July 1, 2025 • 11 mins
With $6,808 on the line for the average household—a choice between a $3,908 tax increase if the TCJA had expired or an additional $2,900 tax cut with this bill—your representatives need to know where you stand.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:04):
Hey, thanks for listening, and welcome back to the Brian
Mud Show. Time now for today's top three takeaways. Want
lower taxes if you do the BBB, it's a beautiful thing.
Speaker 2 (00:17):
So the voter rama better rama is still going on
in the Senate this morning. We still have not made
our way to a full Senate vote on the one big,
potentially aesthetically pleasing billion and the one where if you
look at it in the right light you might go, yeah,
(00:37):
you know what, it's pretty beautiful if you like the
wrong lion might be this's the words here, but then
maybe you put some makeup on it, covered up. Just
it all depends. Here's some of the latest Fox's Chat program.
Speaker 3 (00:53):
Now, the key amendment here might be from Rick Scott
that's on the percentage of Medicaid costs for states, and
if that's adopted, then that could be a win for Conservatives.
They've already rejected two amendments to remove illegal immigrants from
Medicaid and also a deal was in the works on
limiting the ten year moratorium for AI regulations for state
(01:13):
and local governments and that's been blown up and that
could be a problem.
Speaker 2 (01:17):
Okay, So the catch you up to speed on a
couple of things here. You're starting to hear Rick Scott's
name come up a lot that started over the weekend,
and it really started after the Senate Parliamentarian did something
that you heard program reference there that just had me
otherworldly when I was guesting for Mark Levin to start
the show yesterday, because the Senate Parliamentarian got rid of
(01:43):
a lot of the cost savings Republicans have baked in
on the Medicaid side, and specifically a provision that would
knock illegal aliens off of Medicaid. Senate parliamentarians and Nope,
you can't do that through reconciliation. Got to make sure
(02:03):
the illegal aliens get Medicaid unless you do sixty votes
and passed the new and there were some other things
along the medicaid line that went that way. And what
sent me other worldly was that twice yesterday during the
voter rama, Republicans brought that up for a vote and
(02:28):
both times it failed with fifty six votes. Why because
almost every Democrat voted to continue to provide illegal aliens,
including by the way, criminal illegal aliens with Medicaid.
Speaker 1 (02:47):
That's fun, isn't it.
Speaker 2 (02:49):
They Democrats continued to show that they are more interested
in super serving the needs of criminal illegal immigrants than you.
What Rick Scott is trying to do is he's using
his expertise as our former governor to thread the needle
here in a way to find savings through the reimbursement
(03:12):
of medicaid by the federal government to states. This is
something that would be important for the House as well,
because you have a lot of folks in the House
that are not happy that a lot of the cost
savings that have been realized from the House version is
not in the Senate version. So that's what's going on there.
So let me walk through what this thing means to
(03:33):
you ultimately, because I decided yesterday a lot of this
has just been lost and we need to have this
conversation plus get a really good questions part of today's
Q and A on that. My top takeaway today is
that your wallet is getting the big break. He had
the burn, he huffed and puffed. You had Pocahonts, she whined,
(03:54):
You've had Tom tillis siding with the slugs, those who
don't believe in medicators, snapped work requirements, you know, because
why should they have to do anything for you to
pay for their health care and food, you know, including
the criminal illegal immigrants.
Speaker 1 (04:10):
Take care of them that way.
Speaker 2 (04:11):
Elon Musk has now promised to primary any Republican who
ran a lower deficits and defeat them. Quote if it's
the last thing he does on Earth, which Joel has
an interesting theory about.
Speaker 4 (04:25):
Well, yeah, I mean when people say that, what do
they typically mean? You know, wow, if it's the last
thing I ever do I think he means he might
take a.
Speaker 1 (04:33):
Rocket blast off.
Speaker 4 (04:35):
Yeah, it's blast off and go somewhere.
Speaker 2 (04:38):
You know, I really did not look at it that
way when he when he posted that on X. But
being Elon, I mean, if there's anybody who's going to
do that, it would be him or could do that.
Speaker 1 (04:48):
So it's interesting thought.
Speaker 2 (04:50):
By the way, Elon also suggested that once again that
we need a third party because he said there is
only one party in Washington, it's the porky pig Party,
which I see, Joel Lafia, what kind of funny and
so like you anyway, So, yeah, we had the massive
Voterama session yesterday didn't produce really encouraging results. We have
(05:15):
Voterama going on in real time this morning and see
where the ball end is in theory. We might actually
have a vote on this at some point this morning,
the actual bill itself. And it's a reminder that it's
not just you know, this, this piece of legislation, It's
not just even about tax cuts. This is President Trump's agenda,
the future of his administration that is stuck in the
(05:37):
Senate with this thing right now. But let's talk about
the huge money for you. Remember during the debate and
the lead up to President Trump's twenty seventeen Tax Cuts
in Jobs Act, Remember how you were rotinely lied to
by the fake news There's only got to be tax
cuts for the rich and higher taxes for you. Like literally,
you'd be subsidizing tax cuts for the rich. Well, was
(06:00):
supervasive that early on, Even after the new tax policy
was in place, only seventeen percent of Americans pulled by
NBC News in the Wall Street Journal thought they were
getting a tax break.
Speaker 1 (06:12):
That just remarkable.
Speaker 2 (06:13):
How brainwashed had people been by the godless soul since
lenders news media. Only seventeen percent thought they were getting
a tax break, when in reality, over eighty percent of
Americans at that point were receiving in average savings of
twenty one hundred dollars a year. So anyway, that is
a number that has only grown over the past seven
(06:33):
and a half years that it's been in place. In surprise, surprise,
the GSS media has been added again. Let's start with
the bottom line here. The one big, potentially esthetically pleasing
Act is a financial lifeline for the average household. The
bill makes permanent the original Trump tax cuts, the Tax
Cuts and Jobs Act, with individual tax rate reductions that
(06:57):
will expire. If this doesn't have nothing happens and that expires.
What does it mean to you? It would be an
average tax increase of twenty two percent, twenty two What
does that mean per household? Per average household, three thousand,
(07:17):
nine hundred and eight dollars of an additional federal income
tax burden.
Speaker 1 (07:25):
That's fun, isn't it? Who doesn't want that? But wait, wait,
there's more.
Speaker 2 (07:35):
Eighty four percent of households, we'll see additional tax cuts
beyond the current policy, averaging twenty nine hundred dollars annulate
this thing passes. So you add it up, and we're
talking about sixty eight hundred and eight dollars at stake
for the average family. That is what this means for
(07:57):
you comes in the form of a beep beefed up
child tax credit, no federal taxes on tips or overtime pay,
higher standard deductions for anybody taking a standard deduction, much
bigger for seniors.
Speaker 1 (08:10):
And on that.
Speaker 2 (08:10):
Note, the new stuff but first award from Senator Eric Schmidt.
Speaker 5 (08:15):
If we don't extend those and we want to make
them permanent, you're going to see a four trillion dollar
tax increase. It be cataclysmic for the economy. But for
working families out there, that's a couple thousand dollars a
year that would be taken out of their pockets.
Speaker 2 (08:28):
Okay, so he's right, save the working family thing, the
no cheap political rhetoric.
Speaker 1 (08:34):
I still want.
Speaker 2 (08:34):
I want one politician one time to tell me how
hard long you have to work in order to no
longer be working?
Speaker 1 (08:45):
Why are you laughing, Joel Mike?
Speaker 2 (08:48):
You know, yesterday's seventeen hour day for me, I made
some pretty good money during the day. At what point
in my seventeen hour day, because I end up making
a decent amount of money that day and more than
say the average person, at what point did I stop
working yesterday to earn that?
Speaker 4 (09:03):
Yeah? Yeah, it's one of those things like everyday Americans.
Speaker 2 (09:07):
Yes, I'm every other day American. Yeah, maybe every third
you know.
Speaker 1 (09:12):
It's like so anyway, No, some of the new.
Speaker 2 (09:17):
Stuff here, Seniors over sixty five get a major tax boost.
So the standard deduction for seniors goes to six thousand dollars.
This is essentially the way for the President to achieve
the no tax and.
Speaker 1 (09:34):
Social Security thing.
Speaker 2 (09:35):
It's not explicitly no tax and Social Security, but the
raising of the deduction for seniors, for almost all seniors,
does eliminate the Social Security tax.
Speaker 1 (09:45):
So what does that mean?
Speaker 2 (09:46):
Well, per filer sixty five and older, you'll average over
one thousand dollars in additional tax savings just on that piece.
So if you're married filing jointly, both over sixty five,
that's over two thousand dollars right there, just on that
one piece. If you have an auto loan, you're in
line for a new deduction averaging four hundred seventy five
(10:06):
bucks a year in tax savings. For the ninety one
percent of taxpayers who take the standard deduction. There's an
increase there to sixteen thousand for individuals, thirty two thousand
for married couples, and so servers, bartenders, anyone earning tips
over time, huge tax breaks, obviously no tax on tips.
(10:27):
And so at the bottom line, my third takeaway today
here is Kevin Hassett, the National Economic Council Director.
Speaker 6 (10:33):
If we don't pass the bill, the Council of Economic
Advisors here at the White House has said that it's
going to cause GDP to drop four percent, one of
the biggest recessions in history because of a massive tax hike.
And honestly, that's why this bill is going to pass.
Speaker 1 (10:46):
Right. So here's the deal.
Speaker 2 (10:50):
If when this thing passes the Senate, the vite obviously
not over in the House, where its status is even
less clear. Yesterday the House Freedom of Caucus put out
of statement that they are not on board with.
Speaker 1 (11:04):
The Senate changest row.
Speaker 2 (11:07):
So is sixty eight hundred and eight bucks on the
line for the average household a choice between a thirty
nine hundred dollars tax increase if the Trump tax cuts expire,
or you get to keep that and there's an additional
twenty nine hundred dollars tax cut for this bill.
Speaker 1 (11:27):
What's your choice? What do you want here?
Speaker 2 (11:29):
And so might be a good idea to let your
representative know how you feel.
Speaker 1 (11:33):
About this thing.
Speaker 2 (11:35):
So yeah, as always, there are two sides of stories,
one side of facts. Those are the facts. And yes,
this also is Trump's agenda too. So ultimately, if you
want Trump to truly be able to make America great
again again, you give him the tools to do what
(11:56):
he wants to do.
Hey, thanks for listening, and welcome back to the Brian
Mud Show. Time now for today's top three takeaways. Want
lower taxes if you do the BBB, it's a beautiful thing.
Speaker 2 (00:17):
So the voter rama better rama is still going on
in the Senate this morning. We still have not made
our way to a full Senate vote on the one big,
potentially aesthetically pleasing billion and the one where if you
look at it in the right light you might go, yeah,
(00:37):
you know what, it's pretty beautiful if you like the
wrong lion might be this's the words here, but then
maybe you put some makeup on it, covered up. Just
it all depends. Here's some of the latest Fox's Chat program.
Speaker 3 (00:53):
Now, the key amendment here might be from Rick Scott
that's on the percentage of Medicaid costs for states, and
if that's adopted, then that could be a win for Conservatives.
They've already rejected two amendments to remove illegal immigrants from
Medicaid and also a deal was in the works on
limiting the ten year moratorium for AI regulations for state
(01:13):
and local governments and that's been blown up and that
could be a problem.
Speaker 2 (01:17):
Okay, So the catch you up to speed on a
couple of things here. You're starting to hear Rick Scott's
name come up a lot that started over the weekend,
and it really started after the Senate Parliamentarian did something
that you heard program reference there that just had me
otherworldly when I was guesting for Mark Levin to start
the show yesterday, because the Senate Parliamentarian got rid of
(01:43):
a lot of the cost savings Republicans have baked in
on the Medicaid side, and specifically a provision that would
knock illegal aliens off of Medicaid. Senate parliamentarians and Nope,
you can't do that through reconciliation. Got to make sure
(02:03):
the illegal aliens get Medicaid unless you do sixty votes
and passed the new and there were some other things
along the medicaid line that went that way. And what
sent me other worldly was that twice yesterday during the
voter rama, Republicans brought that up for a vote and
(02:28):
both times it failed with fifty six votes. Why because
almost every Democrat voted to continue to provide illegal aliens,
including by the way, criminal illegal aliens with Medicaid.
Speaker 1 (02:47):
That's fun, isn't it.
Speaker 2 (02:49):
They Democrats continued to show that they are more interested
in super serving the needs of criminal illegal immigrants than you.
What Rick Scott is trying to do is he's using
his expertise as our former governor to thread the needle
here in a way to find savings through the reimbursement
(03:12):
of medicaid by the federal government to states. This is
something that would be important for the House as well,
because you have a lot of folks in the House
that are not happy that a lot of the cost
savings that have been realized from the House version is
not in the Senate version. So that's what's going on there.
So let me walk through what this thing means to
(03:33):
you ultimately, because I decided yesterday a lot of this
has just been lost and we need to have this
conversation plus get a really good questions part of today's
Q and A on that. My top takeaway today is
that your wallet is getting the big break. He had
the burn, he huffed and puffed. You had Pocahonts, she whined,
(03:54):
You've had Tom tillis siding with the slugs, those who
don't believe in medicators, snapped work requirements, you know, because
why should they have to do anything for you to
pay for their health care and food, you know, including
the criminal illegal immigrants.
Speaker 1 (04:10):
Take care of them that way.
Speaker 2 (04:11):
Elon Musk has now promised to primary any Republican who
ran a lower deficits and defeat them. Quote if it's
the last thing he does on Earth, which Joel has
an interesting theory about.
Speaker 4 (04:25):
Well, yeah, I mean when people say that, what do
they typically mean? You know, wow, if it's the last
thing I ever do I think he means he might
take a.
Speaker 1 (04:33):
Rocket blast off.
Speaker 4 (04:35):
Yeah, it's blast off and go somewhere.
Speaker 2 (04:38):
You know, I really did not look at it that
way when he when he posted that on X. But
being Elon, I mean, if there's anybody who's going to
do that, it would be him or could do that.
Speaker 1 (04:48):
So it's interesting thought.
Speaker 2 (04:50):
By the way, Elon also suggested that once again that
we need a third party because he said there is
only one party in Washington, it's the porky pig Party,
which I see, Joel Lafia, what kind of funny and
so like you anyway, So, yeah, we had the massive
Voterama session yesterday didn't produce really encouraging results. We have
(05:15):
Voterama going on in real time this morning and see
where the ball end is in theory. We might actually
have a vote on this at some point this morning,
the actual bill itself. And it's a reminder that it's
not just you know, this, this piece of legislation, It's
not just even about tax cuts. This is President Trump's agenda,
the future of his administration that is stuck in the
(05:37):
Senate with this thing right now. But let's talk about
the huge money for you. Remember during the debate and
the lead up to President Trump's twenty seventeen Tax Cuts
in Jobs Act, Remember how you were rotinely lied to
by the fake news There's only got to be tax
cuts for the rich and higher taxes for you. Like literally,
you'd be subsidizing tax cuts for the rich. Well, was
(06:00):
supervasive that early on, Even after the new tax policy
was in place, only seventeen percent of Americans pulled by
NBC News in the Wall Street Journal thought they were
getting a tax break.
Speaker 1 (06:12):
That just remarkable.
Speaker 2 (06:13):
How brainwashed had people been by the godless soul since
lenders news media. Only seventeen percent thought they were getting
a tax break, when in reality, over eighty percent of
Americans at that point were receiving in average savings of
twenty one hundred dollars a year. So anyway, that is
a number that has only grown over the past seven
(06:33):
and a half years that it's been in place. In surprise, surprise,
the GSS media has been added again. Let's start with
the bottom line here. The one big, potentially esthetically pleasing
Act is a financial lifeline for the average household. The
bill makes permanent the original Trump tax cuts, the Tax
Cuts and Jobs Act, with individual tax rate reductions that
(06:57):
will expire. If this doesn't have nothing happens and that expires.
What does it mean to you? It would be an
average tax increase of twenty two percent, twenty two What
does that mean per household? Per average household, three thousand,
(07:17):
nine hundred and eight dollars of an additional federal income
tax burden.
Speaker 1 (07:25):
That's fun, isn't it? Who doesn't want that? But wait, wait,
there's more.
Speaker 2 (07:35):
Eighty four percent of households, we'll see additional tax cuts
beyond the current policy, averaging twenty nine hundred dollars annulate
this thing passes. So you add it up, and we're
talking about sixty eight hundred and eight dollars at stake
for the average family. That is what this means for
(07:57):
you comes in the form of a beep beefed up
child tax credit, no federal taxes on tips or overtime pay,
higher standard deductions for anybody taking a standard deduction, much
bigger for seniors.
Speaker 1 (08:10):
And on that.
Speaker 2 (08:10):
Note, the new stuff but first award from Senator Eric Schmidt.
Speaker 5 (08:15):
If we don't extend those and we want to make
them permanent, you're going to see a four trillion dollar
tax increase. It be cataclysmic for the economy. But for
working families out there, that's a couple thousand dollars a
year that would be taken out of their pockets.
Speaker 2 (08:28):
Okay, so he's right, save the working family thing, the
no cheap political rhetoric.
Speaker 1 (08:34):
I still want.
Speaker 2 (08:34):
I want one politician one time to tell me how
hard long you have to work in order to no
longer be working?
Speaker 1 (08:45):
Why are you laughing, Joel Mike?
Speaker 2 (08:48):
You know, yesterday's seventeen hour day for me, I made
some pretty good money during the day. At what point
in my seventeen hour day, because I end up making
a decent amount of money that day and more than
say the average person, at what point did I stop
working yesterday to earn that?
Speaker 4 (09:03):
Yeah? Yeah, it's one of those things like everyday Americans.
Speaker 2 (09:07):
Yes, I'm every other day American. Yeah, maybe every third
you know.
Speaker 1 (09:12):
It's like so anyway, No, some of the new.
Speaker 2 (09:17):
Stuff here, Seniors over sixty five get a major tax boost.
So the standard deduction for seniors goes to six thousand dollars.
This is essentially the way for the President to achieve
the no tax and.
Speaker 1 (09:34):
Social Security thing.
Speaker 2 (09:35):
It's not explicitly no tax and Social Security, but the
raising of the deduction for seniors, for almost all seniors,
does eliminate the Social Security tax.
Speaker 1 (09:45):
So what does that mean?
Speaker 2 (09:46):
Well, per filer sixty five and older, you'll average over
one thousand dollars in additional tax savings just on that piece.
So if you're married filing jointly, both over sixty five,
that's over two thousand dollars right there, just on that
one piece. If you have an auto loan, you're in
line for a new deduction averaging four hundred seventy five
(10:06):
bucks a year in tax savings. For the ninety one
percent of taxpayers who take the standard deduction. There's an
increase there to sixteen thousand for individuals, thirty two thousand
for married couples, and so servers, bartenders, anyone earning tips
over time, huge tax breaks, obviously no tax on tips.
(10:27):
And so at the bottom line, my third takeaway today
here is Kevin Hassett, the National Economic Council Director.
Speaker 6 (10:33):
If we don't pass the bill, the Council of Economic
Advisors here at the White House has said that it's
going to cause GDP to drop four percent, one of
the biggest recessions in history because of a massive tax hike.
And honestly, that's why this bill is going to pass.
Speaker 1 (10:46):
Right. So here's the deal.
Speaker 2 (10:50):
If when this thing passes the Senate, the vite obviously
not over in the House, where its status is even
less clear. Yesterday the House Freedom of Caucus put out
of statement that they are not on board with.
Speaker 1 (11:04):
The Senate changest row.
Speaker 2 (11:07):
So is sixty eight hundred and eight bucks on the
line for the average household a choice between a thirty
nine hundred dollars tax increase if the Trump tax cuts expire,
or you get to keep that and there's an additional
twenty nine hundred dollars tax cut for this bill.
Speaker 1 (11:27):
What's your choice? What do you want here?
Speaker 2 (11:29):
And so might be a good idea to let your
representative know how you feel.
Speaker 1 (11:33):
About this thing.
Speaker 2 (11:35):
So yeah, as always, there are two sides of stories,
one side of facts. Those are the facts. And yes,
this also is Trump's agenda too. So ultimately, if you
want Trump to truly be able to make America great
again again, you give him the tools to do what
(11:56):
he wants to do.
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