May 21, 2025 • 11 mins
You’ll often hear from conservatives that we don’t have a taxing problem, we have a spending problem. Except that the fact of the matter is that we have both.
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Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
The Brian Munjoe podcast is driven by Brayman Motor Cars.
My family is a Brayman Motor Cars family. Your family
should be to visit Braymanmotorcars dot com. Hey, thanks for
listening and welcome back to the bran Mud Show. Time
now for today's top three takeaways. Hey there, Happy Wednesday.
(00:24):
The BBB it can mean multiple things, not all are beautiful.
And Joel, do you have any alternate meanings for BBB?
Speaker 2 (00:33):
I don't know you.
Speaker 3 (00:34):
You came in yesterday afternoon, you were talking about some
of the stuff you're about to say here.
Speaker 2 (00:40):
And you are thinking not so beautiful. Huh.
Speaker 3 (00:42):
I was thinking it's definitely not sexy. Definitely not like
at one point I thought maybe it was sexy.
Speaker 1 (00:47):
Yeah, Joel had named the BBB the Big and sexy, you.
Speaker 3 (00:51):
Know, but yeah, absolutely stopping this doesn't sound beautiful. I'll
have to think of some other things that I probably
would not be able to use.
Speaker 1 (01:00):
Well, speaking of things you can't use, at least on
the air. My top takeaway today something that President Trump
had to say yesterday, don't blank around with medicaid. That
was a message to the House Republicans when he met
with them. Yesterday, don't blank around with medicaid. President Trump,
(01:21):
you had a lot to say yesterday. After said meeting
with House Republicans, he said, it was it was all
about love and that was a meeting of love.
Speaker 2 (01:34):
Let me tell you that was a love that there
was no shouting. I think it was a meeting of love.
Speaker 4 (01:40):
And there were a couple of things that we talked about,
specifically when some people felt a little bit one way
or the other, not a big deal.
Speaker 2 (01:46):
And there was there's a lot of emotion. Most of
it was love. All of it was love.
Speaker 1 (01:51):
It was almost like sixty seven minus the psychedelics.
Speaker 2 (01:54):
Lots of love.
Speaker 1 (01:55):
One of the messages receiveds by House Republicans as they
met with President Trumump over the future of the BBB
yesterday was the not messing around. So the other message
that was delivered publicly by the president after that, meaning
we're not touching anything. He said, all I want is
one thing, three words. We don't want any waste fraud
(02:17):
or abuse, very simple, waste fraud abuse. Other than that,
we're leaving it medicare we're leaving at all.
Speaker 2 (02:26):
We're going to leave it all.
Speaker 1 (02:28):
Okay, So one mud infer that means the Medicaid work requirements,
which is where most of the cost savings is in
the bill, that it'll stay there after all able bodied
people not even doing twenty hours of work a job
search or community service a week. That is week and
(02:49):
is most certainly waste, fraud and abuse. From where I sit,
that is all the Medicaid work requirement called for in
the bill is that's it. But about President trump message
about leaving it all in, there's a price tag that
comes along with that kind of spend an additional three
point three trillion dollars in debt over the next decade,
(03:10):
according to the Committee for a Responsible Federal Budget.
Speaker 2 (03:15):
Where okay, and to be.
Speaker 1 (03:17):
Clear, that means the path that we're already on, which
I already had is posting like one point eight trillion
dollar annual deficits. The BBB would add another three point
three trillion and estimated debt over that path over the
next ten years. The CBO or Congressional Budget Office paid
(03:39):
that number. It is still higher three point eight trillion,
and that's including a total of nine hundred and sixty
five billion dollars in savings through the implementation of Medicaid
and also snapwork requirements, as how dare somebody actually have
to work.
Speaker 2 (03:54):
Even twenty hours a week to get the freebies?
Speaker 1 (03:57):
The BBB has become in many respects, you might say,
a big bloated bill.
Speaker 2 (04:04):
So that's what I was telling Joey yesterday.
Speaker 1 (04:06):
It might be the big bloated bill during this process,
and that is potentially problematic, not just in terms of
whether it'll have the votes to pass, but also whether
we can afford to continue down the path of all
the above just reminds me of a Seinfeld moment. It's
like Jerry on the plane first class. More than everything,
(04:29):
Moody's just downgraded the US's credit rating. That brought about
an immediate impact on interest rates, including higher mortgage rates,
which popped above seven percent for a thirty year mortgage.
Once again, the impacts of escalating debt are real, and
if the BBB passes like this, it doesn't appear likely
to help the situation. For mar Ala, I go to
(04:50):
his golf courses. One thing. Donald Trump has always been
a spendthrift, But for those in Congress who aren't, what
would you do well? President Trump's agenda is within the BBB,
but so two way too much stuff that we really
can't afford to do. The fact is that if we
don't blank around with Medicaid and some other things, will
(05:11):
potentially be blanking around with some much bigger stuff. And
that's because my second takeaway today, we have both a
taxing and spending problem. On the more positive side of things,
the Council of Economic Advisors Chair Steven Myron yesterday on
Fox Business have this to say, It'll.
Speaker 5 (05:29):
Create about seven million new jobs, and it'll lose take
home pay for a typical family of four take home
pay by about eight thousand to thirteen thousand dollars.
Speaker 2 (05:38):
Right.
Speaker 5 (05:38):
So these are very significant growth effects, and that's why
it's so critical that we get to spill over the line.
Speaker 2 (05:43):
There's a lot of good stuff that happens here. There is.
Speaker 1 (05:46):
You'll often hear from conservatives that we don't have a
taxing problem, we have a spending problem.
Speaker 2 (05:52):
Except the fact of the matter is we got both.
We got both.
Speaker 1 (05:57):
Currently, only fifty three percent of households pay any net
FEDERLL income tax. I'm curious, by the way, Joel, is
that higher or lower than you thought it would be.
Speaker 3 (06:08):
No, that's quite a bit higher than I expected. I
knew the number was kind of high.
Speaker 1 (06:13):
But yeah, do you mean just how few people are
paying federal income tax? Actually, more people are paying it
than you thought.
Speaker 3 (06:19):
No, no, no, I thought more people were paying it
than I thought, But I didn't think there were a lot.
But that number seems high for the amount of people
that aren't paying it.
Speaker 1 (06:29):
When you only have half of the country trying to
foot the bill for the entire country, that tends to
be a problem. Like we can get really complicated on
this stuff, but when you have half the country trying
to foot the bill for the other half, not an
easy thing to do. What's more is that a third
of households are also on government assistance programs. So it's
(06:52):
not even just that you got about half the country
trying to pay for the other half too, But you've
got half the country trying to pay for a third
of the country to actually profit on it, and then
the balance of the other half just not to have
to pay anything. That in a nutshell illustrates the taxing
and spending problem we find ourselves in. It's basically impossible
(07:14):
to do those two things and have the numbers work,
and that leads us to the big changes within the BBB.
You might have wondered how it is that if dose
is doing his thing and Medicaid work requirements are happening,
how is it that the debt and deficit outlook is
estimated to become much worse. Well, a big piece of
the puzzle is President Trump's campaign promise to move to
(07:39):
end taxes on tips and overtime.
Speaker 2 (07:42):
See.
Speaker 1 (07:42):
The addition of those two pieces to the existing tax
policy will lead to even greater strain on behalf of
Americans left try to pay for things. The estimated tax
savings on overtime and tips over ten years is one
point seven trillion dollars now great, so those receiving the benefit,
that's also a big piece of the growing debt and
(08:04):
deficit puzzle. What's more is that more people who are
into overtime and tips that were net federal tax payers
before would become net beneficiaries of the federal tax system
with these changes. That further tips the balance from what
I was just talking about. Conceptually, I'm all about lower
(08:25):
taxes generally, but I also believe that everyone should be
paying something. And it's not just that I feel that way,
it's that the numbers don't work unless we actually were
to do that. There just are not enough upper middle
income earners and rich people to pay for half the
country effectively paying nothing, with a third of them to
actually profit off of it. A big issue with the
(08:47):
BBB is that rather than balancing this dynamic, it exacerbates it.
So the country he spends way too much through government
assistance programs doesn't have enough the population paying in to
(09:08):
make the numbers work.
Speaker 2 (09:09):
So there's that.
Speaker 1 (09:11):
My third takeaway today the final House Committee and the
march towards the vote, what will it be? Well, you
have Jim Jordan, who was making the case in a
very big way on Sean Hannity last night.
Speaker 4 (09:27):
We're the party that says, let you keep more of
your money to go after your goals and dreams. We're
the party that says we need to have a border
secure novel we had under Biden. We're the party that
says work is a good thing for taxpayers the economy,
most importantly for the recipients of welfare people trapped in
that system. And we're the party that says in power
moms and dads to give their kids the best education.
Speaker 1 (09:46):
All right, So you know, one strong conservative, Jim Jordan
is in after President Trump's big push and the tush
you know, the meeting of Love for House Republicans. On Tuesday,
multiple developments took place. A deal has been reached for
an increase in salt deductions of up to forty thousand
dollars from the current ten thousand dollars threshold that aims
to appease those in the GOP and high tax states
(10:07):
like California and New York. The House Rules Committee convened
overnight and they're still convenient in real time. Actually started
out one in the morning, still going. There's hope that
there could be a vote today. And now that I've
been able to analyze the BBB's framework, I understand why
some conservative conservative members have not been down with the BBB.
(10:27):
It would be an awfully tough vote for me. Joel,
I'm not even sure he's still doubt with me.
Speaker 2 (10:33):
Are you down with the ME?
Speaker 1 (10:34):
No?
Speaker 3 (10:34):
When you were talking about this yesterday, I said, I
don't think I'm down with it.
Speaker 2 (10:37):
You're not down with it at this point. We'll see
what happens.
Speaker 1 (10:40):
But now, wow, okay, Joel is no longer down with
the BBB to me, given everything I've said delivering on
President Trump's agenda does remain the most important thing. I
understand where Jim Jordan's coming from. After all, if we
don't have borders, if we don't have nationals security, we
(11:00):
don't have a country. And on that note, on Tuesday,
Person and Trump announced the US's version of Israel's Iron Dome,
to be known as the Golden Dome. Total project to
provide the nationwide missile defense system estimated at one hundred
and seventy five billion dollars, with initial funding included in
the current House version of the BBB. It is worth
noting that due to Person Trump's tariffs and the timing
(11:22):
of income tax payments on Tuesday, the federal government ran
a budget surplus of two hundred and fifty eight billion
dollars in April. That is the first monthly surplus in
three years. The tariff policy is a wild card that,
by the way, is not currently factored into long term
budget analysis ALEX. That could make the picture that I
just talked about a bit more esthetically placing. Im I
(11:45):
even say beautiful Trump would probably stay beautiful and lovely,
since it's all about love
The Brian Munjoe podcast is driven by Brayman Motor Cars.
My family is a Brayman Motor Cars family. Your family
should be to visit Braymanmotorcars dot com. Hey, thanks for
listening and welcome back to the bran Mud Show. Time
now for today's top three takeaways. Hey there, Happy Wednesday.
(00:24):
The BBB it can mean multiple things, not all are beautiful.
And Joel, do you have any alternate meanings for BBB?
Speaker 2 (00:33):
I don't know you.
Speaker 3 (00:34):
You came in yesterday afternoon, you were talking about some
of the stuff you're about to say here.
Speaker 2 (00:40):
And you are thinking not so beautiful. Huh.
Speaker 3 (00:42):
I was thinking it's definitely not sexy. Definitely not like
at one point I thought maybe it was sexy.
Speaker 1 (00:47):
Yeah, Joel had named the BBB the Big and sexy, you.
Speaker 3 (00:51):
Know, but yeah, absolutely stopping this doesn't sound beautiful. I'll
have to think of some other things that I probably
would not be able to use.
Speaker 1 (01:00):
Well, speaking of things you can't use, at least on
the air. My top takeaway today something that President Trump
had to say yesterday, don't blank around with medicaid. That
was a message to the House Republicans when he met
with them. Yesterday, don't blank around with medicaid. President Trump,
(01:21):
you had a lot to say yesterday. After said meeting
with House Republicans, he said, it was it was all
about love and that was a meeting of love.
Speaker 2 (01:34):
Let me tell you that was a love that there
was no shouting. I think it was a meeting of love.
Speaker 4 (01:40):
And there were a couple of things that we talked about,
specifically when some people felt a little bit one way
or the other, not a big deal.
Speaker 2 (01:46):
And there was there's a lot of emotion. Most of
it was love. All of it was love.
Speaker 1 (01:51):
It was almost like sixty seven minus the psychedelics.
Speaker 2 (01:54):
Lots of love.
Speaker 1 (01:55):
One of the messages receiveds by House Republicans as they
met with President Trumump over the future of the BBB
yesterday was the not messing around. So the other message
that was delivered publicly by the president after that, meaning
we're not touching anything. He said, all I want is
one thing, three words. We don't want any waste fraud
(02:17):
or abuse, very simple, waste fraud abuse. Other than that,
we're leaving it medicare we're leaving at all.
Speaker 2 (02:26):
We're going to leave it all.
Speaker 1 (02:28):
Okay, So one mud infer that means the Medicaid work requirements,
which is where most of the cost savings is in
the bill, that it'll stay there after all able bodied
people not even doing twenty hours of work a job
search or community service a week. That is week and
(02:49):
is most certainly waste, fraud and abuse. From where I sit,
that is all the Medicaid work requirement called for in
the bill is that's it. But about President trump message
about leaving it all in, there's a price tag that
comes along with that kind of spend an additional three
point three trillion dollars in debt over the next decade,
(03:10):
according to the Committee for a Responsible Federal Budget.
Speaker 2 (03:15):
Where okay, and to be.
Speaker 1 (03:17):
Clear, that means the path that we're already on, which
I already had is posting like one point eight trillion
dollar annual deficits. The BBB would add another three point
three trillion and estimated debt over that path over the
next ten years. The CBO or Congressional Budget Office paid
(03:39):
that number. It is still higher three point eight trillion,
and that's including a total of nine hundred and sixty
five billion dollars in savings through the implementation of Medicaid
and also snapwork requirements, as how dare somebody actually have
to work.
Speaker 2 (03:54):
Even twenty hours a week to get the freebies?
Speaker 1 (03:57):
The BBB has become in many respects, you might say,
a big bloated bill.
Speaker 2 (04:04):
So that's what I was telling Joey yesterday.
Speaker 1 (04:06):
It might be the big bloated bill during this process,
and that is potentially problematic, not just in terms of
whether it'll have the votes to pass, but also whether
we can afford to continue down the path of all
the above just reminds me of a Seinfeld moment. It's
like Jerry on the plane first class. More than everything,
(04:29):
Moody's just downgraded the US's credit rating. That brought about
an immediate impact on interest rates, including higher mortgage rates,
which popped above seven percent for a thirty year mortgage.
Once again, the impacts of escalating debt are real, and
if the BBB passes like this, it doesn't appear likely
to help the situation. For mar Ala, I go to
(04:50):
his golf courses. One thing. Donald Trump has always been
a spendthrift, But for those in Congress who aren't, what
would you do well? President Trump's agenda is within the BBB,
but so two way too much stuff that we really
can't afford to do. The fact is that if we
don't blank around with Medicaid and some other things, will
(05:11):
potentially be blanking around with some much bigger stuff. And
that's because my second takeaway today, we have both a
taxing and spending problem. On the more positive side of things,
the Council of Economic Advisors Chair Steven Myron yesterday on
Fox Business have this to say, It'll.
Speaker 5 (05:29):
Create about seven million new jobs, and it'll lose take
home pay for a typical family of four take home
pay by about eight thousand to thirteen thousand dollars.
Speaker 2 (05:38):
Right.
Speaker 5 (05:38):
So these are very significant growth effects, and that's why
it's so critical that we get to spill over the line.
Speaker 2 (05:43):
There's a lot of good stuff that happens here. There is.
Speaker 1 (05:46):
You'll often hear from conservatives that we don't have a
taxing problem, we have a spending problem.
Speaker 2 (05:52):
Except the fact of the matter is we got both.
We got both.
Speaker 1 (05:57):
Currently, only fifty three percent of households pay any net
FEDERLL income tax. I'm curious, by the way, Joel, is
that higher or lower than you thought it would be.
Speaker 3 (06:08):
No, that's quite a bit higher than I expected. I
knew the number was kind of high.
Speaker 1 (06:13):
But yeah, do you mean just how few people are
paying federal income tax? Actually, more people are paying it
than you thought.
Speaker 3 (06:19):
No, no, no, I thought more people were paying it
than I thought, But I didn't think there were a lot.
But that number seems high for the amount of people
that aren't paying it.
Speaker 1 (06:29):
When you only have half of the country trying to
foot the bill for the entire country, that tends to
be a problem. Like we can get really complicated on
this stuff, but when you have half the country trying
to foot the bill for the other half, not an
easy thing to do. What's more is that a third
of households are also on government assistance programs. So it's
(06:52):
not even just that you got about half the country
trying to pay for the other half too, But you've
got half the country trying to pay for a third
of the country to actually profit on it, and then
the balance of the other half just not to have
to pay anything. That in a nutshell illustrates the taxing
and spending problem we find ourselves in. It's basically impossible
(07:14):
to do those two things and have the numbers work,
and that leads us to the big changes within the BBB.
You might have wondered how it is that if dose
is doing his thing and Medicaid work requirements are happening,
how is it that the debt and deficit outlook is
estimated to become much worse. Well, a big piece of
the puzzle is President Trump's campaign promise to move to
(07:39):
end taxes on tips and overtime.
Speaker 2 (07:42):
See.
Speaker 1 (07:42):
The addition of those two pieces to the existing tax
policy will lead to even greater strain on behalf of
Americans left try to pay for things. The estimated tax
savings on overtime and tips over ten years is one
point seven trillion dollars now great, so those receiving the benefit,
that's also a big piece of the growing debt and
(08:04):
deficit puzzle. What's more is that more people who are
into overtime and tips that were net federal tax payers
before would become net beneficiaries of the federal tax system
with these changes. That further tips the balance from what
I was just talking about. Conceptually, I'm all about lower
(08:25):
taxes generally, but I also believe that everyone should be
paying something. And it's not just that I feel that way,
it's that the numbers don't work unless we actually were
to do that. There just are not enough upper middle
income earners and rich people to pay for half the
country effectively paying nothing, with a third of them to
actually profit off of it. A big issue with the
(08:47):
BBB is that rather than balancing this dynamic, it exacerbates it.
So the country he spends way too much through government
assistance programs doesn't have enough the population paying in to
(09:08):
make the numbers work.
Speaker 2 (09:09):
So there's that.
Speaker 1 (09:11):
My third takeaway today the final House Committee and the
march towards the vote, what will it be? Well, you
have Jim Jordan, who was making the case in a
very big way on Sean Hannity last night.
Speaker 4 (09:27):
We're the party that says, let you keep more of
your money to go after your goals and dreams. We're
the party that says we need to have a border
secure novel we had under Biden. We're the party that
says work is a good thing for taxpayers the economy,
most importantly for the recipients of welfare people trapped in
that system. And we're the party that says in power
moms and dads to give their kids the best education.
Speaker 1 (09:46):
All right, So you know, one strong conservative, Jim Jordan
is in after President Trump's big push and the tush
you know, the meeting of Love for House Republicans. On Tuesday,
multiple developments took place. A deal has been reached for
an increase in salt deductions of up to forty thousand
dollars from the current ten thousand dollars threshold that aims
to appease those in the GOP and high tax states
(10:07):
like California and New York. The House Rules Committee convened
overnight and they're still convenient in real time. Actually started
out one in the morning, still going. There's hope that
there could be a vote today. And now that I've
been able to analyze the BBB's framework, I understand why
some conservative conservative members have not been down with the BBB.
(10:27):
It would be an awfully tough vote for me. Joel,
I'm not even sure he's still doubt with me.
Speaker 2 (10:33):
Are you down with the ME?
Speaker 1 (10:34):
No?
Speaker 3 (10:34):
When you were talking about this yesterday, I said, I
don't think I'm down with it.
Speaker 2 (10:37):
You're not down with it at this point. We'll see
what happens.
Speaker 1 (10:40):
But now, wow, okay, Joel is no longer down with
the BBB to me, given everything I've said delivering on
President Trump's agenda does remain the most important thing. I
understand where Jim Jordan's coming from. After all, if we
don't have borders, if we don't have nationals security, we
(11:00):
don't have a country. And on that note, on Tuesday,
Person and Trump announced the US's version of Israel's Iron Dome,
to be known as the Golden Dome. Total project to
provide the nationwide missile defense system estimated at one hundred
and seventy five billion dollars, with initial funding included in
the current House version of the BBB. It is worth
noting that due to Person Trump's tariffs and the timing
(11:22):
of income tax payments on Tuesday, the federal government ran
a budget surplus of two hundred and fifty eight billion
dollars in April. That is the first monthly surplus in
three years. The tariff policy is a wild card that,
by the way, is not currently factored into long term
budget analysis ALEX. That could make the picture that I
just talked about a bit more esthetically placing. Im I
(11:45):
even say beautiful Trump would probably stay beautiful and lovely,
since it's all about love
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