May 30, 2025
One Big Beautiful Bill
One Big Beautiful Bill – Chris Boyd, Jeff Perry, and Russ Ball dig into the recently
passed House of Representatives Budget Bill known as the “One Big Beautiful Bill.”
The trio discusses the key items in the Bill, including making the Tax and Job Act income
tax reductions permanent, eliminating taxes on overtime and tips, and increases in border
and military spending. Jeff notes that the promises of significant reductions in Federal
spending were not achieved in the House Bill. Chris and Russ offer thoughts on the
likelihood of the House version passing in the Senate.
For more information or to reach TEAM AMR, click the following link:
https://www.wealthenhancement.com/s/advisor-teams/amr
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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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Welcome everybody to another episode of Something More.
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I'm here with Jeff Perry and Russ Paul.
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We are of the AMR team at Wealth
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Enhancement Group.
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Glad to have you with us.
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House of Representatives successfully did it.
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They were trying to get something passed before
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Memorial Day weekend.
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So last week, the One Big Beautiful Bill,
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as it's known as, did successfully get passed
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by the House of Representatives.
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Now, that doesn't make it law.
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As we remember, our schoolhouse rock has to
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go to the Senate.
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And then in this case, unless it's the
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same bill, it has to go back to
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the House for a final agreement, approval of
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things.
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They hash things out.
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And then assuming everyone's in agreement, it goes
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to the president for signature before it becomes
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law.
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So there's a lot of things that could
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change still, but we're going to talk about
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some of the highlights of what appear to
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be, at least preliminarily, in this bill.
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So just at a high there's so much.
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I mean, what is this thing?
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A thousand page bill.
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So I was going to tease and say,
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well, you have to pass it before you
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can read it.
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But that's a different, that was a different
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That was the health care bill.
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That Nancy Pelosi said, yeah.
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Right.
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So in any case, for fun, let's what
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if that's for sense of fun, I'll grant
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you, but let's go through some of what
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we've got in this proposed legislation.
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Jeff, I think, you know, maybe we should
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start with a lot of this is intended
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to extend or make permanent some of the
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features of the Tax Cut and Jobs Act
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from 2017.
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Well, you referenced the so-called bill, whatever
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your language was, that's the title of this
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bill.
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This is house one.
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One big, beautiful bill is the title of
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the bill.
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And, you know, a long time ago, when
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our founding fathers were debating this new system,
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they talked about something called the single subject
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rule, where you only put items related to
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each other, like spending, or if there was
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a tax bill that would be separate, or
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if there's a border bill that would be
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separate, or if there was this bill or
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that bill, they'd all be separate.
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This is not that.
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This is, this is the one big, beautiful
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bill, which is an attempt, in my view,
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to pass through the promises that candidate Trump
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made.
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And I think he wants one bill, obviously,
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based on the name, it's, you can see
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the influence on it.
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But he wants one bill because the next
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election is pretty far away.
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And these are his agenda items, the closer
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it gets to the next election, the more
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that congressmen are worried about their votes.
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So this is a bill that's full of
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things that he promised on the campaign trail.
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And you're right to point out that a
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signature part of this bill is the making
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permanent the tax cuts, tax rates that were
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under the Tax and Jobs Act.
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They are sunsetting this year, if we don't
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continue them.
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Yeah.
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And this House version, which did pass by
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a whopping one vote, 215 to 214, right?
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I think a couple of presents just to
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allow it to get through, right?
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Yeah.
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A present vote is, you've turned my arm
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so much that I don't...
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I won't vote against it, but I won't
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vote for it.
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Yeah.
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No one's going to be able to hold
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the roll call up and me have a
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Y next to it for yes.
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Yeah.
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It's a very political vote, non-vote.
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But yes, so the signature piece, there's a
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lot to talk about, as you mentioned, but
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the signature piece is making these tax cuts
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permanent, no more sunsetting.
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And I think, I don't know, most people
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love a tax cut.
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So I don't think that's the foundational problem
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with the bill.
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There's a lot of missteps, but there's a
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lot of other things.
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Just to go through a few highlights from
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his, to make it political for a minute,
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of the things that he promised, right?
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So he promised the tax cuts.
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He promised that he would make no taxes
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on tips and overtime, which is in the
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bill.
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He promised, President Trump promised more money for
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the border.
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There's more money for the border in there.
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He promised more military spending.
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There's more military spending in there, including something
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that was not discussed, which is a hilarious
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name if you think about it, $25 billion
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for the Golden Dome.
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Yeah.
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I don't know.
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Oh boy.
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You gotta laugh.
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I mean, this is all on purpose, obviously.
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So some of his signature things are in
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there.
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I think the one missing thing out of
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all that, and there's a lot more that
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we can talk about, but just to not
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talk the whole time.
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I think the missing thing are significant cuts
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to spending.
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If that's one of his, with Doge and
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one of the promises that was made to
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the American people, it is not achieved in
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this one big, beautiful bill.
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No.
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I think there's expectation that this would cause
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increases.
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And to recall what the number was, a
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couple, $3.8 trillion, I think, over 10
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years.
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However, that's a little bit misleading, I think,
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because we're already outspending.
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So it's not to say that over 10
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years, our Congress would only outspend their revenues
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by $3.8 trillion.
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It's that this would just add an additional
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$3.8 trillion.
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So if we're outspending, I don't know, $1
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to $2 trillion a year, depending on how
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you want to calculate it.
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But this would add another $3.8 trillion
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on top of that $1 to $2 trillion
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a year for the next 10 years.
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Then you're putting another, call it $4 trillion
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on top of that.
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Right.
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Nothing close to a balanced budget, for sure.
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Right.
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Right.
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And adding to the national debt of another
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roughly $400 million on top of the shortfall
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we already have.
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Jeff, this is a little off topic, but
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given, I know your preferred approach to policy
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would be lower taxes to generate more economic
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revenue, that that's the way you'd ideally facilitate
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a way to get out of this, cut
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costs, cut spending and not raise taxes type
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of an approach.
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Do you think that's possible at this point
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with the amount of deficits we're running?
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Do you think that we can cut our
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spending sufficiently to not have to raise taxes?
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I think it's possible, like mathematically possible, if
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the federal government focused in on what the
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role of the federal government should be and
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what we can, most of us can agree
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what it should be.
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But I don't think it's politically possible at
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this time.
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It would take a long runway maybe for
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the reduced rate of spending.
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Like if you said, oh, we're going to
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not just cut spending, but curb the growth
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of spending as a way to try to
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do it.
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But even that, I really am as much
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as, I love the idea of being able
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to do that.
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I just am at a point where you
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look at what's in government spending and like,
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it's where would you cut?
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You know what I mean?
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So there's a limit to how much you
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can cut.
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And when we think about entitlements having some
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shortfalls on the horizon, we talk about social
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security more readily.
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We don't talk about Medicare all that much,
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but I know that's a similar kind of
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challenge that just strikes me as probably going
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to be a painful rude awakening at some
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point where we're getting the benefit of lower
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taxes now, but that may not be the
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case a decade from now or maybe less
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than that.
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And so I think when it comes to
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planning, clients and listeners should, if this passes,
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take advantage of the window you have with
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lower tax rates because it's going to be
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challenging to keep those rates lower in the
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future.
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Yeah.
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Anything you said about my political philosophy is
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true.
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So I'm going to put that out there
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as I'm not disagreeing with your description of
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it.
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I'd go even further.
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I mean, that would be my preference too.
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I think I'm more with Senator Rand Paul
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in the Senate who has said this bill
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is still too bloated.
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And the president made some big promises that
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aren't in the bill that would have saved
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money, whether or not you agree with them,
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but I think it has to do with
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your view of your role of government.
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And I think one of the compelling statements
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from Republicans, including President Trump, but long before
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President Trump, including President Reagan, that's how far
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back we can go with this, was the
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elimination of the Department of Education.
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I mean, it's not going to save the
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budget, don't get me wrong, but it is
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a fundamental discussion, debate of whether or not
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that is the role of government.
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Of the federal government.
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Right.
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To collect tax dollars from all the taxpayers
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and then just basically give them back to
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the states in different forms, right?
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And the cost.
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To facilitate certain activities that are policy objectives,
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yeah.
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That's not, in my view, the role of
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the federal government.
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In fact, the word education isn't in the
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Constitution.
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And so if you're a strict conservative, and
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President Trump is not, I'll argue with people
270
00:11:13,050 --> 00:11:15,610
all day about this, you would be trying
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to get back to those principles about what
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the federal government's role is.
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And arguably, part of the reason, a significant
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reason that we have such a budget deficit
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and national debt is we're doing things far
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beyond.
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And the reductions that President Trump talked about
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during the campaign and others, Republicans, for decades,
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are simply not in this bill.
280
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Yeah, I mean, I think, I'm not going
281
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to challenge you on any of that.
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But I think, you know, when it comes
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to, neither is the Social Security and Medicare
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in the Constitution, or any of, you know,
285
00:11:55,310 --> 00:11:57,150
you can point to those types of things.
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00:11:57,350 --> 00:11:59,570
But they are, at this point, I think,
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00:11:59,590 --> 00:12:05,210
social contracts that it'd be hard to change
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your direction on that.
289
00:12:06,570 --> 00:12:09,030
I'm not sure there's a political will to
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do that.
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00:12:10,170 --> 00:12:12,090
You know, you get to the point where
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we can probably make that same challenge on
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where are we with healthcare and stuff, which,
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again, not really, you know, something that the
295
00:12:20,470 --> 00:12:23,210
role of federal government should have a hand
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in, other than maybe a regulatory, you know,
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basis.
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But, you know, it just becomes a challenge
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as to how do you navigate these issues,
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right?
301
00:12:35,630 --> 00:12:38,190
I'd separate out Social Security and Medicare, those
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00:12:38,190 --> 00:12:41,750
are entitlements that are earned by payment of
303
00:12:41,750 --> 00:12:43,050
additional taxes.
304
00:12:43,050 --> 00:12:43,770
Yeah.
305
00:12:44,070 --> 00:12:45,230
So I do put them in a different
306
00:12:45,230 --> 00:12:49,150
category than some of these other subjects, for
307
00:12:49,150 --> 00:12:49,350
sure.
308
00:12:50,250 --> 00:12:52,930
Yeah, it's a good discussion, probably worthy of
309
00:12:52,930 --> 00:12:53,570
its own show.
310
00:12:54,670 --> 00:12:55,130
It is.
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My point is not to get into the
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specifics of any of these things.
313
00:12:59,950 --> 00:13:03,290
But I was, you know, starting with the
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positives that a number of the President's initiatives
315
00:13:06,350 --> 00:13:07,750
that he talked about in the campaign are
316
00:13:07,750 --> 00:13:09,290
in this one big, beautiful bill.
317
00:13:10,050 --> 00:13:12,430
But if you were to give him a
318
00:13:12,430 --> 00:13:14,130
grade about the percentage of the things that
319
00:13:14,130 --> 00:13:16,470
are in the bill, I'm not sure it's
320
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a passing grade because these cuts, you know,
321
00:13:18,750 --> 00:13:22,410
Doge, for better or for worse, was supposed
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to like be the initial kickstart to identifying
323
00:13:25,970 --> 00:13:30,790
things that many of us fiscal conservatives looked
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00:13:30,790 --> 00:13:32,710
at and said, okay, they're going to dig
325
00:13:32,710 --> 00:13:36,010
in, they're going to identify cuts that will
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00:13:36,010 --> 00:13:38,690
be in the budget, the thing and the
327
00:13:38,690 --> 00:13:40,450
courts went right along with that.
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00:13:40,630 --> 00:13:43,070
They stopped the President from making unilateral cuts,
329
00:13:43,070 --> 00:13:45,310
because they're part of the budget process.
330
00:13:45,310 --> 00:13:46,990
They're part of the congressional process.
331
00:13:47,490 --> 00:13:49,330
The President didn't have the executive power to
332
00:13:49,330 --> 00:13:50,070
make certain cuts.
333
00:13:50,170 --> 00:13:52,130
So it was logical to me that the
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00:13:52,130 --> 00:13:54,330
things that came out of Doge, the campaign
335
00:13:54,330 --> 00:13:59,190
or the new administration would be included in
336
00:13:59,190 --> 00:14:02,210
this one big, beautiful bill to try to
337
00:14:02,210 --> 00:14:05,510
offset some of this additional spending and, and
338
00:14:05,510 --> 00:14:06,070
giveaways.
339
00:14:06,190 --> 00:14:07,430
I mean, how much how much does it
340
00:14:07,430 --> 00:14:09,090
cost us not to tax overtime?
341
00:14:10,110 --> 00:14:11,290
Sure, it's a great thing.
342
00:14:11,370 --> 00:14:12,490
It's a great campaign speech.
343
00:14:12,630 --> 00:14:14,930
But we can't just keep giving things away
344
00:14:14,930 --> 00:14:16,270
to your point about taxes.
345
00:14:16,330 --> 00:14:17,250
Yeah, do it.
346
00:14:17,390 --> 00:14:18,110
Well, we can do it.
347
00:14:18,110 --> 00:14:20,630
But we can't do it by taxing, even
348
00:14:20,630 --> 00:14:23,450
at the new even at this now permanent
349
00:14:23,450 --> 00:14:26,170
lower rate, perhaps if it passes the Senate.
350
00:14:26,170 --> 00:14:28,290
Yeah, if it were to become permanent, we've
351
00:14:28,290 --> 00:14:30,150
taken I don't know the figure I haven't
352
00:14:30,150 --> 00:14:33,170
seen yet, but hundreds of millions, billions of
353
00:14:33,170 --> 00:14:35,330
dollars off the table that won't be taxed
354
00:14:35,330 --> 00:14:37,290
because they were in the form of tips
355
00:14:37,290 --> 00:14:38,290
and or overtime.
356
00:14:39,010 --> 00:14:39,190
Right?
357
00:14:42,470 --> 00:14:45,350
Sorry, sorry, because one piece that is important
358
00:14:45,350 --> 00:14:47,710
to note is that while it's being called
359
00:14:47,710 --> 00:14:50,270
permanent, you know, it's permanent for now, I
360
00:14:50,270 --> 00:14:52,950
think, kind of to your to your point,
361
00:14:53,110 --> 00:14:55,550
the if we were saying for planning purposes,
362
00:14:55,710 --> 00:14:57,650
that it's always going to be this these
363
00:14:57,650 --> 00:14:58,930
tax rates going forward.
364
00:14:59,010 --> 00:15:01,110
And definitely, a lot of plans would be
365
00:15:01,110 --> 00:15:04,030
looking pretty great, especially when it comes to
366
00:15:04,030 --> 00:15:05,110
the amount we're paying taxes.
367
00:15:05,830 --> 00:15:08,430
But realistically, you know, that might not be
368
00:15:08,430 --> 00:15:10,330
that might not be the case permanent is
369
00:15:10,330 --> 00:15:11,570
until the rules change.
370
00:15:12,610 --> 00:15:15,150
So that's what I keep reading, at least.
371
00:15:15,790 --> 00:15:16,430
You're right.
372
00:15:16,590 --> 00:15:19,630
And the next administration could another Congress could
373
00:15:19,630 --> 00:15:20,390
do it.
374
00:15:20,410 --> 00:15:23,390
And as far as permanent, the reduction or
375
00:15:23,390 --> 00:15:26,210
the elimination of taxes on tips and overtime
376
00:15:26,210 --> 00:15:27,250
is not permanent.
377
00:15:27,670 --> 00:15:29,410
There is a sunset, I think it's three
378
00:15:29,410 --> 00:15:30,230
years or something.
379
00:15:31,410 --> 00:15:34,330
I'll sit on some of the characteristics in
380
00:15:34,330 --> 00:15:34,570
here.
381
00:15:34,730 --> 00:15:39,390
I think we expect if this becomes law,
382
00:15:39,570 --> 00:15:42,950
which again, stay tuned, there's a lot that
383
00:15:42,950 --> 00:15:44,530
has to happen before that's the case.
384
00:15:44,530 --> 00:15:50,430
It does maintain some, some small business business
385
00:15:50,430 --> 00:15:53,610
deduction, was this the 20% deduction of
386
00:15:53,610 --> 00:15:54,950
qualified small businesses.
387
00:15:55,670 --> 00:15:58,870
It's the alternative minimum tax changes that made
388
00:15:58,870 --> 00:16:02,310
that a higher threshold before people have to
389
00:16:02,310 --> 00:16:05,370
worry about the alternative minimum tax would would
390
00:16:05,370 --> 00:16:06,670
be extended.
391
00:16:07,270 --> 00:16:10,670
When it comes to the estate tax.
392
00:16:12,230 --> 00:16:17,230
Instead of reverting to what was it going
393
00:16:17,230 --> 00:16:19,070
to be $7 million or something?
394
00:16:19,570 --> 00:16:23,390
Yeah, it would keep the threshold high, perhaps
395
00:16:23,390 --> 00:16:25,110
somewhere around $15 million.
396
00:16:26,890 --> 00:16:29,710
Individual tax rates, though, we were just talking
397
00:16:29,710 --> 00:16:32,010
about these the the rate of tax and
398
00:16:32,010 --> 00:16:34,770
the bands of income that puts you into
399
00:16:34,770 --> 00:16:38,470
which tax bracket, keep in mind, the tax
400
00:16:38,470 --> 00:16:42,810
cut and jobs act, raised the income levels
401
00:16:42,810 --> 00:16:45,290
before you hit the next band of higher
402
00:16:45,290 --> 00:16:48,690
tax rate, and lowered the rates within each
403
00:16:48,690 --> 00:16:49,310
of those bands.
404
00:16:49,770 --> 00:16:51,970
So it's a lower tax rate for most
405
00:16:51,970 --> 00:16:54,650
people, when it came to the standard deduction,
406
00:16:54,870 --> 00:16:59,050
elevated the standard deduction, so that most people
407
00:16:59,050 --> 00:17:02,690
don't have to itemize, they're benefited by a
408
00:17:02,690 --> 00:17:05,069
lot of rather large standard deduction.
409
00:17:05,950 --> 00:17:08,750
So that would all be made permanent.
410
00:17:09,730 --> 00:17:10,930
What were some of the other things?
411
00:17:11,510 --> 00:17:13,329
Corporate tax breaks?
412
00:17:13,849 --> 00:17:15,450
How did that work out?
413
00:17:15,609 --> 00:17:18,470
There were a variety of things that happened
414
00:17:18,470 --> 00:17:21,990
in the corporate tax space of assault tax.
415
00:17:22,170 --> 00:17:23,250
Let me go back to that.
416
00:17:23,510 --> 00:17:27,069
The state and local tax, instead of it
417
00:17:27,069 --> 00:17:34,430
being $10,000 cap, for your real estate
418
00:17:34,430 --> 00:17:37,730
tax bill, as an example, there'd be up
419
00:17:37,730 --> 00:17:40,530
to $40,000.
420
00:17:41,290 --> 00:17:43,230
Was it 40 or 50,000?
421
00:17:43,350 --> 00:17:44,170
40,000.
422
00:17:44,370 --> 00:17:46,490
I'd be very surprised that one survives.
423
00:17:47,230 --> 00:17:49,370
Yeah, it'll get beat up a little bit.
424
00:17:50,150 --> 00:17:55,350
Child tax credit would be increased for a
425
00:17:55,350 --> 00:17:56,430
period of time.
426
00:17:56,770 --> 00:17:58,590
Was it like five years, I think?
427
00:17:59,990 --> 00:18:00,750
Do you guys remember?
428
00:18:01,470 --> 00:18:03,330
Oh, no, it was through 2028, I see
429
00:18:03,330 --> 00:18:06,970
it here, to $2,500, and then go,
430
00:18:07,490 --> 00:18:09,990
which I think it's around 2000 now, but
431
00:18:09,990 --> 00:18:11,790
go to $2,000 thereafter.
432
00:18:13,210 --> 00:18:17,710
The tax credits for the electric vehicles and
433
00:18:17,710 --> 00:18:21,390
the energy efficient stuff basically disappear in this
434
00:18:21,390 --> 00:18:21,770
new bill.
435
00:18:22,570 --> 00:18:26,330
I just was getting the impression that that
436
00:18:26,330 --> 00:18:31,290
seems also like something that's probably more challenged
437
00:18:31,290 --> 00:18:34,830
to get through the Senate, that there will
438
00:18:34,830 --> 00:18:37,510
be constituents who will want to keep some
439
00:18:37,510 --> 00:18:42,850
of that green energy development and encouragement in
440
00:18:42,850 --> 00:18:47,730
the tax code, particularly as it relates to
441
00:18:47,730 --> 00:18:52,870
different jurisdictions that have more impact, benefit from
442
00:18:52,870 --> 00:18:53,210
that.
443
00:18:54,250 --> 00:18:55,610
Any thoughts on that?
444
00:18:55,710 --> 00:18:58,790
In the House process, where it was razor
445
00:18:58,790 --> 00:19:02,610
thin, obviously, certain things had to be given
446
00:19:02,610 --> 00:19:03,890
to get certain votes.
447
00:19:04,030 --> 00:19:09,050
There are a number of Republican congressmen who
448
00:19:09,050 --> 00:19:12,810
live in blue states, and so they were
449
00:19:12,810 --> 00:19:15,530
pushing no vote unless they get SALT, right?
450
00:19:15,910 --> 00:19:19,590
SALT, which is the higher income tax states
451
00:19:19,590 --> 00:19:21,210
are affected by that.
452
00:19:21,890 --> 00:19:25,150
And many of these things, like the child
453
00:19:25,150 --> 00:19:29,470
tax credit and Medicaid, we haven't talked about
454
00:19:29,470 --> 00:19:31,710
it, but Medicaid is a big issue with
455
00:19:31,710 --> 00:19:35,210
some senators who have been very vocal about
456
00:19:35,210 --> 00:19:35,310
it.
457
00:19:35,330 --> 00:19:36,730
I know of two senators who have said
458
00:19:36,730 --> 00:19:38,350
they won't vote for the House bill because
459
00:19:38,350 --> 00:19:40,050
of the reductions to Medicaid.
460
00:19:40,370 --> 00:19:42,030
Yeah, just tell a little bit about that.
461
00:19:42,330 --> 00:19:48,530
Right now, Medicaid is covered about half by
462
00:19:48,530 --> 00:19:51,690
the state and half by the federal funding.
463
00:19:52,450 --> 00:19:54,390
They were looking to change that dramatically.
464
00:19:54,510 --> 00:19:55,950
They want to push more on the states,
465
00:19:55,990 --> 00:19:57,910
and they also want to, a big part
466
00:19:57,910 --> 00:19:59,330
of the bill, which I'm in favor of,
467
00:19:59,430 --> 00:20:01,490
it's controversial, but I'll state I'm in favor
468
00:20:01,490 --> 00:20:02,910
of it, is work requirements.
469
00:20:04,290 --> 00:20:06,490
And not just work, so this is all
470
00:20:06,490 --> 00:20:08,670
part of a compromise that you had, don't
471
00:20:08,670 --> 00:20:10,390
get me wrong, I think it's 80 hours
472
00:20:10,390 --> 00:20:12,390
a month, but that could have changed, that
473
00:20:12,390 --> 00:20:15,970
you had to have employment, education, or community
474
00:20:15,970 --> 00:20:17,330
involvement, volunteering.
475
00:20:18,110 --> 00:20:21,270
What is meant by able-bodied, I guess,
476
00:20:21,490 --> 00:20:24,650
remains to be clarified to some extent, right?
477
00:20:24,710 --> 00:20:27,190
Right, and there's an exception for a mother
478
00:20:27,190 --> 00:20:29,810
who has a child under a certain age
479
00:20:29,810 --> 00:20:32,690
and all this stuff, but the work requirement,
480
00:20:32,930 --> 00:20:34,330
I think, has a place.
481
00:20:34,470 --> 00:20:36,570
I don't think there's any reason that people
482
00:20:36,570 --> 00:20:39,650
eligible for free benefits who just are able
483
00:20:39,650 --> 00:20:42,430
to and make no effort at all to
484
00:20:42,430 --> 00:20:44,570
support themselves at all.
485
00:20:44,650 --> 00:20:46,250
I think that's, we saw that in President
486
00:20:46,970 --> 00:20:50,930
Clinton's tenure with welfare reform and work requirements,
487
00:20:51,050 --> 00:20:53,490
and it was very successful by reducing welfare
488
00:20:53,490 --> 00:20:56,110
and motivating people to get out in the
489
00:20:56,110 --> 00:20:56,390
workforce.
490
00:20:56,890 --> 00:20:59,590
So, my larger point is, when we get
491
00:20:59,590 --> 00:21:03,430
to the Senate, there are less, there are
492
00:21:03,430 --> 00:21:05,750
less individual things that matter to a given
493
00:21:05,750 --> 00:21:10,730
congressional district, and it's more larger philosophical points
494
00:21:10,730 --> 00:21:13,310
of view that take root, such as Rand
495
00:21:13,310 --> 00:21:16,130
Paul, a senator from Kentucky, he's not talking
496
00:21:16,130 --> 00:21:18,050
about a specific part of the bill, he's
497
00:21:18,050 --> 00:21:20,170
talking about big spending.
498
00:21:20,470 --> 00:21:24,030
A couple senators are just talking about the
499
00:21:24,030 --> 00:21:25,830
Medicaid process itself.
500
00:21:26,050 --> 00:21:29,070
So, I think there'll be more policy-driven
501
00:21:29,070 --> 00:21:31,610
than this giveaway or that giveaway or that
502
00:21:31,610 --> 00:21:34,230
negotiation on this particular element.
503
00:21:34,850 --> 00:21:37,830
And so, back to your kind of question
504
00:21:37,830 --> 00:21:40,850
about green energy and electric vehicles, that goes
505
00:21:40,850 --> 00:21:41,950
more to a policy.
506
00:21:42,910 --> 00:21:45,830
Do you want the policy, the tax policy
507
00:21:45,830 --> 00:21:47,370
in the United States to be favorable towards
508
00:21:47,370 --> 00:21:49,790
green energy and energy efficiency or not?
509
00:21:50,250 --> 00:21:50,730
Yeah.
510
00:21:50,850 --> 00:21:52,990
So, I could see, you know, I could
511
00:21:52,990 --> 00:21:56,310
see there being a few Republican senators who
512
00:21:56,310 --> 00:21:59,610
will support maintaining the status quo, and they
513
00:21:59,610 --> 00:22:00,990
wouldn't have the votes to keep it in
514
00:22:00,990 --> 00:22:01,370
there.
515
00:22:01,430 --> 00:22:04,530
And what is there about a three-senator
516
00:22:04,530 --> 00:22:05,850
majority right now?
517
00:22:06,230 --> 00:22:09,850
They can lose three votes, there's 53 Republican
518
00:22:09,850 --> 00:22:12,670
senators that can lose three, and then if
519
00:22:12,670 --> 00:22:15,150
it was a tie, the vice president would
520
00:22:15,150 --> 00:22:16,870
come in and be the tiebreaker.
521
00:22:17,230 --> 00:22:19,150
Presumably push it over the edge.
522
00:22:19,150 --> 00:22:22,470
So, I haven't seen any issue with three,
523
00:22:22,730 --> 00:22:27,570
I mean with four senators, but we'll see.
524
00:22:27,750 --> 00:22:31,830
It's the goal, the stated goal from both
525
00:22:31,830 --> 00:22:35,010
congressional leaders, Senator Thune, and obviously the House
526
00:22:35,010 --> 00:22:38,790
met its initial step, was to have the
527
00:22:38,790 --> 00:22:40,470
bill signed by July 4th.
528
00:22:42,930 --> 00:22:44,990
Let's come back to talking about that in
529
00:22:44,990 --> 00:22:46,010
just another moment.
530
00:22:46,410 --> 00:22:48,710
I want to just cover a couple of
531
00:22:48,710 --> 00:22:52,770
other things that we maybe hadn't included that
532
00:22:52,770 --> 00:22:54,950
were in the, you know, like overview of
533
00:22:54,950 --> 00:22:55,290
this.
534
00:22:56,250 --> 00:23:00,950
I think there was something about a limit
535
00:23:00,950 --> 00:23:05,930
on what are tax remittances sent abroad?
536
00:23:06,090 --> 00:23:09,070
Is that meaning if I pay foreign taxes,
537
00:23:09,130 --> 00:23:11,290
I'm limited on how much benefit I get
538
00:23:11,290 --> 00:23:13,070
from paying those taxes?
539
00:23:13,070 --> 00:23:16,330
I think there's a cap on that.
540
00:23:16,830 --> 00:23:21,950
And then there was content about university endowments,
541
00:23:22,770 --> 00:23:25,590
going to try and tax them more.
542
00:23:26,350 --> 00:23:30,350
And then non-profits, it grants the U
543
00:23:30,350 --> 00:23:33,770
.S. Treasury Department the authority to revoke tax
544
00:23:33,770 --> 00:23:39,990
-exempt status for non-profits deemed to support
545
00:23:39,990 --> 00:23:40,750
terrorism.
546
00:23:42,130 --> 00:23:44,150
That sounds pretty political, don't you think?
547
00:23:44,530 --> 00:23:46,130
I think it's a restatement of the current
548
00:23:46,130 --> 00:23:49,470
law and political in nature, you know, that
549
00:23:49,470 --> 00:23:52,710
the U.S. Treasury and the IRS specifically
550
00:23:52,710 --> 00:23:56,030
already have the authority to revoke non-profit
551
00:23:56,030 --> 00:23:58,050
status if they're not complying with the non
552
00:23:58,050 --> 00:23:59,150
-profit rule.
553
00:23:59,150 --> 00:24:00,690
Yeah, yeah, exactly.
554
00:24:01,090 --> 00:24:02,630
But I think this seems like it's trying
555
00:24:02,630 --> 00:24:05,890
to politicize some of what's been going on
556
00:24:05,890 --> 00:24:06,050
with...
557
00:24:06,050 --> 00:24:10,350
I think both of that and the college
558
00:24:10,350 --> 00:24:16,070
endowments are taking shots at these big universities
559
00:24:16,070 --> 00:24:18,390
that tend to be more liberal and have
560
00:24:18,390 --> 00:24:22,530
allegations of supporting activities among students or allowing
561
00:24:22,530 --> 00:24:26,010
it that are arguably anti-Semitic and trying
562
00:24:26,010 --> 00:24:27,930
to put some pressure on them to change
563
00:24:27,930 --> 00:24:30,150
their posture with that.
564
00:24:31,850 --> 00:24:36,690
Other comments about the bill?
565
00:24:36,950 --> 00:24:38,650
We talked about the deficit.
566
00:24:39,530 --> 00:24:45,710
It said that there was about $2 trillion
567
00:24:45,710 --> 00:24:48,730
in spending cuts that you talked about, a
568
00:24:48,730 --> 00:24:52,390
lot of that in Medicaid, the food stamps
569
00:24:52,390 --> 00:24:53,370
program, SNAP.
570
00:24:53,470 --> 00:24:57,690
I think you mentioned clean energy as well.
571
00:24:58,130 --> 00:24:59,950
And then you started talking about this issue,
572
00:25:00,150 --> 00:25:06,030
so just the probabilities of its success in
573
00:25:06,030 --> 00:25:06,510
the Senate.
574
00:25:08,870 --> 00:25:12,270
So it does seem that there's...
575
00:25:14,490 --> 00:25:18,270
it's not going to be an easy walk
576
00:25:18,270 --> 00:25:20,450
in the park to get this through, right?
577
00:25:21,060 --> 00:25:22,190
I don't think so.
578
00:25:23,490 --> 00:25:27,770
The president has shown great influence over the
579
00:25:27,770 --> 00:25:32,330
party on getting pieces through the legislative process.
580
00:25:34,350 --> 00:25:36,990
We talked about the House turning a couple
581
00:25:36,990 --> 00:25:40,290
of reps into firm no's to, I'm here,
582
00:25:40,370 --> 00:25:41,130
but I'm not voting.
583
00:25:41,790 --> 00:25:44,190
It's not an easy thing to do, especially
584
00:25:44,190 --> 00:25:48,310
when you I'm pretty ideological.
585
00:25:49,910 --> 00:25:55,090
So I won't be surprised if the Senate
586
00:25:55,090 --> 00:25:55,790
gets it done.
587
00:25:56,090 --> 00:25:57,710
I'll be surprised if it's the same.
588
00:25:58,350 --> 00:26:01,690
So process-wise, which may not be in
589
00:26:01,690 --> 00:26:05,350
that it's a bill video, but if the
590
00:26:05,350 --> 00:26:10,250
Senate passes something different than the House, amends
591
00:26:10,250 --> 00:26:12,350
it, writes their own, it has to go
592
00:26:12,350 --> 00:26:14,930
back to the House for an up or
593
00:26:14,930 --> 00:26:15,470
down vote.
594
00:26:15,830 --> 00:26:17,110
They accept it or they don't.
595
00:26:18,550 --> 00:26:20,550
So the House is kind of at an
596
00:26:20,550 --> 00:26:22,190
inferior position at that point.
597
00:26:23,090 --> 00:26:24,990
If they reject it or don't have the
598
00:26:24,990 --> 00:26:26,630
votes to pass, it would be more accurate.
599
00:26:27,570 --> 00:26:31,250
The process actually would have to basically start
600
00:26:31,250 --> 00:26:31,590
over.
601
00:26:34,230 --> 00:26:38,570
On a good note, process-wise, it's possible
602
00:26:38,570 --> 00:26:41,930
that we, the United States, for the first
603
00:26:41,930 --> 00:26:44,410
time in a very long time, could have
604
00:26:44,410 --> 00:26:47,250
a budget, a bill, passed before the fiscal
605
00:26:47,250 --> 00:26:49,290
year starts and goes for the whole year.
606
00:26:50,450 --> 00:26:52,070
That would be amazing, right?
607
00:26:52,090 --> 00:26:52,490
Wouldn't it?
608
00:26:52,870 --> 00:26:53,190
Yeah.
609
00:26:53,530 --> 00:26:57,470
I mean, it sounds so foolish, but it
610
00:26:57,470 --> 00:26:58,230
would be amazing.
611
00:26:58,550 --> 00:27:01,130
We haven't had that in a long time.
612
00:27:01,430 --> 00:27:06,630
Supplemental budgets, debt ceilings, all these different terms
613
00:27:06,630 --> 00:27:08,730
that were needed.
614
00:27:08,890 --> 00:27:11,090
Well, to that point, let's just talk about,
615
00:27:11,190 --> 00:27:15,350
I think there's the risk of volatility over
616
00:27:15,350 --> 00:27:18,710
the summer that investors should keep in mind.
617
00:27:18,810 --> 00:27:21,810
So we've got this issue, the passage of
618
00:27:21,810 --> 00:27:23,210
this legislation.
619
00:27:24,830 --> 00:27:29,690
The debt ceiling is its own conversation.
620
00:27:30,130 --> 00:27:31,770
Is it tied to the bill?
621
00:27:32,710 --> 00:27:34,350
I believe so.
622
00:27:34,470 --> 00:27:35,290
I don't know if it made it into
623
00:27:35,290 --> 00:27:37,710
the House version, but there was a provision
624
00:27:37,710 --> 00:27:41,810
in the discussion about the debt ceiling.
625
00:27:41,910 --> 00:27:42,970
I don't know if it made it.
626
00:27:43,390 --> 00:27:45,330
The debt ceiling is one of these issues
627
00:27:45,330 --> 00:27:46,950
that is kind of looming out there kind
628
00:27:46,950 --> 00:27:47,970
of soon, right?
629
00:27:48,050 --> 00:27:51,090
We're already into those emergency measures and all
630
00:27:51,090 --> 00:27:51,910
that kind of stuff.
631
00:27:52,470 --> 00:27:56,210
And the timeline on that's coming up.
632
00:27:56,630 --> 00:27:58,530
I think it's before this bill.
633
00:27:58,650 --> 00:28:02,030
This bill, if passed, would take an effect
634
00:28:02,030 --> 00:28:03,130
October 1st.
635
00:28:05,150 --> 00:28:06,710
Because of that issue, you're saying?
636
00:28:06,830 --> 00:28:08,070
No, because this is the budget.
637
00:28:08,090 --> 00:28:11,250
Oh, the budget's fiscal year, right?
638
00:28:11,350 --> 00:28:11,570
Right.
639
00:28:11,590 --> 00:28:14,130
So issues with the debt ceiling are certainly
640
00:28:14,130 --> 00:28:16,150
relevant and independent of this bill.
641
00:28:16,770 --> 00:28:19,010
So I think we've got that issue outstanding.
642
00:28:19,230 --> 00:28:24,190
Then you've got the the negotiations, the 90
643
00:28:24,190 --> 00:28:30,730
-day delay for most countries comes back to
644
00:28:30,730 --> 00:28:33,890
for tariff topic on July 9th.
645
00:28:33,890 --> 00:28:36,250
And for China is sometime in August.
646
00:28:36,550 --> 00:28:38,230
Do you remember August?
647
00:28:38,490 --> 00:28:41,650
Anyway, around about a month later, roughly.
648
00:28:42,090 --> 00:28:44,630
So, you know, this summer, we've got a
649
00:28:44,630 --> 00:28:50,110
variety of topics coming up that we want
650
00:28:50,110 --> 00:28:51,170
to pay attention to.
651
00:28:51,630 --> 00:28:54,550
This being one of the, you know, if
652
00:28:54,550 --> 00:28:57,870
we get this legislation passed, I do think
653
00:28:57,870 --> 00:29:01,650
that would give markets a little bit of
654
00:29:01,650 --> 00:29:08,590
enthusiasm around expectations for the economy and so
655
00:29:08,590 --> 00:29:10,510
forth, that this would be a favorable step.
656
00:29:11,350 --> 00:29:14,870
We got the tariffs, which I think remain
657
00:29:16,230 --> 00:29:19,170
somewhat elusive as to what to expect, you
658
00:29:19,170 --> 00:29:22,510
know, and then, and the economic consequence of
659
00:29:22,510 --> 00:29:22,790
that.
660
00:29:23,790 --> 00:29:26,270
Though, you know, they're clearly there's an effort
661
00:29:26,270 --> 00:29:30,150
to suggest that there are deals in the
662
00:29:30,150 --> 00:29:31,730
works, you know, that kind of thing.
663
00:29:31,890 --> 00:29:36,570
But what will actually come to fruition in
664
00:29:36,570 --> 00:29:38,070
a relatively short time?
665
00:29:38,750 --> 00:29:42,030
Or will we kick the can another 90
666
00:29:42,030 --> 00:29:43,670
days or, you know, that kind of thing?
667
00:29:44,250 --> 00:29:46,470
Will, you know, we saw the president in
668
00:29:46,470 --> 00:29:48,290
the last week do a little bit more
669
00:29:48,290 --> 00:29:52,070
social media posting about some of the challenges
670
00:29:52,070 --> 00:29:55,250
that are to come, perhaps positioning.
671
00:29:55,710 --> 00:29:58,070
But again, you know, one of these challenges
672
00:29:58,070 --> 00:29:59,890
scares the markets a bit.
673
00:30:00,050 --> 00:30:01,550
We saw the back end of last week.
674
00:30:02,130 --> 00:30:02,490
We'll see.
675
00:30:02,670 --> 00:30:05,050
And then this debt ceiling thing hopefully gets
676
00:30:05,050 --> 00:30:07,490
packaged into this a little bit to get
677
00:30:07,490 --> 00:30:08,490
us past that.
678
00:30:09,010 --> 00:30:11,730
Because that's another, we've seen this before where,
679
00:30:11,850 --> 00:30:18,790
you know, political chicken, you know, can be
680
00:30:18,790 --> 00:30:19,250
problematic.
681
00:30:20,190 --> 00:30:22,110
So certainly to market confidence.
682
00:30:22,390 --> 00:30:24,150
So lots to watch for.
683
00:30:24,290 --> 00:30:28,110
If you are not inclined to do this
684
00:30:28,110 --> 00:30:31,590
yourself, you may want to talk to a
685
00:30:31,590 --> 00:30:33,950
financial advisor, because I'll tell you, we're paying
686
00:30:33,950 --> 00:30:34,330
attention.
687
00:30:35,110 --> 00:30:36,670
There's a lot to pay attention to.
688
00:30:37,530 --> 00:30:39,950
And but anyway, if you need any help
689
00:30:39,950 --> 00:30:44,290
in dealing with your investments or financial planning,
690
00:30:44,850 --> 00:30:47,270
please don't hesitate to reach out to us.
691
00:30:47,710 --> 00:30:49,930
Until next time, everybody keeps driving for something
692
00:30:49,930 --> 00:30:50,270
more.
693
00:30:52,390 --> 00:30:54,170
Thank you for listening to something more with
694
00:30:54,170 --> 00:30:54,890
Chris Boyd.
695
00:30:55,190 --> 00:30:57,370
Call us for help, whether it's for financial
696
00:30:57,370 --> 00:31:01,270
planning or portfolio management, insurance concerns, or those
697
00:31:01,270 --> 00:31:03,310
quality of life issues that make the money
698
00:31:03,310 --> 00:31:04,410
matters matter.
699
00:31:04,810 --> 00:31:08,050
Whatever's on your mind, visit us at somethingmorewithchrisboyd
700
00:31:08,050 --> 00:31:11,250
.com or call us toll free at 866
701
00:31:11,250 --> 00:31:14,910
-771-8901.
702
00:31:15,050 --> 00:31:18,790
Or send us your questions to amr-info
703
00:31:18,790 --> 00:31:20,730
at wealthenhancement.com.
704
00:31:20,810 --> 00:31:22,850
You're listening to something more with Chris Boyd
705
00:31:22,850 --> 00:31:25,470
Financial Talk Show, Wealth Enhancement Advisory Services and
706
00:31:25,470 --> 00:31:25,590
J.
707
00:31:25,730 --> 00:31:28,030
Christopher Boyd provide investment advice on an individual
708
00:31:28,030 --> 00:31:29,170
basis to clients only.
709
00:31:29,330 --> 00:31:31,310
Proper advice depends on a complete analysis of
710
00:31:31,310 --> 00:31:32,530
all facts and circumstances.
711
00:31:32,810 --> 00:31:34,590
The information given on this program is general
712
00:31:34,590 --> 00:31:36,610
financial comments and cannot be relied upon as
713
00:31:36,610 --> 00:31:38,210
pertaining to your specific situation.
714
00:31:38,390 --> 00:31:40,390
Wealth Enhancement Group cannot guarantee that using the
715
00:31:40,390 --> 00:31:42,390
information from this show will generate profits or
716
00:31:42,390 --> 00:31:43,490
ensure freedom from loss.
717
00:31:43,710 --> 00:31:45,850
Listeners should consult their own financial advisors or
718
00:31:45,850 --> 00:31:47,970
conduct their own due diligence before making any
719
00:31:47,970 --> 00:31:48,730
financial decisions.
00:00:00,310 --> 00:00:02,910
Welcome to Something More with Chris Boyd.
2
00:00:03,130 --> 00:00:05,990
Chris Boyd is a certified financial planner, practitioner,
3
00:00:06,250 --> 00:00:08,730
and senior vice president and financial advisor at
4
00:00:08,730 --> 00:00:11,010
Wealth Enhancement Group, one of the nation's largest
5
00:00:11,010 --> 00:00:12,630
registered investment advisors.
6
00:00:13,170 --> 00:00:15,070
We call it Something More because we'd like
7
00:00:15,070 --> 00:00:17,190
to talk not only about those important dollar
8
00:00:17,190 --> 00:00:19,370
and cents issues, but also the quality of
9
00:00:19,370 --> 00:00:21,810
life issues that make the money matters matter.
10
00:00:22,010 --> 00:00:25,550
Here he is, your fulfillment facilitator, your partner
11
00:00:25,550 --> 00:00:28,710
in prosperity, advising clients on Cape Cod and
12
00:00:28,710 --> 00:00:29,770
across the country.
13
00:00:30,130 --> 00:00:32,590
Here's your host, Jay Christopher Boyd.
14
00:00:32,810 --> 00:00:35,950
Welcome everybody to another episode of Something More.
15
00:00:36,070 --> 00:00:38,610
I'm here with Jeff Perry and Russ Paul.
16
00:00:38,790 --> 00:00:40,530
We are of the AMR team at Wealth
17
00:00:40,530 --> 00:00:41,190
Enhancement Group.
18
00:00:41,470 --> 00:00:42,390
Glad to have you with us.
19
00:00:42,990 --> 00:00:45,270
House of Representatives successfully did it.
20
00:00:45,330 --> 00:00:47,150
They were trying to get something passed before
21
00:00:47,150 --> 00:00:48,890
Memorial Day weekend.
22
00:00:49,530 --> 00:00:53,530
So last week, the One Big Beautiful Bill,
23
00:00:53,710 --> 00:00:59,330
as it's known as, did successfully get passed
24
00:00:59,330 --> 00:01:00,610
by the House of Representatives.
25
00:01:00,950 --> 00:01:02,910
Now, that doesn't make it law.
26
00:01:03,430 --> 00:01:08,310
As we remember, our schoolhouse rock has to
27
00:01:08,310 --> 00:01:09,150
go to the Senate.
28
00:01:09,770 --> 00:01:13,490
And then in this case, unless it's the
29
00:01:13,490 --> 00:01:15,150
same bill, it has to go back to
30
00:01:15,150 --> 00:01:19,030
the House for a final agreement, approval of
31
00:01:19,030 --> 00:01:19,310
things.
32
00:01:19,430 --> 00:01:20,290
They hash things out.
33
00:01:20,950 --> 00:01:23,910
And then assuming everyone's in agreement, it goes
34
00:01:23,910 --> 00:01:26,350
to the president for signature before it becomes
35
00:01:26,350 --> 00:01:26,610
law.
36
00:01:26,990 --> 00:01:28,810
So there's a lot of things that could
37
00:01:28,810 --> 00:01:30,430
change still, but we're going to talk about
38
00:01:30,430 --> 00:01:33,930
some of the highlights of what appear to
39
00:01:33,930 --> 00:01:36,630
be, at least preliminarily, in this bill.
40
00:01:37,130 --> 00:01:39,510
So just at a high there's so much.
41
00:01:39,950 --> 00:01:41,430
I mean, what is this thing?
42
00:01:41,490 --> 00:01:43,010
A thousand page bill.
43
00:01:44,650 --> 00:01:47,070
So I was going to tease and say,
44
00:01:47,190 --> 00:01:48,550
well, you have to pass it before you
45
00:01:48,550 --> 00:01:50,490
can read it.
46
00:01:50,910 --> 00:01:53,230
But that's a different, that was a different
47
00:01:53,230 --> 00:01:54,310
That was the health care bill.
48
00:01:54,590 --> 00:01:56,710
That Nancy Pelosi said, yeah.
49
00:01:56,890 --> 00:01:57,270
Right.
50
00:01:57,870 --> 00:02:01,090
So in any case, for fun, let's what
51
00:02:01,090 --> 00:02:03,410
if that's for sense of fun, I'll grant
52
00:02:03,410 --> 00:02:05,130
you, but let's go through some of what
53
00:02:05,130 --> 00:02:08,650
we've got in this proposed legislation.
54
00:02:09,570 --> 00:02:12,230
Jeff, I think, you know, maybe we should
55
00:02:12,230 --> 00:02:15,370
start with a lot of this is intended
56
00:02:15,370 --> 00:02:19,610
to extend or make permanent some of the
57
00:02:19,610 --> 00:02:21,890
features of the Tax Cut and Jobs Act
58
00:02:21,890 --> 00:02:22,810
from 2017.
59
00:02:23,770 --> 00:02:27,570
Well, you referenced the so-called bill, whatever
60
00:02:27,570 --> 00:02:29,650
your language was, that's the title of this
61
00:02:29,650 --> 00:02:29,890
bill.
62
00:02:29,890 --> 00:02:31,090
This is house one.
63
00:02:31,410 --> 00:02:33,990
One big, beautiful bill is the title of
64
00:02:33,990 --> 00:02:34,330
the bill.
65
00:02:34,530 --> 00:02:37,610
And, you know, a long time ago, when
66
00:02:37,610 --> 00:02:40,270
our founding fathers were debating this new system,
67
00:02:40,550 --> 00:02:43,070
they talked about something called the single subject
68
00:02:43,070 --> 00:02:47,490
rule, where you only put items related to
69
00:02:47,490 --> 00:02:50,670
each other, like spending, or if there was
70
00:02:50,670 --> 00:02:52,350
a tax bill that would be separate, or
71
00:02:52,350 --> 00:02:53,770
if there's a border bill that would be
72
00:02:53,770 --> 00:02:55,530
separate, or if there was this bill or
73
00:02:55,530 --> 00:02:57,230
that bill, they'd all be separate.
74
00:02:57,390 --> 00:02:58,270
This is not that.
75
00:03:00,050 --> 00:03:02,370
This is, this is the one big, beautiful
76
00:03:02,370 --> 00:03:07,430
bill, which is an attempt, in my view,
77
00:03:08,030 --> 00:03:12,110
to pass through the promises that candidate Trump
78
00:03:12,110 --> 00:03:12,570
made.
79
00:03:13,130 --> 00:03:15,670
And I think he wants one bill, obviously,
80
00:03:16,070 --> 00:03:17,970
based on the name, it's, you can see
81
00:03:17,970 --> 00:03:19,010
the influence on it.
82
00:03:19,170 --> 00:03:21,870
But he wants one bill because the next
83
00:03:21,870 --> 00:03:23,450
election is pretty far away.
84
00:03:24,170 --> 00:03:26,710
And these are his agenda items, the closer
85
00:03:26,710 --> 00:03:28,830
it gets to the next election, the more
86
00:03:28,830 --> 00:03:31,070
that congressmen are worried about their votes.
87
00:03:31,770 --> 00:03:33,730
So this is a bill that's full of
88
00:03:33,730 --> 00:03:36,350
things that he promised on the campaign trail.
89
00:03:36,530 --> 00:03:38,770
And you're right to point out that a
90
00:03:38,770 --> 00:03:42,470
signature part of this bill is the making
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permanent the tax cuts, tax rates that were
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under the Tax and Jobs Act.
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They are sunsetting this year, if we don't
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continue them.
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Yeah.
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And this House version, which did pass by
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a whopping one vote, 215 to 214, right?
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I think a couple of presents just to
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allow it to get through, right?
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Yeah.
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A present vote is, you've turned my arm
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so much that I don't...
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I won't vote against it, but I won't
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vote for it.
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Yeah.
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No one's going to be able to hold
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the roll call up and me have a
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Y next to it for yes.
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Yeah.
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It's a very political vote, non-vote.
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But yes, so the signature piece, there's a
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lot to talk about, as you mentioned, but
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the signature piece is making these tax cuts
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permanent, no more sunsetting.
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And I think, I don't know, most people
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love a tax cut.
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So I don't think that's the foundational problem
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with the bill.
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There's a lot of missteps, but there's a
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lot of other things.
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Just to go through a few highlights from
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his, to make it political for a minute,
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of the things that he promised, right?
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So he promised the tax cuts.
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He promised that he would make no taxes
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on tips and overtime, which is in the
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bill.
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He promised, President Trump promised more money for
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the border.
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There's more money for the border in there.
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He promised more military spending.
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There's more military spending in there, including something
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that was not discussed, which is a hilarious
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name if you think about it, $25 billion
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for the Golden Dome.
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Yeah.
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I don't know.
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Oh boy.
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You gotta laugh.
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I mean, this is all on purpose, obviously.
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So some of his signature things are in
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there.
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I think the one missing thing out of
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all that, and there's a lot more that
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we can talk about, but just to not
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talk the whole time.
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I think the missing thing are significant cuts
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to spending.
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If that's one of his, with Doge and
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one of the promises that was made to
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the American people, it is not achieved in
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this one big, beautiful bill.
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No.
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I think there's expectation that this would cause
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increases.
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And to recall what the number was, a
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couple, $3.8 trillion, I think, over 10
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years.
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However, that's a little bit misleading, I think,
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because we're already outspending.
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So it's not to say that over 10
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years, our Congress would only outspend their revenues
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by $3.8 trillion.
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It's that this would just add an additional
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$3.8 trillion.
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So if we're outspending, I don't know, $1
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to $2 trillion a year, depending on how
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you want to calculate it.
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But this would add another $3.8 trillion
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on top of that $1 to $2 trillion
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a year for the next 10 years.
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Then you're putting another, call it $4 trillion
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on top of that.
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Right.
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Nothing close to a balanced budget, for sure.
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Right.
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Right.
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And adding to the national debt of another
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roughly $400 million on top of the shortfall
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we already have.
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Jeff, this is a little off topic, but
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given, I know your preferred approach to policy
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would be lower taxes to generate more economic
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revenue, that that's the way you'd ideally facilitate
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a way to get out of this, cut
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costs, cut spending and not raise taxes type
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of an approach.
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Do you think that's possible at this point
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with the amount of deficits we're running?
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Do you think that we can cut our
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spending sufficiently to not have to raise taxes?
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I think it's possible, like mathematically possible, if
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the federal government focused in on what the
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role of the federal government should be and
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what we can, most of us can agree
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what it should be.
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But I don't think it's politically possible at
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this time.
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It would take a long runway maybe for
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the reduced rate of spending.
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Like if you said, oh, we're going to
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not just cut spending, but curb the growth
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of spending as a way to try to
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do it.
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But even that, I really am as much
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as, I love the idea of being able
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to do that.
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I just am at a point where you
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look at what's in government spending and like,
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it's where would you cut?
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You know what I mean?
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So there's a limit to how much you
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can cut.
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And when we think about entitlements having some
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shortfalls on the horizon, we talk about social
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security more readily.
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We don't talk about Medicare all that much,
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but I know that's a similar kind of
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challenge that just strikes me as probably going
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to be a painful rude awakening at some
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point where we're getting the benefit of lower
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taxes now, but that may not be the
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case a decade from now or maybe less
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than that.
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And so I think when it comes to
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planning, clients and listeners should, if this passes,
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take advantage of the window you have with
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lower tax rates because it's going to be
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challenging to keep those rates lower in the
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future.
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Yeah.
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Anything you said about my political philosophy is
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true.
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So I'm going to put that out there
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as I'm not disagreeing with your description of
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it.
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I'd go even further.
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I mean, that would be my preference too.
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I think I'm more with Senator Rand Paul
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in the Senate who has said this bill
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is still too bloated.
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And the president made some big promises that
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aren't in the bill that would have saved
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money, whether or not you agree with them,
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but I think it has to do with
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your view of your role of government.
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And I think one of the compelling statements
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from Republicans, including President Trump, but long before
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President Trump, including President Reagan, that's how far
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back we can go with this, was the
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elimination of the Department of Education.
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I mean, it's not going to save the
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budget, don't get me wrong, but it is
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a fundamental discussion, debate of whether or not
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that is the role of government.
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Of the federal government.
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Right.
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To collect tax dollars from all the taxpayers
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and then just basically give them back to
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the states in different forms, right?
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And the cost.
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To facilitate certain activities that are policy objectives,
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yeah.
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That's not, in my view, the role of
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the federal government.
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In fact, the word education isn't in the
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Constitution.
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And so if you're a strict conservative, and
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President Trump is not, I'll argue with people
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all day about this, you would be trying
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to get back to those principles about what
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the federal government's role is.
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And arguably, part of the reason, a significant
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reason that we have such a budget deficit
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and national debt is we're doing things far
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beyond.
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And the reductions that President Trump talked about
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during the campaign and others, Republicans, for decades,
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are simply not in this bill.
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Yeah, I mean, I think, I'm not going
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to challenge you on any of that.
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But I think, you know, when it comes
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to, neither is the Social Security and Medicare
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in the Constitution, or any of, you know,
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you can point to those types of things.
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But they are, at this point, I think,
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social contracts that it'd be hard to change
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your direction on that.
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I'm not sure there's a political will to
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do that.
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You know, you get to the point where
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we can probably make that same challenge on
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where are we with healthcare and stuff, which,
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again, not really, you know, something that the
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role of federal government should have a hand
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in, other than maybe a regulatory, you know,
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basis.
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But, you know, it just becomes a challenge
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as to how do you navigate these issues,
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right?
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I'd separate out Social Security and Medicare, those
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are entitlements that are earned by payment of
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additional taxes.
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Yeah.
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So I do put them in a different
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category than some of these other subjects, for
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sure.
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Yeah, it's a good discussion, probably worthy of
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its own show.
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It is.
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My point is not to get into the
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specifics of any of these things.
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But I was, you know, starting with the
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positives that a number of the President's initiatives
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that he talked about in the campaign are
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in this one big, beautiful bill.
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But if you were to give him a
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grade about the percentage of the things that
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are in the bill, I'm not sure it's
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a passing grade because these cuts, you know,
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Doge, for better or for worse, was supposed
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to like be the initial kickstart to identifying
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things that many of us fiscal conservatives looked
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at and said, okay, they're going to dig
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in, they're going to identify cuts that will
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be in the budget, the thing and the
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courts went right along with that.
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They stopped the President from making unilateral cuts,
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because they're part of the budget process.
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They're part of the congressional process.
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The President didn't have the executive power to
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make certain cuts.
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So it was logical to me that the
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things that came out of Doge, the campaign
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or the new administration would be included in
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this one big, beautiful bill to try to
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offset some of this additional spending and, and
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giveaways.
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I mean, how much how much does it
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cost us not to tax overtime?
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Sure, it's a great thing.
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It's a great campaign speech.
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But we can't just keep giving things away
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to your point about taxes.
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Yeah, do it.
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Well, we can do it.
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But we can't do it by taxing, even
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at the new even at this now permanent
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lower rate, perhaps if it passes the Senate.
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Yeah, if it were to become permanent, we've
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taken I don't know the figure I haven't
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seen yet, but hundreds of millions, billions of
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dollars off the table that won't be taxed
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because they were in the form of tips
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and or overtime.
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Right?
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Sorry, sorry, because one piece that is important
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to note is that while it's being called
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permanent, you know, it's permanent for now, I
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think, kind of to your to your point,
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the if we were saying for planning purposes,
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that it's always going to be this these
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tax rates going forward.
364
00:14:59,010 --> 00:15:01,110
And definitely, a lot of plans would be
365
00:15:01,110 --> 00:15:04,030
looking pretty great, especially when it comes to
366
00:15:04,030 --> 00:15:05,110
the amount we're paying taxes.
367
00:15:05,830 --> 00:15:08,430
But realistically, you know, that might not be
368
00:15:08,430 --> 00:15:10,330
that might not be the case permanent is
369
00:15:10,330 --> 00:15:11,570
until the rules change.
370
00:15:12,610 --> 00:15:15,150
So that's what I keep reading, at least.
371
00:15:15,790 --> 00:15:16,430
You're right.
372
00:15:16,590 --> 00:15:19,630
And the next administration could another Congress could
373
00:15:19,630 --> 00:15:20,390
do it.
374
00:15:20,410 --> 00:15:23,390
And as far as permanent, the reduction or
375
00:15:23,390 --> 00:15:26,210
the elimination of taxes on tips and overtime
376
00:15:26,210 --> 00:15:27,250
is not permanent.
377
00:15:27,670 --> 00:15:29,410
There is a sunset, I think it's three
378
00:15:29,410 --> 00:15:30,230
years or something.
379
00:15:31,410 --> 00:15:34,330
I'll sit on some of the characteristics in
380
00:15:34,330 --> 00:15:34,570
here.
381
00:15:34,730 --> 00:15:39,390
I think we expect if this becomes law,
382
00:15:39,570 --> 00:15:42,950
which again, stay tuned, there's a lot that
383
00:15:42,950 --> 00:15:44,530
has to happen before that's the case.
384
00:15:44,530 --> 00:15:50,430
It does maintain some, some small business business
385
00:15:50,430 --> 00:15:53,610
deduction, was this the 20% deduction of
386
00:15:53,610 --> 00:15:54,950
qualified small businesses.
387
00:15:55,670 --> 00:15:58,870
It's the alternative minimum tax changes that made
388
00:15:58,870 --> 00:16:02,310
that a higher threshold before people have to
389
00:16:02,310 --> 00:16:05,370
worry about the alternative minimum tax would would
390
00:16:05,370 --> 00:16:06,670
be extended.
391
00:16:07,270 --> 00:16:10,670
When it comes to the estate tax.
392
00:16:12,230 --> 00:16:17,230
Instead of reverting to what was it going
393
00:16:17,230 --> 00:16:19,070
to be $7 million or something?
394
00:16:19,570 --> 00:16:23,390
Yeah, it would keep the threshold high, perhaps
395
00:16:23,390 --> 00:16:25,110
somewhere around $15 million.
396
00:16:26,890 --> 00:16:29,710
Individual tax rates, though, we were just talking
397
00:16:29,710 --> 00:16:32,010
about these the the rate of tax and
398
00:16:32,010 --> 00:16:34,770
the bands of income that puts you into
399
00:16:34,770 --> 00:16:38,470
which tax bracket, keep in mind, the tax
400
00:16:38,470 --> 00:16:42,810
cut and jobs act, raised the income levels
401
00:16:42,810 --> 00:16:45,290
before you hit the next band of higher
402
00:16:45,290 --> 00:16:48,690
tax rate, and lowered the rates within each
403
00:16:48,690 --> 00:16:49,310
of those bands.
404
00:16:49,770 --> 00:16:51,970
So it's a lower tax rate for most
405
00:16:51,970 --> 00:16:54,650
people, when it came to the standard deduction,
406
00:16:54,870 --> 00:16:59,050
elevated the standard deduction, so that most people
407
00:16:59,050 --> 00:17:02,690
don't have to itemize, they're benefited by a
408
00:17:02,690 --> 00:17:05,069
lot of rather large standard deduction.
409
00:17:05,950 --> 00:17:08,750
So that would all be made permanent.
410
00:17:09,730 --> 00:17:10,930
What were some of the other things?
411
00:17:11,510 --> 00:17:13,329
Corporate tax breaks?
412
00:17:13,849 --> 00:17:15,450
How did that work out?
413
00:17:15,609 --> 00:17:18,470
There were a variety of things that happened
414
00:17:18,470 --> 00:17:21,990
in the corporate tax space of assault tax.
415
00:17:22,170 --> 00:17:23,250
Let me go back to that.
416
00:17:23,510 --> 00:17:27,069
The state and local tax, instead of it
417
00:17:27,069 --> 00:17:34,430
being $10,000 cap, for your real estate
418
00:17:34,430 --> 00:17:37,730
tax bill, as an example, there'd be up
419
00:17:37,730 --> 00:17:40,530
to $40,000.
420
00:17:41,290 --> 00:17:43,230
Was it 40 or 50,000?
421
00:17:43,350 --> 00:17:44,170
40,000.
422
00:17:44,370 --> 00:17:46,490
I'd be very surprised that one survives.
423
00:17:47,230 --> 00:17:49,370
Yeah, it'll get beat up a little bit.
424
00:17:50,150 --> 00:17:55,350
Child tax credit would be increased for a
425
00:17:55,350 --> 00:17:56,430
period of time.
426
00:17:56,770 --> 00:17:58,590
Was it like five years, I think?
427
00:17:59,990 --> 00:18:00,750
Do you guys remember?
428
00:18:01,470 --> 00:18:03,330
Oh, no, it was through 2028, I see
429
00:18:03,330 --> 00:18:06,970
it here, to $2,500, and then go,
430
00:18:07,490 --> 00:18:09,990
which I think it's around 2000 now, but
431
00:18:09,990 --> 00:18:11,790
go to $2,000 thereafter.
432
00:18:13,210 --> 00:18:17,710
The tax credits for the electric vehicles and
433
00:18:17,710 --> 00:18:21,390
the energy efficient stuff basically disappear in this
434
00:18:21,390 --> 00:18:21,770
new bill.
435
00:18:22,570 --> 00:18:26,330
I just was getting the impression that that
436
00:18:26,330 --> 00:18:31,290
seems also like something that's probably more challenged
437
00:18:31,290 --> 00:18:34,830
to get through the Senate, that there will
438
00:18:34,830 --> 00:18:37,510
be constituents who will want to keep some
439
00:18:37,510 --> 00:18:42,850
of that green energy development and encouragement in
440
00:18:42,850 --> 00:18:47,730
the tax code, particularly as it relates to
441
00:18:47,730 --> 00:18:52,870
different jurisdictions that have more impact, benefit from
442
00:18:52,870 --> 00:18:53,210
that.
443
00:18:54,250 --> 00:18:55,610
Any thoughts on that?
444
00:18:55,710 --> 00:18:58,790
In the House process, where it was razor
445
00:18:58,790 --> 00:19:02,610
thin, obviously, certain things had to be given
446
00:19:02,610 --> 00:19:03,890
to get certain votes.
447
00:19:04,030 --> 00:19:09,050
There are a number of Republican congressmen who
448
00:19:09,050 --> 00:19:12,810
live in blue states, and so they were
449
00:19:12,810 --> 00:19:15,530
pushing no vote unless they get SALT, right?
450
00:19:15,910 --> 00:19:19,590
SALT, which is the higher income tax states
451
00:19:19,590 --> 00:19:21,210
are affected by that.
452
00:19:21,890 --> 00:19:25,150
And many of these things, like the child
453
00:19:25,150 --> 00:19:29,470
tax credit and Medicaid, we haven't talked about
454
00:19:29,470 --> 00:19:31,710
it, but Medicaid is a big issue with
455
00:19:31,710 --> 00:19:35,210
some senators who have been very vocal about
456
00:19:35,210 --> 00:19:35,310
it.
457
00:19:35,330 --> 00:19:36,730
I know of two senators who have said
458
00:19:36,730 --> 00:19:38,350
they won't vote for the House bill because
459
00:19:38,350 --> 00:19:40,050
of the reductions to Medicaid.
460
00:19:40,370 --> 00:19:42,030
Yeah, just tell a little bit about that.
461
00:19:42,330 --> 00:19:48,530
Right now, Medicaid is covered about half by
462
00:19:48,530 --> 00:19:51,690
the state and half by the federal funding.
463
00:19:52,450 --> 00:19:54,390
They were looking to change that dramatically.
464
00:19:54,510 --> 00:19:55,950
They want to push more on the states,
465
00:19:55,990 --> 00:19:57,910
and they also want to, a big part
466
00:19:57,910 --> 00:19:59,330
of the bill, which I'm in favor of,
467
00:19:59,430 --> 00:20:01,490
it's controversial, but I'll state I'm in favor
468
00:20:01,490 --> 00:20:02,910
of it, is work requirements.
469
00:20:04,290 --> 00:20:06,490
And not just work, so this is all
470
00:20:06,490 --> 00:20:08,670
part of a compromise that you had, don't
471
00:20:08,670 --> 00:20:10,390
get me wrong, I think it's 80 hours
472
00:20:10,390 --> 00:20:12,390
a month, but that could have changed, that
473
00:20:12,390 --> 00:20:15,970
you had to have employment, education, or community
474
00:20:15,970 --> 00:20:17,330
involvement, volunteering.
475
00:20:18,110 --> 00:20:21,270
What is meant by able-bodied, I guess,
476
00:20:21,490 --> 00:20:24,650
remains to be clarified to some extent, right?
477
00:20:24,710 --> 00:20:27,190
Right, and there's an exception for a mother
478
00:20:27,190 --> 00:20:29,810
who has a child under a certain age
479
00:20:29,810 --> 00:20:32,690
and all this stuff, but the work requirement,
480
00:20:32,930 --> 00:20:34,330
I think, has a place.
481
00:20:34,470 --> 00:20:36,570
I don't think there's any reason that people
482
00:20:36,570 --> 00:20:39,650
eligible for free benefits who just are able
483
00:20:39,650 --> 00:20:42,430
to and make no effort at all to
484
00:20:42,430 --> 00:20:44,570
support themselves at all.
485
00:20:44,650 --> 00:20:46,250
I think that's, we saw that in President
486
00:20:46,970 --> 00:20:50,930
Clinton's tenure with welfare reform and work requirements,
487
00:20:51,050 --> 00:20:53,490
and it was very successful by reducing welfare
488
00:20:53,490 --> 00:20:56,110
and motivating people to get out in the
489
00:20:56,110 --> 00:20:56,390
workforce.
490
00:20:56,890 --> 00:20:59,590
So, my larger point is, when we get
491
00:20:59,590 --> 00:21:03,430
to the Senate, there are less, there are
492
00:21:03,430 --> 00:21:05,750
less individual things that matter to a given
493
00:21:05,750 --> 00:21:10,730
congressional district, and it's more larger philosophical points
494
00:21:10,730 --> 00:21:13,310
of view that take root, such as Rand
495
00:21:13,310 --> 00:21:16,130
Paul, a senator from Kentucky, he's not talking
496
00:21:16,130 --> 00:21:18,050
about a specific part of the bill, he's
497
00:21:18,050 --> 00:21:20,170
talking about big spending.
498
00:21:20,470 --> 00:21:24,030
A couple senators are just talking about the
499
00:21:24,030 --> 00:21:25,830
Medicaid process itself.
500
00:21:26,050 --> 00:21:29,070
So, I think there'll be more policy-driven
501
00:21:29,070 --> 00:21:31,610
than this giveaway or that giveaway or that
502
00:21:31,610 --> 00:21:34,230
negotiation on this particular element.
503
00:21:34,850 --> 00:21:37,830
And so, back to your kind of question
504
00:21:37,830 --> 00:21:40,850
about green energy and electric vehicles, that goes
505
00:21:40,850 --> 00:21:41,950
more to a policy.
506
00:21:42,910 --> 00:21:45,830
Do you want the policy, the tax policy
507
00:21:45,830 --> 00:21:47,370
in the United States to be favorable towards
508
00:21:47,370 --> 00:21:49,790
green energy and energy efficiency or not?
509
00:21:50,250 --> 00:21:50,730
Yeah.
510
00:21:50,850 --> 00:21:52,990
So, I could see, you know, I could
511
00:21:52,990 --> 00:21:56,310
see there being a few Republican senators who
512
00:21:56,310 --> 00:21:59,610
will support maintaining the status quo, and they
513
00:21:59,610 --> 00:22:00,990
wouldn't have the votes to keep it in
514
00:22:00,990 --> 00:22:01,370
there.
515
00:22:01,430 --> 00:22:04,530
And what is there about a three-senator
516
00:22:04,530 --> 00:22:05,850
majority right now?
517
00:22:06,230 --> 00:22:09,850
They can lose three votes, there's 53 Republican
518
00:22:09,850 --> 00:22:12,670
senators that can lose three, and then if
519
00:22:12,670 --> 00:22:15,150
it was a tie, the vice president would
520
00:22:15,150 --> 00:22:16,870
come in and be the tiebreaker.
521
00:22:17,230 --> 00:22:19,150
Presumably push it over the edge.
522
00:22:19,150 --> 00:22:22,470
So, I haven't seen any issue with three,
523
00:22:22,730 --> 00:22:27,570
I mean with four senators, but we'll see.
524
00:22:27,750 --> 00:22:31,830
It's the goal, the stated goal from both
525
00:22:31,830 --> 00:22:35,010
congressional leaders, Senator Thune, and obviously the House
526
00:22:35,010 --> 00:22:38,790
met its initial step, was to have the
527
00:22:38,790 --> 00:22:40,470
bill signed by July 4th.
528
00:22:42,930 --> 00:22:44,990
Let's come back to talking about that in
529
00:22:44,990 --> 00:22:46,010
just another moment.
530
00:22:46,410 --> 00:22:48,710
I want to just cover a couple of
531
00:22:48,710 --> 00:22:52,770
other things that we maybe hadn't included that
532
00:22:52,770 --> 00:22:54,950
were in the, you know, like overview of
533
00:22:54,950 --> 00:22:55,290
this.
534
00:22:56,250 --> 00:23:00,950
I think there was something about a limit
535
00:23:00,950 --> 00:23:05,930
on what are tax remittances sent abroad?
536
00:23:06,090 --> 00:23:09,070
Is that meaning if I pay foreign taxes,
537
00:23:09,130 --> 00:23:11,290
I'm limited on how much benefit I get
538
00:23:11,290 --> 00:23:13,070
from paying those taxes?
539
00:23:13,070 --> 00:23:16,330
I think there's a cap on that.
540
00:23:16,830 --> 00:23:21,950
And then there was content about university endowments,
541
00:23:22,770 --> 00:23:25,590
going to try and tax them more.
542
00:23:26,350 --> 00:23:30,350
And then non-profits, it grants the U
543
00:23:30,350 --> 00:23:33,770
.S. Treasury Department the authority to revoke tax
544
00:23:33,770 --> 00:23:39,990
-exempt status for non-profits deemed to support
545
00:23:39,990 --> 00:23:40,750
terrorism.
546
00:23:42,130 --> 00:23:44,150
That sounds pretty political, don't you think?
547
00:23:44,530 --> 00:23:46,130
I think it's a restatement of the current
548
00:23:46,130 --> 00:23:49,470
law and political in nature, you know, that
549
00:23:49,470 --> 00:23:52,710
the U.S. Treasury and the IRS specifically
550
00:23:52,710 --> 00:23:56,030
already have the authority to revoke non-profit
551
00:23:56,030 --> 00:23:58,050
status if they're not complying with the non
552
00:23:58,050 --> 00:23:59,150
-profit rule.
553
00:23:59,150 --> 00:24:00,690
Yeah, yeah, exactly.
554
00:24:01,090 --> 00:24:02,630
But I think this seems like it's trying
555
00:24:02,630 --> 00:24:05,890
to politicize some of what's been going on
556
00:24:05,890 --> 00:24:06,050
with...
557
00:24:06,050 --> 00:24:10,350
I think both of that and the college
558
00:24:10,350 --> 00:24:16,070
endowments are taking shots at these big universities
559
00:24:16,070 --> 00:24:18,390
that tend to be more liberal and have
560
00:24:18,390 --> 00:24:22,530
allegations of supporting activities among students or allowing
561
00:24:22,530 --> 00:24:26,010
it that are arguably anti-Semitic and trying
562
00:24:26,010 --> 00:24:27,930
to put some pressure on them to change
563
00:24:27,930 --> 00:24:30,150
their posture with that.
564
00:24:31,850 --> 00:24:36,690
Other comments about the bill?
565
00:24:36,950 --> 00:24:38,650
We talked about the deficit.
566
00:24:39,530 --> 00:24:45,710
It said that there was about $2 trillion
567
00:24:45,710 --> 00:24:48,730
in spending cuts that you talked about, a
568
00:24:48,730 --> 00:24:52,390
lot of that in Medicaid, the food stamps
569
00:24:52,390 --> 00:24:53,370
program, SNAP.
570
00:24:53,470 --> 00:24:57,690
I think you mentioned clean energy as well.
571
00:24:58,130 --> 00:24:59,950
And then you started talking about this issue,
572
00:25:00,150 --> 00:25:06,030
so just the probabilities of its success in
573
00:25:06,030 --> 00:25:06,510
the Senate.
574
00:25:08,870 --> 00:25:12,270
So it does seem that there's...
575
00:25:14,490 --> 00:25:18,270
it's not going to be an easy walk
576
00:25:18,270 --> 00:25:20,450
in the park to get this through, right?
577
00:25:21,060 --> 00:25:22,190
I don't think so.
578
00:25:23,490 --> 00:25:27,770
The president has shown great influence over the
579
00:25:27,770 --> 00:25:32,330
party on getting pieces through the legislative process.
580
00:25:34,350 --> 00:25:36,990
We talked about the House turning a couple
581
00:25:36,990 --> 00:25:40,290
of reps into firm no's to, I'm here,
582
00:25:40,370 --> 00:25:41,130
but I'm not voting.
583
00:25:41,790 --> 00:25:44,190
It's not an easy thing to do, especially
584
00:25:44,190 --> 00:25:48,310
when you I'm pretty ideological.
585
00:25:49,910 --> 00:25:55,090
So I won't be surprised if the Senate
586
00:25:55,090 --> 00:25:55,790
gets it done.
587
00:25:56,090 --> 00:25:57,710
I'll be surprised if it's the same.
588
00:25:58,350 --> 00:26:01,690
So process-wise, which may not be in
589
00:26:01,690 --> 00:26:05,350
that it's a bill video, but if the
590
00:26:05,350 --> 00:26:10,250
Senate passes something different than the House, amends
591
00:26:10,250 --> 00:26:12,350
it, writes their own, it has to go
592
00:26:12,350 --> 00:26:14,930
back to the House for an up or
593
00:26:14,930 --> 00:26:15,470
down vote.
594
00:26:15,830 --> 00:26:17,110
They accept it or they don't.
595
00:26:18,550 --> 00:26:20,550
So the House is kind of at an
596
00:26:20,550 --> 00:26:22,190
inferior position at that point.
597
00:26:23,090 --> 00:26:24,990
If they reject it or don't have the
598
00:26:24,990 --> 00:26:26,630
votes to pass, it would be more accurate.
599
00:26:27,570 --> 00:26:31,250
The process actually would have to basically start
600
00:26:31,250 --> 00:26:31,590
over.
601
00:26:34,230 --> 00:26:38,570
On a good note, process-wise, it's possible
602
00:26:38,570 --> 00:26:41,930
that we, the United States, for the first
603
00:26:41,930 --> 00:26:44,410
time in a very long time, could have
604
00:26:44,410 --> 00:26:47,250
a budget, a bill, passed before the fiscal
605
00:26:47,250 --> 00:26:49,290
year starts and goes for the whole year.
606
00:26:50,450 --> 00:26:52,070
That would be amazing, right?
607
00:26:52,090 --> 00:26:52,490
Wouldn't it?
608
00:26:52,870 --> 00:26:53,190
Yeah.
609
00:26:53,530 --> 00:26:57,470
I mean, it sounds so foolish, but it
610
00:26:57,470 --> 00:26:58,230
would be amazing.
611
00:26:58,550 --> 00:27:01,130
We haven't had that in a long time.
612
00:27:01,430 --> 00:27:06,630
Supplemental budgets, debt ceilings, all these different terms
613
00:27:06,630 --> 00:27:08,730
that were needed.
614
00:27:08,890 --> 00:27:11,090
Well, to that point, let's just talk about,
615
00:27:11,190 --> 00:27:15,350
I think there's the risk of volatility over
616
00:27:15,350 --> 00:27:18,710
the summer that investors should keep in mind.
617
00:27:18,810 --> 00:27:21,810
So we've got this issue, the passage of
618
00:27:21,810 --> 00:27:23,210
this legislation.
619
00:27:24,830 --> 00:27:29,690
The debt ceiling is its own conversation.
620
00:27:30,130 --> 00:27:31,770
Is it tied to the bill?
621
00:27:32,710 --> 00:27:34,350
I believe so.
622
00:27:34,470 --> 00:27:35,290
I don't know if it made it into
623
00:27:35,290 --> 00:27:37,710
the House version, but there was a provision
624
00:27:37,710 --> 00:27:41,810
in the discussion about the debt ceiling.
625
00:27:41,910 --> 00:27:42,970
I don't know if it made it.
626
00:27:43,390 --> 00:27:45,330
The debt ceiling is one of these issues
627
00:27:45,330 --> 00:27:46,950
that is kind of looming out there kind
628
00:27:46,950 --> 00:27:47,970
of soon, right?
629
00:27:48,050 --> 00:27:51,090
We're already into those emergency measures and all
630
00:27:51,090 --> 00:27:51,910
that kind of stuff.
631
00:27:52,470 --> 00:27:56,210
And the timeline on that's coming up.
632
00:27:56,630 --> 00:27:58,530
I think it's before this bill.
633
00:27:58,650 --> 00:28:02,030
This bill, if passed, would take an effect
634
00:28:02,030 --> 00:28:03,130
October 1st.
635
00:28:05,150 --> 00:28:06,710
Because of that issue, you're saying?
636
00:28:06,830 --> 00:28:08,070
No, because this is the budget.
637
00:28:08,090 --> 00:28:11,250
Oh, the budget's fiscal year, right?
638
00:28:11,350 --> 00:28:11,570
Right.
639
00:28:11,590 --> 00:28:14,130
So issues with the debt ceiling are certainly
640
00:28:14,130 --> 00:28:16,150
relevant and independent of this bill.
641
00:28:16,770 --> 00:28:19,010
So I think we've got that issue outstanding.
642
00:28:19,230 --> 00:28:24,190
Then you've got the the negotiations, the 90
643
00:28:24,190 --> 00:28:30,730
-day delay for most countries comes back to
644
00:28:30,730 --> 00:28:33,890
for tariff topic on July 9th.
645
00:28:33,890 --> 00:28:36,250
And for China is sometime in August.
646
00:28:36,550 --> 00:28:38,230
Do you remember August?
647
00:28:38,490 --> 00:28:41,650
Anyway, around about a month later, roughly.
648
00:28:42,090 --> 00:28:44,630
So, you know, this summer, we've got a
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00:28:44,630 --> 00:28:50,110
variety of topics coming up that we want
650
00:28:50,110 --> 00:28:51,170
to pay attention to.
651
00:28:51,630 --> 00:28:54,550
This being one of the, you know, if
652
00:28:54,550 --> 00:28:57,870
we get this legislation passed, I do think
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00:28:57,870 --> 00:29:01,650
that would give markets a little bit of
654
00:29:01,650 --> 00:29:08,590
enthusiasm around expectations for the economy and so
655
00:29:08,590 --> 00:29:10,510
forth, that this would be a favorable step.
656
00:29:11,350 --> 00:29:14,870
We got the tariffs, which I think remain
657
00:29:16,230 --> 00:29:19,170
somewhat elusive as to what to expect, you
658
00:29:19,170 --> 00:29:22,510
know, and then, and the economic consequence of
659
00:29:22,510 --> 00:29:22,790
that.
660
00:29:23,790 --> 00:29:26,270
Though, you know, they're clearly there's an effort
661
00:29:26,270 --> 00:29:30,150
to suggest that there are deals in the
662
00:29:30,150 --> 00:29:31,730
works, you know, that kind of thing.
663
00:29:31,890 --> 00:29:36,570
But what will actually come to fruition in
664
00:29:36,570 --> 00:29:38,070
a relatively short time?
665
00:29:38,750 --> 00:29:42,030
Or will we kick the can another 90
666
00:29:42,030 --> 00:29:43,670
days or, you know, that kind of thing?
667
00:29:44,250 --> 00:29:46,470
Will, you know, we saw the president in
668
00:29:46,470 --> 00:29:48,290
the last week do a little bit more
669
00:29:48,290 --> 00:29:52,070
social media posting about some of the challenges
670
00:29:52,070 --> 00:29:55,250
that are to come, perhaps positioning.
671
00:29:55,710 --> 00:29:58,070
But again, you know, one of these challenges
672
00:29:58,070 --> 00:29:59,890
scares the markets a bit.
673
00:30:00,050 --> 00:30:01,550
We saw the back end of last week.
674
00:30:02,130 --> 00:30:02,490
We'll see.
675
00:30:02,670 --> 00:30:05,050
And then this debt ceiling thing hopefully gets
676
00:30:05,050 --> 00:30:07,490
packaged into this a little bit to get
677
00:30:07,490 --> 00:30:08,490
us past that.
678
00:30:09,010 --> 00:30:11,730
Because that's another, we've seen this before where,
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00:30:11,850 --> 00:30:18,790
you know, political chicken, you know, can be
680
00:30:18,790 --> 00:30:19,250
problematic.
681
00:30:20,190 --> 00:30:22,110
So certainly to market confidence.
682
00:30:22,390 --> 00:30:24,150
So lots to watch for.
683
00:30:24,290 --> 00:30:28,110
If you are not inclined to do this
684
00:30:28,110 --> 00:30:31,590
yourself, you may want to talk to a
685
00:30:31,590 --> 00:30:33,950
financial advisor, because I'll tell you, we're paying
686
00:30:33,950 --> 00:30:34,330
attention.
687
00:30:35,110 --> 00:30:36,670
There's a lot to pay attention to.
688
00:30:37,530 --> 00:30:39,950
And but anyway, if you need any help
689
00:30:39,950 --> 00:30:44,290
in dealing with your investments or financial planning,
690
00:30:44,850 --> 00:30:47,270
please don't hesitate to reach out to us.
691
00:30:47,710 --> 00:30:49,930
Until next time, everybody keeps driving for something
692
00:30:49,930 --> 00:30:50,270
more.
693
00:30:52,390 --> 00:30:54,170
Thank you for listening to something more with
694
00:30:54,170 --> 00:30:54,890
Chris Boyd.
695
00:30:55,190 --> 00:30:57,370
Call us for help, whether it's for financial
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00:30:57,370 --> 00:31:01,270
planning or portfolio management, insurance concerns, or those
697
00:31:01,270 --> 00:31:03,310
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698
00:31:03,310 --> 00:31:04,410
matters matter.
699
00:31:04,810 --> 00:31:08,050
Whatever's on your mind, visit us at somethingmorewithchrisboyd
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00:31:11,250 --> 00:31:14,910
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702
00:31:15,050 --> 00:31:18,790
Or send us your questions to amr-info
703
00:31:18,790 --> 00:31:20,730
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704
00:31:20,810 --> 00:31:22,850
You're listening to something more with Chris Boyd
705
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Financial Talk Show, Wealth Enhancement Advisory Services and
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J.
707
00:31:25,730 --> 00:31:28,030
Christopher Boyd provide investment advice on an individual
708
00:31:28,030 --> 00:31:29,170
basis to clients only.
709
00:31:29,330 --> 00:31:31,310
Proper advice depends on a complete analysis of
710
00:31:31,310 --> 00:31:32,530
all facts and circumstances.
711
00:31:32,810 --> 00:31:34,590
The information given on this program is general
712
00:31:34,590 --> 00:31:36,610
financial comments and cannot be relied upon as
713
00:31:36,610 --> 00:31:38,210
pertaining to your specific situation.
714
00:31:38,390 --> 00:31:40,390
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ensure freedom from loss.
717
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Listeners should consult their own financial advisors or
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conduct their own due diligence before making any
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