BBB Tax Relief for All

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Episode Transcript

Speaker 1 (00:00):
Welcome to Check with Chip, brought to you by Operation
Blue Dot Red, turning the Blue Dot Red one podcast
at a time. Did you survive Tax Day? April fifteenth?
Tax season this year has a lot of good news
for taxpayers because of the big, beautiful bill and acted
in the summer. That legislative package was big, it was

(00:21):
not beautiful. I agreed with Elon Musk that it was
a typically fiscally irresponsible exercise in federal spending. But there
were several crucial tax provisions that are producing beneficial results
for taxpayers. As always, I encourage you to fact check me.
It's all over the news. Sources all across the political

(00:43):
spectrum are reporting it. Typical is a study by Wells
Fargo showing an expected total federal income tax reduction of
two hundred and twenty billion dollars for twenty twenty five filers,
with an average refund of nearly four thousand dollars per filing,
a roughly ten percent increase over the previous year. Of course,

(01:05):
the rich do well when tax burdens are reduced, because
they pay by far the most in taxes. But this
wave of tax relief also is reaching middle and working
class filers. It's happening because the BBB did two things.
It continued the Trump tax cuts from twenty seventeen, which

(01:25):
benefited working and middle class taxpayers as well as the rich.
Those twenty seventeen tax cuts were going to expire without
the BBB, and the BBB provided additional tax breaks for
filers of modest means. The BBB does the following, locks
in lower tax rates, permanently increases the standard deduction, expands

(01:50):
child tax credits and new savings accounts, provides new deductions
for tipped and overtime income. Even Democrats were advocated no
tax on tips in the last election campaign, and the
BBB protects from income tax certain senior citizens and others
in unique circumstances. Make sure you share this podcast and

(02:14):
this good news with a blue dot you are turning red.
Part of blue dot Democrat orthodoxy is that capitalism only
benefits the rich. Trump only cares about the rich. Republicans
and conservatives only care about the rich. If Democrats had
won the presidency or Congress in the last election, the

(02:35):
tax situation would be reversed. The twenty seventeen Trump tax
cuts would have expired, and who knows what new taxes.
A democratic president and majority in Congress might have enacted,
but Republicans are in the ascendancy and have delivered meaningful
tax relief for all Americans. Make sure your blue dot

(02:57):
relatives and friends know it. Check with Chip. I'm Chip Maxwell.
Thank you for listening.