --> 00:25:39,490
some of the AI is having issues.

620
00:25:39,690 --> 00:25:39,910
I don't know.

621
00:25:39,930 --> 00:25:41,470
Well, it's not always accurate to your point.

622
00:25:41,790 --> 00:25:42,570
Yeah, I don't know if you saw the

623
00:25:42,570 --> 00:25:45,450
story from this week, but X had a

624
00:25:45,450 --> 00:25:48,910
major meltdown on their AI, where it started

625
00:25:48,910 --> 00:25:50,790
making anti-Semitic comments.

626
00:25:51,170 --> 00:25:51,910
Oh, geez.

627
00:25:52,370 --> 00:25:54,270
And it did it all night.

628
00:25:55,310 --> 00:25:56,990
Well, I don't know about you, but I

629
00:25:56,990 --> 00:26:01,070
tend to be very polite to my AI,

630
00:26:01,070 --> 00:26:03,310
just in case when they take over the

631
00:26:03,310 --> 00:26:05,330
world, they might say, well, that guy was

632
00:26:05,330 --> 00:26:05,890
always polite.

633
00:26:06,650 --> 00:26:08,010
Please and thank you.

634
00:26:08,630 --> 00:26:11,190
Are you assuming AI is going to write

635
00:26:11,190 --> 00:26:12,430
your obituary someday?

636
00:26:13,390 --> 00:26:17,350
What's the Terminator kind of thing?

637
00:26:17,610 --> 00:26:17,850
Yeah.

638
00:26:17,930 --> 00:26:18,090
All right.

639
00:26:18,090 --> 00:26:20,650
Back to the one big, beautiful bill.

640
00:26:23,070 --> 00:26:24,970
These are just a few of the things,

641
00:26:25,130 --> 00:26:27,010
but maybe we should run over some other

642
00:26:27,010 --> 00:26:28,750
big, broad categories.

643
00:26:29,630 --> 00:26:34,890
There were some impact on Medicaid benefits.

644
00:26:35,490 --> 00:26:37,330
That was widely talked about.

645
00:26:38,770 --> 00:26:46,270
The mandate for work or volunteer or education.

646
00:26:46,850 --> 00:26:51,190
80 hours a month, not 80 hours a

647
00:26:51,190 --> 00:26:51,450
week.

648
00:26:51,970 --> 00:26:55,590
80 hours a month, six-month redetermination.

649
00:26:57,570 --> 00:26:59,890
So, those are a couple of things.

650
00:27:00,190 --> 00:27:06,530
SNAP, the food stamps program, was previously called

651
00:27:06,530 --> 00:27:07,150
food stamps.

652
00:27:08,130 --> 00:27:14,050
Some reductions there, state cost sharing increases, I

653
00:27:14,050 --> 00:27:14,310
guess.

654
00:27:14,490 --> 00:27:15,070
Is that something?

655
00:27:15,350 --> 00:27:17,570
And it forces the states to work on

656
00:27:17,570 --> 00:27:18,330
the fraud issue.

657
00:27:18,510 --> 00:27:20,510
If a state has more than a 6

658
00:27:20,510 --> 00:27:23,930
% fraud rate, the amount that they have

659
00:27:23,930 --> 00:27:25,110
to contribute goes up.

660
00:27:25,110 --> 00:27:26,870
Except Alaska, by the way.

661
00:27:27,030 --> 00:27:27,850
Except Alaska.

662
00:27:28,190 --> 00:27:29,350
That was part of the deal.

663
00:27:29,650 --> 00:27:31,650
All right.

664
00:27:31,710 --> 00:27:33,410
What about energy?

665
00:27:34,310 --> 00:27:38,010
There were some changes in some of the

666
00:27:38,010 --> 00:27:42,650
incentives that had been previously legislated when it

667
00:27:42,650 --> 00:27:47,350
comes to things like solar and the like.

668
00:27:47,650 --> 00:27:49,930
For the most part, the way I read

669
00:27:49,930 --> 00:27:52,570
it is they're evaporating right before your eyes.

670
00:27:52,570 --> 00:27:57,010
The Clean Vehicle Credit, which was a significant

671
00:27:57,010 --> 00:28:00,270
reason that people purchased electric vehicles, is now

672
00:28:00,270 --> 00:28:00,930
expiring.

673
00:28:01,350 --> 00:28:02,410
They moved up the date.

674
00:28:02,490 --> 00:28:04,470
It expires September 30th now.

675
00:28:05,790 --> 00:28:10,810
And also the credits, if you will, for

676
00:28:10,810 --> 00:28:15,610
people doing home improvements and doing all those

677
00:28:15,610 --> 00:28:16,010
things.

678
00:28:16,110 --> 00:28:20,250
More efficient considerations, not as helpful as it

679
00:28:20,250 --> 00:28:20,510
was.

680
00:28:20,510 --> 00:28:23,930
They were expiring in 2032, I think, and

681
00:28:23,930 --> 00:28:25,410
now they're expiring at the end of the

682
00:28:25,410 --> 00:28:25,670
year.

683
00:28:27,970 --> 00:28:29,270
Is that the kind of thing?

684
00:28:29,310 --> 00:28:31,590
I wonder if there'll be a surge and

685
00:28:31,590 --> 00:28:34,930
stuff before all that gets expired fully.

686
00:28:34,930 --> 00:28:36,130
That's a good point.

687
00:28:36,330 --> 00:28:39,050
I would expect that it would be.

688
00:28:39,690 --> 00:28:39,890
Yeah.

689
00:28:41,190 --> 00:28:43,850
And I'm curious, has that also been an

690
00:28:43,850 --> 00:28:46,030
issue when it comes to automobiles?

691
00:28:48,170 --> 00:28:51,190
I think some of the incentives that were

692
00:28:51,190 --> 00:28:56,050
there for electric vehicles got affected by this

693
00:28:56,050 --> 00:28:56,570
as well.

694
00:28:56,690 --> 00:28:56,790
Yeah.

695
00:28:56,810 --> 00:28:59,670
They moved up the date September 30th of

696
00:28:59,670 --> 00:29:00,070
this year.

697
00:29:00,250 --> 00:29:01,150
September 30th of this year.

698
00:29:01,490 --> 00:29:02,290
Two months.

699
00:29:03,010 --> 00:29:07,250
On another topic, though, defense, border, ICE funding,

700
00:29:07,450 --> 00:29:09,630
they all had some impact.

701
00:29:10,210 --> 00:29:11,490
You touched on some of this, I think,

702
00:29:11,530 --> 00:29:11,870
already.

703
00:29:11,870 --> 00:29:18,330
But that was something like $150 billion added

704
00:29:18,330 --> 00:29:21,710
for defense-related expenses.

705
00:29:24,390 --> 00:29:28,170
And the border, a big topic for the

706
00:29:28,170 --> 00:29:29,190
Trump administration.

707
00:29:30,050 --> 00:29:31,750
More money to finish the wall.

708
00:29:32,070 --> 00:29:35,330
More money for those purposes to secure the

709
00:29:35,330 --> 00:29:35,570
border.

710
00:29:36,610 --> 00:29:37,990
And for personnel, right?

711
00:29:38,470 --> 00:29:39,430
Absolutely, yeah.

712
00:29:39,430 --> 00:29:39,810
Yeah.

713
00:29:40,810 --> 00:29:41,550
What else?

714
00:29:41,770 --> 00:29:43,270
I have a topic of...

715
00:29:46,950 --> 00:29:48,490
It looks like we hit on some of

716
00:29:48,490 --> 00:29:51,050
these things, the debt we talked about a

717
00:29:51,050 --> 00:29:51,510
little bit.

718
00:29:51,730 --> 00:29:55,790
I think for businesses, there's a tremendous benefit

719
00:29:55,790 --> 00:29:58,650
of being able to depreciate.

720
00:29:58,670 --> 00:29:59,950
Oh, depreciate right away.

721
00:30:00,070 --> 00:30:00,310
Right.

722
00:30:00,590 --> 00:30:01,410
Write it off.

723
00:30:01,490 --> 00:30:03,330
I mean, it's not even really like depreciation.

724
00:30:03,490 --> 00:30:05,450
Yeah, it's 100%, wasn't it?

725
00:30:05,450 --> 00:30:10,530
It is 100%, which is very encouraging for

726
00:30:10,530 --> 00:30:14,090
people to buy a new dump truck or

727
00:30:14,090 --> 00:30:14,990
whatever it is.

728
00:30:15,090 --> 00:30:18,030
I saw a special on CNBC on this

729
00:30:18,030 --> 00:30:22,170
topic, but it was solely focused on jets.

730
00:30:24,750 --> 00:30:27,990
Because you could buy, according to the story,

731
00:30:28,150 --> 00:30:29,930
which is accurate, I think, you could buy

732
00:30:29,930 --> 00:30:33,390
a $10 million jet this year, where you

733
00:30:33,390 --> 00:30:35,650
would have to depreciate it previously over like

734
00:30:35,650 --> 00:30:36,850
20 years.

735
00:30:37,010 --> 00:30:39,050
I don't know if I could, but one

736
00:30:39,050 --> 00:30:39,750
might.

737
00:30:42,110 --> 00:30:43,210
Someone could.

738
00:30:43,630 --> 00:30:44,570
Someone could, yeah.

739
00:30:44,850 --> 00:30:45,350
Someone could.

740
00:30:48,190 --> 00:30:49,550
I'm just kind of happy.

741
00:30:49,930 --> 00:30:51,750
So there is things in this bill.

742
00:30:51,770 --> 00:30:52,770
That might be for the wealthy.

743
00:30:52,930 --> 00:30:54,670
There are things in this bill.

744
00:30:54,890 --> 00:30:58,530
And the accelerated depreciation or the instant depreciation

745
00:30:58,530 --> 00:31:01,790
of capital expenses related to your business is

746
00:31:01,790 --> 00:31:06,990
certainly a big benefit for companies who are

747
00:31:06,990 --> 00:31:09,030
making those purchases.

748
00:31:10,250 --> 00:31:12,750
I think the big point, ultimately, is that

749
00:31:12,750 --> 00:31:13,790
there's a lot in this.

750
00:31:14,130 --> 00:31:15,930
We're going to be doing more review of

751
00:31:15,930 --> 00:31:18,390
the details so that we can share with

752
00:31:18,390 --> 00:31:22,650
our clientele and our listeners some of the

753
00:31:22,650 --> 00:31:24,110
strategies that will come out of this.

754
00:31:24,110 --> 00:31:26,270
Some of the decision-making that might be

755
00:31:26,270 --> 00:31:26,750
altered.

756
00:31:27,150 --> 00:31:31,670
The way we think about planning some tax

757
00:31:31,670 --> 00:31:32,310
strategy.

758
00:31:32,530 --> 00:31:35,430
Naturally, these are important developments.

759
00:31:35,710 --> 00:31:37,610
When you have a major piece of tax

760
00:31:37,610 --> 00:31:41,530
legislation, it can cause you to have to

761
00:31:41,530 --> 00:31:45,390
step back and reassess some of your plans

762
00:31:45,390 --> 00:31:47,530
as it relates to your financial planning.

763
00:31:47,750 --> 00:31:51,510
It can create opportunities to maybe accelerate some

764
00:31:51,510 --> 00:31:54,250
of the things you might have as plans.

765
00:31:54,930 --> 00:31:57,070
And it can cause you to maybe just

766
00:31:57,070 --> 00:31:59,410
sort of think twice about, you know, what

767
00:31:59,410 --> 00:32:00,110
should I be doing?

768
00:32:00,190 --> 00:32:01,150
What shouldn't I be doing?

769
00:32:01,230 --> 00:32:04,850
How do I implement some of the benefits

770
00:32:04,850 --> 00:32:07,530
around these tax changes?

771
00:32:08,370 --> 00:32:12,090
And certainly something we'll be talking more about

772
00:32:12,090 --> 00:32:17,810
as the details become more elaborated upon.

773
00:32:17,810 --> 00:32:22,550
We can then assess and help guide our

774
00:32:22,550 --> 00:32:25,830
clientele with, how does this play into strategy?

775
00:32:26,090 --> 00:32:26,990
For sure.

776
00:32:27,710 --> 00:32:30,570
Every time the federal government passes a new

777
00:32:30,570 --> 00:32:33,050
or changes to the tax bill, it just

778
00:32:33,050 --> 00:32:35,750
makes the profession of CPAs more secure.

779
00:32:36,490 --> 00:32:37,370
That's right.

780
00:32:38,470 --> 00:32:41,270
So much for a simplified tax code.

781
00:32:42,730 --> 00:32:45,910
Yeah, it never seems to really get fully

782
00:32:45,910 --> 00:32:46,530
simplified.

783
00:32:47,190 --> 00:32:49,650
That being said, you know, I think there

784
00:32:49,650 --> 00:32:51,210
are some things that, you know, when it

785
00:32:51,210 --> 00:32:54,010
comes to income under a certain level with,

786
00:32:54,050 --> 00:32:56,030
you get a bigger standard deduction, you got

787
00:32:56,030 --> 00:32:59,510
certain things that can be really advantageous, right?

788
00:32:59,630 --> 00:33:03,790
So it's good to see some aspects of

789
00:33:03,790 --> 00:33:03,950
this.

790
00:33:04,010 --> 00:33:06,650
I think from a simplicity point of view,

791
00:33:07,650 --> 00:33:11,770
will really be pleasantly received, you know, that

792
00:33:11,770 --> 00:33:12,150
kind of thing.

793
00:33:12,150 --> 00:33:17,450
The higher tax brackets, the lower rates, the

794
00:33:17,450 --> 00:33:20,830
standard deduction are all things that were good

795
00:33:20,830 --> 00:33:23,650
benefits out of the original tax cut and

796
00:33:23,650 --> 00:33:24,210
jobs act.

797
00:33:24,270 --> 00:33:26,510
And it's nice to see that extended.

798
00:33:26,690 --> 00:33:30,370
I think that's a virtue for most filers.

799
00:33:30,930 --> 00:33:33,190
For me, the biggest benefit is it's encouraging

800
00:33:33,190 --> 00:33:36,270
and incentivizing people to work, whether it be,

801
00:33:36,370 --> 00:33:37,670
you know, the tax rates is a big

802
00:33:37,670 --> 00:33:39,770
part of that, or whether it be, if

803
00:33:39,770 --> 00:33:43,650
you're on government subsidized healthcare, you have to

804
00:33:43,650 --> 00:33:46,710
do something productive with your life, or whether

805
00:33:46,710 --> 00:33:48,270
it be, if you want to work overtime,

806
00:33:48,390 --> 00:33:49,870
you know, the thing with working overtime is,

807
00:33:49,970 --> 00:33:51,250
oh, half of it goes to taxes.

808
00:33:52,030 --> 00:33:53,330
Now, not so much.

809
00:33:53,790 --> 00:33:56,510
And, you know, it gives our servers and

810
00:33:56,510 --> 00:34:00,670
other people who have, generate money from their

811
00:34:00,670 --> 00:34:03,550
tips, gives them a break and encourages them

812
00:34:03,550 --> 00:34:05,130
to work and maybe drive some more people

813
00:34:05,130 --> 00:34:05,850
into the profession.

814
00:34:05,850 --> 00:34:08,010
So I think it's got a lot of

815
00:34:08,010 --> 00:34:08,870
good policy in it.

816
00:34:08,929 --> 00:34:10,889
I just hope the debt part of it

817
00:34:10,889 --> 00:34:12,989
doesn't crush us in the end.

818
00:34:13,889 --> 00:34:14,670
Yeah, that's a good point.

819
00:34:14,810 --> 00:34:17,150
I think that's something that, you know, as

820
00:34:17,150 --> 00:34:22,250
a reality, I think you commented or maybe

821
00:34:22,250 --> 00:34:24,250
Brian in a prior episode said, you know,

822
00:34:24,270 --> 00:34:27,530
permanent for now until future legislation.

823
00:34:28,190 --> 00:34:29,830
I think that's the reality, the way we've

824
00:34:29,830 --> 00:34:30,730
got to think about this.

825
00:34:30,730 --> 00:34:35,570
This is permanent, but the trajectory with the

826
00:34:35,570 --> 00:34:39,510
debt is going to likely create future tax

827
00:34:39,510 --> 00:34:43,870
legislation again, that will, you know, try to

828
00:34:43,870 --> 00:34:46,889
address that issue that will likely continue to

829
00:34:46,889 --> 00:34:50,010
be in need of attention over time.

830
00:34:50,429 --> 00:34:52,350
And let us not forget Social Security, Medicare,

831
00:34:52,650 --> 00:34:56,110
which reforms and funding for those programs who

832
00:34:56,110 --> 00:34:58,090
are struggling and have a timeframe.

833
00:34:58,090 --> 00:35:00,370
Yeah, less than 10 years on those.

834
00:35:00,710 --> 00:35:01,790
Not addressed at all.

835
00:35:02,130 --> 00:35:03,970
Not addressed at all in this piece of

836
00:35:03,970 --> 00:35:05,250
legislation, which is fine.

837
00:35:05,850 --> 00:35:08,910
But perhaps that will be on the president's

838
00:35:08,910 --> 00:35:10,550
agenda in the near future, hopefully.

839
00:35:10,750 --> 00:35:14,070
I would expect that it will be a

840
00:35:14,070 --> 00:35:19,610
topic of political discourse for the next five

841
00:35:19,610 --> 00:35:20,470
years.

842
00:35:21,210 --> 00:35:23,310
You know, like, what do we got?

843
00:35:23,430 --> 00:35:24,970
It's something like eight years.

844
00:35:25,010 --> 00:35:26,390
Nine years, eight or nine years.

845
00:35:26,410 --> 00:35:26,670
Yeah.

846
00:35:26,670 --> 00:35:30,210
So, you know, we've got two presidential cycles.

847
00:35:30,590 --> 00:35:32,930
We've got lots of congressional.

848
00:35:34,090 --> 00:35:35,830
We're going to be talking about this a

849
00:35:35,830 --> 00:35:37,930
lot over the next 10 years to get

850
00:35:37,930 --> 00:35:38,810
these things done.

851
00:35:39,190 --> 00:35:39,850
I hope you're wrong.

852
00:35:40,150 --> 00:35:42,430
I hope we have some political courage and

853
00:35:42,430 --> 00:35:44,310
find a way to solve the problem before

854
00:35:44,310 --> 00:35:47,610
it's a crisis, but to be determined.

855
00:35:48,350 --> 00:35:49,430
What do you think's likely?

856
00:35:49,730 --> 00:35:52,030
My thoughts or your wish?

857
00:35:55,070 --> 00:35:57,370
Many of my wishes don't turn into reality.

858
00:35:57,950 --> 00:35:59,410
Yeah, we'll see.

859
00:35:59,490 --> 00:36:00,410
Yeah, we'll see.

860
00:36:01,010 --> 00:36:04,070
We can both hope for your optimism, you

861
00:36:04,070 --> 00:36:04,230
know.

862
00:36:04,450 --> 00:36:05,410
I'll try to make it.

863
00:36:05,630 --> 00:36:05,750
All right.

864
00:36:06,170 --> 00:36:07,210
Thank you for listening.

865
00:36:07,430 --> 00:36:09,230
If we can be a resource to you

866
00:36:09,230 --> 00:36:12,270
and thinking about your strategy and your financial

867
00:36:12,270 --> 00:36:16,810
planning, particularly when it comes to integrating not

868
00:36:16,810 --> 00:36:20,330
only the portfolio and the financial plan, but,

869
00:36:20,350 --> 00:36:22,010
you know, how tax issues impact the economy.

870
00:36:22,010 --> 00:36:24,930
You let us be a resource.

871
00:36:25,110 --> 00:36:26,030
Reach out to us.

872
00:36:26,370 --> 00:36:29,450
And until next time, everybody keeps striving for

873
00:36:29,450 --> 00:36:30,110
something more.

874
00:36:53,950 --> 00:36:54,430
8901.

875
00:36:54,650 --> 00:36:58,330
Or send us your questions to amr-info

876
00:36:58,330 --> 00:37:00,270
at wealthenhancement.com.

877
00:37:00,490 --> 00:37:02,390
You're listening to Something More with Chris Boyd

878
00:37:02,390 --> 00:37:03,230
Financial Talk Show.

879
00:37:03,390 --> 00:37:05,850
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880
00:37:05,850 --> 00:37:08,170
provide investment advice on an individual basis to

881
00:37:08,170 --> 00:37:08,710
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882
00:37:08,870 --> 00:37:10,850
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883
00:37:10,850 --> 00:37:12,050
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884
00:37:12,290 --> 00:37:14,130
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885
00:37:14,130 --> 00:37:16,170
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886
00:37:16,170 --> 00:37:17,730
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887
00:37:17,930 --> 00:37:19,930
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888
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00:37:21,930 --> 00:37:23,070
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890
00:37:23,250 --> 00:37:25,410
Listeners should consult their own financial advisors or

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00:37:25,410 --> 00:37:27,510
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892
00:37:27,510 --> 00:37:28,270
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