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Episode Transcript
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SPEAKER_00 (00:01):
Today, it's being called the biggest bill of the
decade.
It's the big, beautiful bill.
But how beautiful is it?
Today, we're going to unpack thebeauty behind this bill and look
at how this can affect yourpaycheck, legislation.
How does this affect politicsand national debt and
potentially your health care?
(00:22):
Let's talk about it.
Welcome back to Kyle Talks,where I'm Kyle and we talk.
(00:46):
Yo, yo, what it do, we do, wedo.
I am, look, I am, before we jumpinto this episode, it's 4th of
July.
Look, I got to say, I have takennotes on this extensively.
I want to make sure this is themost...
Guys, it's 4th of July.
Gentlemen! I'm feeling freedomAF right now.
(01:08):
Yeah, I'll say this before wejump into this episode.
There's a lot to it.
I will say this.
I am happy I was born in theland of the USA, baby.
Happy 4th of July to all youAmericans.
And for my one Netherlandsfriend...
How you doing?
Hope you're doing well.
(01:55):
Welcome back.
Your seat's right there.
We got some LaCroix and someWhite Claw on top.
May I suggest Pamplemousse?
It's really good.
I'm excited to have you guyshere today.
Before we usually do thesethings, you guys know we do
something called a boss segment.
The podcast is focused ontalking to people ordinary
(02:16):
people who've done extraordinarythings the real main focus of
the podcast is havingconversations with people who
don't look the same vote thesame eat the same pray the same
believe the same etc etc dressthe same the podcast is about
those people connecting andhaving conversations we've lost
(02:36):
the art of having conversationsand guess what We over here at
Kyle Talks are going to changethat.
That's what we're doing tochange that.
So if that sounds interesting toyou, please go ahead and review
and download the episode, shareit.
And you can be a part of thiscommunity that we're building
where you don't look, believe,see, feel, eat the same.
(02:57):
But we have amazingconversations.
For example, oh, this persondoesn't literally thinks the
opposite of everything I everthought that I think.
I'm going to go see his bandtomorrow night, maybe over a
couple of brews.
That's the goal.
That's what we want at the KyleTalks podcast.
That is our goal.
And by you sharing, reviewing,and just by simply listening,
(03:19):
you're participating in that.
So thank you.
Enough of e-advertisements outthe way.
We got a big, beautiful bill totalk about.
And let's talk about howbeautiful it really is.
In this episode...
We're going to look over theOba, the one big, beautiful
bill.
or act, whatever you want tosay.
(03:41):
And we're going to open thisbill up.
We're going to take off themakeup and see the beauty.
We're going to see the scope ofit.
What does it mean?
A breakdown of the bill and itscontents and what we're really
going to spend time on today ishow it affects everyday people
like you and me.
And is there politicalconsequences?
Spoiler alert, yes.
(04:02):
And what does that mean?
What does that look like forRepublicans, Democrats, the
Green Party, whatever else thereis?
What does that mean?
We're really going to dive intothe bill today.
Before we jump in, all thearticles, there's like six or
seven of them, are in the shownotes.
Before we get started, I am 28years young.
I went to school for businessadministration finance.
(04:24):
That's what I do for work.
When I say that, I'm saying Idon't know what I don't even
know yet.
I'm still young.
I'm still learning.
I haven't seen enough of theworld yet.
So keep that in mind.
With that in mind, I've providedthe links, everything I've
consumed.
I spent hours on videos,articles that you can look at to
(04:47):
come to your own conclusions.
Don't take my word for it.
All the articles and the shownotes.
Go look for yourself.
Go read.
Maybe there's something Imissed.
I don't know.
Maybe there's some bias I can'tsee.
I don't know.
That's why those articles arethere.
The same articles I used to makethis up.
So so please.
Take take what I'm about to saywith a grain of salt, how I
(05:09):
understand it and understand foryourself, I've I would push you
to do that no matter what it is,if economy, religious text,
political text, whatever it is,find out for yourself with that.
Let's dive into the big,beautiful bill.
So I think it would be veryappropriate to talk about what
(05:35):
it is, how it came to be, thegeneral backgrounds of the bill.
So let's talk about it.
It was introduced in May 2025.
It was worked on for a yearbefore that, or it was worked on
from the inception of PresidentTrump as he was inaugurated, I
think is the word there.
(05:56):
But it was Officially introducedin May 2025 by House
Republicans.
And that was always nicknamed bythe Mr.
President, the One Big BeautifulBill or OBBA, the One Big
Beautiful Bill Act by PresidentTrump.
(06:17):
This document was recently justpassed from the House and is
just waiting for Papa Trump toassign it to make it into law.
which just pretty much is,spoiler, it's probably going to
do that.
It's, what is this bill?
It's 1,100 pages of law,legislative.
(06:38):
And just, I want to say, beforewe go further, imagine 1,100
page, like 1,100 page book.
You can read that, right?
Like it's, it's grippy.
Shout out to J.
Cole.
It's, it gets you, the story'sgood.
But this 1,100 pages of straightlaw legislative, this shall do
(07:00):
this.
And like a bunch of subterms andsubcontracts, like one law has
like 175 sub.
This sounds boring.
And guess what?
Hundreds of people, well,hundreds of people across
whoever viewed it had to readthis package and break it down
and probably put it into chatGPT and said, what does this
(07:23):
mean?
Look, For those politicians whoare listening to this for
whatever reason, I know you paidfor ChatGPT to understand these
bills.
What does this mean?
I know you do it.
I know you do it.
And I don't blame you.
There's a lot in there.
So imagine reading through 1100pages of political law,
legislative mumbo jumbo.
(07:44):
That genuinely sounds terrible.
And as of recently, not onlywith that, this bill just passed
the Senate, passed the House.
Now this bill is sitting on thedesk of Trump.
So it already passed House,Senate.
Now he just has to sign it intolaw.
(08:05):
That's the background of it.
What does it include?
High level.
We're going to jump into all ofthese.
Don't worry.
But what does it include?
It includes tax policies,permanent tax cuts.
We're going to talk about whatthat means.
Major spending cuts to Medicaid,SNAP, Medicare, Green Energy,
shout out Elon, has defense andborder security funding, also
(08:27):
has cultural and symbolicprovisions, Planned Parenthood
defunding, National Garden ofAmerican Heroes funding
provisions.
We're going to talk about whateach one of those means.
And the goal from everythingI've read from the links that
are available to you, the goalof these is to push massive
(08:49):
conservative reforms.
I don't care.
Before we jump further, ifeconomy, we're talking about
money, what it means, politicsget messy with it, it gets in
there.
But I don't care if you're GreenParty, if you're red, blue,
purple, whatever other colorsthere are, I don't care.
Let's try to leave our...
(09:11):
political biases at the door.
What does this mean for money?
What does this mean for ourpaychecks?
What does this mean for,honestly, money?
That's what we're looking attoday.
So there's going to be a lot ofconservative, Republican,
liberal, whatever language inhere.
That's just how I take notes.
But again, this does not matterbecause red is red, blue is
(09:33):
blue, green is green.
We're going to talk about themoney today.
So this, from everything I'veseen, it's a massive
conservative push for reformswith the vote for this bill,
which it did go through.
And it is a Trump-eralegislative.
And hopefully this willhopefully, hopefully from the
(09:54):
Republican point of view,hopefully from the President
Trump, this is what they'rethinking.
Hopefully they're seeing this asa win and confirming some more
seats in the 2026 midterms.
That was a lot.
That's just the background andwhat this bill includes.
Let's really jump into the nittygritty of it.
(10:18):
Before we read, there was taxpolicies in this bill.
There's permanent 2017 tax cuts,new exemptions.
Before we understand the bill,at least before I can understand
it, and I want that to bereflected to you guys the same,
we have to talk about what the2017 tax cuts were.
and how they relate, and thatwill give us a better idea
(10:40):
because these are now permanentwith the big, beautiful bill.
So we have to talk about it.
What are the 2017 Trump taxcuts?
Now, let me take you back inhistory.
2017, what were you doing?
I actually remember what I wasdoing.
(11:00):
So I remember when these taxcuts, I didn't know anything
about them, but I remember whenthese Trump tax cuts came into
play.
Because I was I was living inFresno still right after school
before.
Yeah, before the whole SoCaladventure.
And I was working at Lowe's andI remember they call it if you
(11:21):
worked at Lowe's, you know, theyhave something called the
bullpen or that's like just.
It's the junk drawer of Lowe'swhere everything goes.
And I remember I was in thebullpen grabbing something for a
customer or something like that.
And there was an old guy there,super old.
I don't remember his name, but Iremember him being an old guy.
(11:42):
And I remember when these lawspassed, he was like, listen
here, young man, this is so goodfor corporate America and for
the people.
And I think it was Drizzle DownEconomics at the time.
I don't know.
I just remember hearingsomething like that.
And he was talking my ear offabout these tax cuts.
And of course, 2017, I'm twoyears out of high school.
(12:03):
I'm like, yeah.
no idea what he was talkingabout.
So it's kind of crazy.
Cause I remember the momentwhere he started talking to me
about this, like he yapped myear off talking about these tax
cuts.
So anyways, do you rememberthese?
Do you remember the conversationaround these in 2017?
I do.
(12:23):
Um, so let's, what, what wasthat little guy yapping about in
2017?
Let's talk about it.
So this was called TCGA tax cutsand job docs of 2017.
And here's what hot High-leveloverview of what these included.
It reduced corporate tax ratefrom 35% to 21%.
It lowered income tax ratesacross all brackets.
(12:46):
So no matter what tax bracketyou were in, your taxes
decreased.
It increased your deduction forhaving a child for child tax
credits.
It capped SALT inductions.
We'll talk about SALTdeductions.
That's very important here soon.
It raised the estate taxexemption.
And it was set to expire in2025.
(13:10):
So this is a very high overview.
Reduce taxes across the boardand increase the threshold so
you didn't pay as much taxes onthings like housing and stuff
like that.
That's very high level.
Now, how does this bill?
How does the big, beautiful billexpand on the 2017 cuts?
(13:32):
So it makes some memory.
We talked about it lowered thetax rates across all brackets.
No matter what tax bracketyou're in, you're paying less
taxes.
So that's permanent now.
That was supposed to go awaythis year.
But now this is actuallyhappening.
Honestly, this is actually ahuge W for everyone.
(13:52):
I don't care who you are.
This specific line, we're allpaying less taxes and it's
permanent.
So the taxes you've been payingsince 2017, that ain't changing.
That tax cuts the exact same.
Also, there's no more taxes onovertime income and tips, which
(14:13):
is actually huge.
That again is a W.
For us folks who work a lot ofovertime or tips, I think of a
couple of friends I know wherethey work mandatory overtime.
And that is like super lame thatthey have to pay a separate kind
of tax for working overtime.
(14:34):
So that is also gone.
And this new one, it's a MAGA.
Sorry, I'm not trying to laugh.
Sorry.
It's a...
Okay, hold on.
Can we all just lock in for asecond?
A MAGA newborn savings account.
It's tax-free contributions upto$5,000 a year.
And the name, I'm not...
(14:56):
I'm laughing because I thinkit's silly to put a name on
this.
I think this is a great tool.
Let me be clear.
I think this is a great tool.
So what this means is when youhave a newborn kid, you can
start putting money aside forthem so they can start building
wealth.
This is amazing.
It's something I'll be doingwith my kid, not through this,
(15:16):
but this is a great tool.
You can do it through liketraditional investment accounts
like Roth IRA, individualretirement accounts, things like
that.
So this is a huge W.
I just think it's kind ofinteresting to call it MAGA
newborn savings accounts.
And what's unfortunate aboutthis, if I'm being serious for a
second, this is a great tool.
(15:38):
This is an absolutely fantastictool.
So you can put money away foryour child up to five thousand a
year.
That's tax free.
So no taxes need to come out ofthis.
This is an amazing tool.
What's unfortunate about this,people who are against MAGA will
not use it.
because it has the name MAGA init.
And that's really unfortunatebecause this is a great tool.
(16:02):
Let me say this to you.
If you're listening to this andyou find yourself as one of
those people, please don't letthe name make you feel some kind
of way.
This is a great tool.
It's just a savings account fornewborns.
Forget the MAGA stuff.
That stuff's, in my opinion,cringe like that's super weird.
But this is a great tool that iscoming out with the one big,
(16:24):
beautiful, So what does thismean?
We know what the 2017 tax cutsare.
We see how this expands.
What does this mean?
Everyone across the board isreceiving tax cuts.
They're seeing tax benefits.
And another big piece, and thisis just one piece of the bill,
(16:45):
another big piece is reduced taxburden.
There's less taxes for gigworkers and service industry
employees.
who work a lot of overtimebecause now you don't have to
pay those overtime.
So that's the 2017 tax cuts andhow this new bill is going to
(17:09):
expand and make some of thosethings permanent.
This is what you're all herefor.
Let's talk about how the billaffects real everyday people
like you and me.
Let's talk about health care.
Let's talk about paychecks.
Let's talk about work.
(17:30):
Let's dive into it.
This is how it affects everydaypeople like you and me.
Let's start with the importantone, healthcare.
Let's look at Medicaid.
So there is an estimated 930billion cuts to Medicaid over
the next 10 years.
So 930 billion divided by 10,that's how much money Medicaid's
(17:50):
going to be losing a year.
So let's talk about how thesecuts work, how they go into
play.
So there's a transition to blockgrants or per capita funding.
So what that means, if you havea certain amount of people in
your city or your state, yourfunding stops there, for
(18:13):
example.
There's fixed state funding.
So states will get funded atlike...
This is an example.
Let's say California.
This is a complete example.
This is not real.
California...
You get$5,000 every year forMedicaid.
Cost goes up, too bad.
(18:35):
You get$5,000 every year forMedicaid.
That's how that works.
So in one of these cuts, we havefixed state funding.
And regardless of how much costgoes up, you get the same amount
every year that's capped at, oh,you have 100 people in the state
of California, you get 5,000.
Oh, you have 400 people now, youget 4,000 now.
(18:57):
But sir, things have gone up.
Sorry.
That's how one mechanic is thatthe cuts work.
There's also the elimination offederal match for Medicaid,
Medicaid expansions, Medicaidservices.
So before this bill previously,the federal government would
match Medicaid expenses overwhatever it may be to a certain
(19:22):
amount that was capped.
That is no longer going on.
So the federal government willnot be matching Medicaid
expenses for their expansion.
Nothing like that.
They just get flat 5000.
No match from the government.
You get it.
Including there are now strictwork requirements for adults,
(19:44):
and this is the one that's kindof controversial.
So let's dive into this one alittle bit.
There's work requirements foradults receiving Medicaid
between the ages of 19 and 55.
Before, previously as to thisbill, you sign up for Medicaid,
you can be on unemployment, youcan work very few hours, and
you'd be covered by Medicaid.
And Medicaid's not that greatanyways, if I'm being super
(20:05):
honest.
Now, if you're between the agesof 19 and 55 and receiving
Medicaid...
To fully receive Medicaid, youhave to work 20-plus hours a
week.
That's a new change coming in.
And now this is, again, probablythe most controversial point for
(20:28):
how these cuts.
There's more frequenteligibility checks.
There's new asset tests.
And there's now documentationhurdles.
So you're getting a fixed amountper capita.
Now for your state, the federalgovernment will not be matching
it.
You have to work at least 20plus hours a week to receive
(20:50):
Medicaid if you're between theages of 19 and 55.
And on top of it, there will bemore eligibility checks.
There'll be new asset, like howmuch assets you really have.
Are you lying?
Are you not?
Do you have stock?
Something like that.
And there's going to be a lotmore documentation hurdles to
get into Medicaid.
That's kind of like the sweepingoverview of how some of these
(21:12):
cuts will be working.
And honestly, I'll put my twocents in here.
I think working 20 plus hours aweek for 19 to 55, it's kind of
goaded, especially young people,like young people who, now if
you get older, you know, it'sdifferent.
But for us young people,brother, and I know there's
disabilities out there and stuffout there too, but that's not
(21:33):
the majority, not even close.
Let's stop giving these oldpeople a reason to call us lazy.
You know what I mean?
Like, I don't want to be calledlazy.
Oh, your generation's lazy.
Blah, blah.
I don't want to hear thatanymore.
So I think this is kind of goodfor those who can work to work
20 plus hours and not just be ascrunch.
(21:54):
No one likes to scrunch on anykind of system.
So let's not be lazy.
This is actually kind of codedfor us under 30 who can work.
I like that.
UNKNOWN (22:04):
Yeah.
SPEAKER_00 (22:05):
I don't necessarily know if I like that, but I know
that I think it's a good thingoverall.
Let's jump into more maybe notgood things, depending on how
you view things.
A CBO, if you are unsure of whata CBO is, in a lot of contexts,
(22:26):
it could be meaningcommunity-based organization.
It can also mean congressionalbudget office.
This CBO means CongressionalBudget Office.
They estimate 11 to 12 millionpeople could lose coverage by
2034.
Who are these people?
Who are these people at risk oflosing coverage?
(22:47):
Those people are low-wage andgig worker individuals.
People with disabilities,pregnant women, a loss of
postpartum coverage under thisnew bill, and rural residents
reliant on Medicaid support athospitals could also lose access
to Medicaid benefits with allthese changes coming through.
(23:08):
That's Medicaid.
Now let's talk about Medicare.
So Medicare is looking at$500.
billion,$500 billion worth ofcuts over the next eight years.
So take$500 billion divided byeight.
That's about how much moneyyou're going to lose a year,
mid-year.
So Medicare, how do these cutswork?
(23:30):
Let's talk about it.
They're kind of doing in twoways here.
So there's PAYGO automatic cuts.
So this bill triggers a 4%across the board Medicare cuts
under existing law.
Boom.
Easy, I guess.
(23:51):
So once Trump signs this andmaybe Trump signs this into law
the day this is recorded andwhen this comes out on Saturday,
July 5th.
These things could already be ineffect.
As of the time of thisrecording, it is not.
But when it comes out, it couldchange.
So, yeah.
So, Medicare, just easy, flat,4% across the board cuts.
(24:19):
That's it.
And then the next thing isthere's cuts to hospital and
physician reimbursements.
Of which, I wish I would havegotten...
A voice quote from him.
One of my friends works in thisworld and he himself is facing
that physician hospitalreimbursements very much affects
(24:41):
his line of work and hiscoworkers.
So it's affecting people I know.
It was just kind of weird, likereal deal effects.
So if you do some kind of workas a physician in a hospital,
those reimbursements could getcut.
So if you did$500 worth of work,this is an example, they could
say, you know, we're only goingto give you$300 as the
(25:03):
reimbursement.
Yikes.
That's what it looks like.
So what does this mean?
This is how the cuts arehappening, just flat cuts.
What does this mean for everydaypeople?
That means doctors will, somedoctors, not all, are going to
stop accepting Medicarepatients.
(25:24):
There's going to be a strain onrural and small hospitals that
focus on Medicare.
Medicare, excuse me, notMedicaid.
And here's the, if we're talkingabout finances, there's a
potential for premium hikes.
So things will get moreexpensive for Medicare plans.
(25:44):
based on these things.
Let's jump into the next one.
There's a lot to go over here.
SNAP, the Supplemental NutritionNutrition...
I can't remember the rest ofthis.
I didn't take notes on what SNAPstands for.
But Supplemental NutritionAction Program, I believe.
And it's food assistance.
(26:04):
So food stamps, things likethat.
Let's talk about that.
Currently, 55 million Americansare on some form of SNAP
benefits.
Here's what's changing withSNAP.
So they're transferringadministration to state.
So now states have the controlfor food.
SNAP used to be federal andexpands work requirements to
(26:25):
ages 18 and 64.
This falls in line with theMedicaid changes.
We don't know what this meansyet.
But you need to do some kind ofwork or something looking for
work, documenting it some way toreceive these.
And also with Medicaid that wetalked about, there's new asset
tests.
There's time limits.
(26:46):
There's balances.
There's more documentation.
So it's going to be harder toget food, food benefits.
And there's certain requirementsthat will come with that as
well, as well as new asset testsas well.
I can say my wife, who's atherapist, she's she works with
a lot of people under theseprograms.
(27:07):
And she says a lot of peoplehave like Teslas.
And they're under theseprograms.
Wait a minute.
How do you have a Tesla underthese programs?
So there's people.
This is not everyone, but thereare people who are lying to get
benefits and live off ofbenefits and programs.
And really profiting from thatwhen there's people who could
(27:28):
actually genuinely use theseresources.
You have people lying, takingadvantage of it, taking money
away from people who actuallyneed it.
And it's actually reallyupsetting.
And I've heard more of thesestories from multiple people who
work in the mental health,Medicare, Medicaid offices.
I've heard that actually quite alot.
(27:48):
So I think.
with the reintroduction of newasset tests, new documentation,
they wanna try to avoid peopletaking advantage of the system
and people who actually need toget that.
At least that's what I thinkbased on what I've heard and
what I've seen.
So that's what's changing withSnap.
Let's talk about what thismeans.
(28:08):
What does that mean with all ofthese things in mind?
Many millions may lose benefitsdue to administrative errors Or
that's a low bucket issue,administrative errors.
That exists no matter where yougo, to be honest.
Administrative errors areeverywhere.
You can't get rid of that nomatter where you go.
(28:29):
But what is actually, it maypush people who receive SNAP out
of receiving SNAP based on newcriteria.
States with weak infrastructuresmay delay benefits.
Weak infrastructure, we can'tsupport all these benefits.
SNAP, people who are requestingto be on SNAP, we don't have the
finances to support it.
(28:51):
So states that honestly can'tget their stuff together or they
can't manage all of the peoplewho come in who need that may
have delayed benefits.
So if you applied for SNAP andyou're in a state, they have
weak infrastructure to handlethese requests and pay it out,
you might be seeing a delay inthat.
And there'll be This is obvious.
(29:13):
Increased food insecurity.
You're not too sure.
Do you follow these criterias?
Do you not follow for thesecriterias, especially for your
part-time workers and yourcaregivers?
A lot more.
Let's keep talking about it.
Green energy.
This is the one everyone wantsto know because Elon.
Elon came and said he was pissedat this bill.
(29:37):
They need more subsidiariesbecause Tesla is a green energy
company.
What's going on?
What's getting removed?
Why is Elon pissed?
Let's talk about it.
So before we jump into this, weneed to talk about the Inflation
Reduction Act.
We did do an episode.
If you'd like to listen to that,it's called the Inflation
Reduction Act episode.
(29:58):
I'm not going to go through thatentire bill, but what's
pertinent for green energy?
You would imagine an InflationReduction Act would focus on
inflation, right?
Wrong.
The Inflation Reduction Actfocuses Focused heavily on solar
energy, green power, EV, solar.
It gave lots of tax credits forboth companies and individuals
(30:22):
who had electronic vehicles,solars, batteries, things like
that for gas.
Green energy.
A lot of tax credits.
And that's how Tesla, last yearTesla made$55 billion.
About 33% to 40% of that waswith these Infliction Reduction
Act tax credits that theyreceived for building these.
(30:43):
Boom.
That's the Inflation ReductionAct.
What's going on in this bill?
So those tax credits, gone.
Beep.
Looped.
Thanos snapped.
They're gone.
Of course, people withelectronic vehicles don't like
that.
But really, who gets affected bythis?
EV manufacturers.
(31:05):
Like Tesla.
In addition to that, there's newexcise taxes on large scale
solar and wind projects.
So if you have a large solarfarm, wind farm, whatever it is,
you're getting more taxes there.
for that.
In addition to that, um, fossilfuel subsidiaries or subsidies,
(31:26):
excuse me, are increased.
So drill, baby, drill, drill,drill, drill that fracking.
I believe that's what it'scalled.
Um, we're going to be payingmore people to drill oil, get
that oil, baby.
No, the American oil meme.
That's us literally like onmultiple levels.
That's us even more now.
(31:48):
Uh, So what does this mean?
So we just don't care aboutgreen energy anymore.
We're not giving a benefits tothese companies, which is weird
because one day we're going torun out of oil.
Right.
Something to think about.
And we're we're subsidizing,giving more money to people who
are fracking companies that arefracking people, companies who
(32:09):
are fracking, getting oil,things like that.
So what does that mean?
There's predicted layoffs ofcourse and renewable energies so
Tesla there's a EV I like Ican't it's called the Volt I
really I used to like the Voltanywhere any manufacturer that
(32:30):
makes EV vehicles there'sprobably going to be some
layoffs because there's going tobe less money.
The transition to clean energyis going to be a lot slower now
because the money is getting alot slower.
And for you and me, what itmeans for you and me, what this
means, the energy is going to goup long term.
(32:51):
for us because now we'reincentivizing oil and things
like that.
We're going to have to keep onpaying for oil, gas.
Gas might see an uptick here.
Actually, you could see less ofan uptick.
So you might hear a lot ofindividuals say gas prices are
going to shoot up.
Again, let me preface this.
I don't know what I don't knowyet.
I don't think that's going tohappen.
(33:12):
We're subsidizing.
We're giving them more money.
So that's going to bring costsof goods down.
This is Basic business 101.
Cost of goods sold, they're justgoing to go down.
So they're going to sell it tous cheaper.
At least that's what I imagine.
We'll see if that happens ornot.
But if I'm making an educatedguess, gas is not going to go
up.
Let's use our logic part of ourbrain here for a second.
(33:36):
They're giving them more money,subsidizing it more.
So it's going to be cheaper toget the oil.
It's going to be cheaper forthem to get the oil, refine it,
and send it to gas stations.
So gas, it should be cheaper, atleast theoretically.
I mean, that's just business101, thinking about it and like
that.
They literally teach you that inyour first class.
(33:57):
In addition to that, there'ssome more things you gotta talk
about.
There's a lot of things, 1,100pages.
There's a lot of things to talkabout.
Let's talk about childcare andfamily support.
So this one's actually monetary,money-wise.
This is actually a dub for thosewho have kids.
So the child tax credit isincreased to$3,000 if you have
(34:22):
kids.
So if you have kids, there are$3,000 write-off.
Ayo, that's what we're talkingabout.
And it's also refundable under$50,000 a year in income.
And what we talked about before,and this is a good thing, MAGA
savings accounts for newborns.
It's just a savings account.
It's tax-free.
Excuse me, my voice cracked.
(34:43):
It's tax-free.
And you can put money up to$5,000 a year in there for your
child.
This is a great tool.
I will reiterate what I saidpreviously, though.
It's unfortunate that it has...
I'm trying not to laugh.
It's maybe a little weird thatthey have MAGA attached before.
I don't know why.
MAGA Savings Accounts forNewborns.
(35:07):
It's just the savings accountsfor newborns.
And this is a really great tool.
It doesn't invest your money asfar as just the savings account.
So if you want to have moneyinvest, I would recommend having
a Roth IRA opened up for yournewborn so that money can be
invest and grow over time.
But both of these tools aregreat.
It's just having the MAGA tag onit is really going to turn off a
(35:30):
lot of people.
Unfortunately, even though it isa great tool.
For any parents, it's just thatname is kind of weird.
So what's that mean with thesavings account with child tax
credit?
What does that mean?
So low income families, this iswho I expect it to affect the
(35:51):
most will gain tax credits withtheir child.
It's really a W, and thathonestly is not just for
low-income families.
That can also be for wealthierfamilies, although wealthier
families have more tools andaccesses to tax laws and stuff
like that.
So yeah, it benefits them, butless so to the degree than the
(36:14):
families who don't have as manyresources because this is just
flat.
Honestly, overall, financially,not that bad at all.
Not that bad.
That's everything in the billthat works for you and me so
far, what that means for you andme.
(36:35):
What do we talk about?
Um, who are the winners?
Who are the losers of this bill?
This is what, who are thewinners, middle and high income
earners, their winners, fossilfuel companies, the oil
companies, their big winners.
And we also talked aboutdefense, more people to ice,
more, more funding going to oursecurity, um, ICE is a big one.
(36:58):
We talked about that on thewhole episode.
Please check that out ondeportation, immigration.
We had a whole episode dedicatedto that.
But they're getting morefunding.
Defense, security is gettingmore funding.
So these are the big winners ofthis bill.
Who are the losers?
(37:19):
Low-income households,low-resource households, seniors
on Medicare, and renewableenergy workers.
What does this mean financially?
So based on what we've read,what we've discussed, this looks
about$2.1 trillion to nationaldebt over the next 10 years.
(37:45):
This is the part that means themost, how this affects you and
me.
What I want to talk about now isthe politics of this.
And I want to give a very looseoverlook on this, what this
could mean going forward.
And this is pertinent because wecould see what's happening
(38:08):
fiscally means money.
So someone says fiscal strategyand someone says the fiscal
policy, the money policy.
So this is good to know tounderstand what's coming up so
you can know what's coming upfiscally or monetarily.
the political strategy or thepolitical fallout of this bill
(38:29):
being passed.
So the overwhelming republicstrategy is to deliver wins on
taxes, border and defense,because this is something that
President Trump himself promisedon his way to becoming
president.
And some of those promises,promises are delivered on,
especially with taxes, tips,things like that.
(38:50):
Those are Clear wins for theRepublican Party, for Trump
specifically, because hepromised them, and they're
delivered.
They are, in his defense.
So, Republican strategy, they'vedelivered wins on taxes, on
border, on defense.
They want to force Democratsinto politically difficult
(39:10):
votes, because this wentthrough.
Now they're facing that.
And this looks like it's...
This is a big win for Trump,obviously, because...
Now he solidifies his Trump eratax cuts from 2017.
And then going to 2026, a lot ofthese Republican bills are being
held.
So this really kind of confirmshis positioning and getting what
(39:34):
he wants to be totally honest.
What the Democrat response hasbeen to this is labeling the
bill cruel.
There's this word fiscallyrescues again.
And they're focusing theircampaign on health care because
they're having billions ofdollars cuts that and food aid
(39:56):
losses.
There is some internal conflictbetween Republicans, Rand Paul,
Susan Collins, worried about thedeficit impacts of how much
money this can cost.
And then.
Florida.
Five Republicans broke partylines and voted against this
(40:21):
bill.
Here's just some pollinginformation.
This article is also in the linkbelow.
It's very interesting.
55% of Americans oppose thebill.
29% of Americans support it.
And it's very unpopular amongsuburban women and those who
identify as independents.
(40:44):
So that's what the bill is.
That's who it's affecting.
That's the political outlines ofthis.
What happens next?
So in between me recording theepisodes, this bill passed and
went through House and wentthrough the Senate.
Now it's sitting on Trump'sdesk.
These things can change quickly.
At the time of this recording,what does next steps look like?
(41:05):
One, Trump signs this into law.
That's just the next obviousline.
And that will honestly 99%.
So what does that look like infar as implementation?
When do these changes takeeffect?
Will there be legal challengesto this bill?
So once Trump signs this intolaw, all these tax changes that
(41:27):
we talked about with Medicare,food, health, green energy, this
will all take effect next yearin January of 2026.
Child benefits, it's going totake next year.
The Medicaid and SNAPspecifically changes.
is going to be phased in overtwo to three years.
So they're going to bring thechanges that we discussed about
(41:47):
Medicaid with thereimbursements, the cut down,
the more assets, the tools, themore documentation, as well as
for this food benefits program.
Those are going to be brought inin over two to three years.
So it won't be as quick as thetaxes, but it will be happening
in phases over the next twoyears.
(42:08):
There is a legal challenge beingbrought worked on and issued for
states.
So states specifically arepreparing lawsuits for their
Medicaid and for their SNAPprovisions.
And remember, the food benefits,SNAP, they're giving them to the
states.
The states have to handle it.
And Medicaid, many people arebeing cut.
There's work requirements andthe state is fighting against
(42:31):
that as well.
There is a 2026 midterm.
So what does that look like fornext steps?
Democrats, Democrats, are goingto make this a big issue.
Like that's what they're runningagainst as they should.
I mean, that's just politics101, I guess.
I mean, I don't know.
Makes sense.
Like they want to oppose thisbill.
And then the Republican Party isgoing to frame this in the
(42:53):
midterms as a big win for thePatriots.
That's the bill.
That is the big, beautiful bill.
What do we talk about?
I want to go over.
We talked about the 2017 taxcuts.
We talked about everyone'sincome tax being permanent, so
you're paying less in taxes.
Let's talk about Medicaid cuts,$930 billion cuts to Medicaid.
(43:18):
No more matching fixed-statefunding, so you get a certain
amount, hour requirements.
There's new documentation, newlists, new assets.
We also talked about Medicare,the big one, the cuts to
hospital and physicianreimbursements, and they
flattened.
4% cut to everything that theyhave in this bill under
(43:40):
Medicare.
For the green energy, we talkedabout from all the tax benefits
and credits that was in theInflation Reduction Act are
gone.
So we're not incentivizingpeople to get EVs and we're not
incentivizing those companieslike Tesla.
And that's why Elon is so mad.
(44:00):
And instead, we're focusing ourOur tools, our resources, our
money, our manpower on fossilfuels, which means drilling and
getting that sweet, sweet oil,baby, so we can sell.
So that probably bring down theprice of gas over the next
couple of months.
We talked about child credit.
(44:21):
So you get more money for havingchildren.
There you go.
And we talked about the MAGAsavings accounts for newborns.
That name is ridiculous.
But yeah, that's what we talkedabout.
There's a lot going to thisbill.
This was a very high leveloverview of the bill.
Remember, this bill is 1100pages of political jargon.
(44:44):
So this is just very much at ahigh level what you can expect
seeing from this bill.
In addition to that, I want toreiterate, don't take take my
word with a grain of salt.
Take my word with a grain ofsalt.
All the articles I used, all thenotes I've taken were from these
articles that I put in the shownotes.
So please, if you're not doinganything after being a patriot
(45:07):
this weekend, maybe you won'twant to be after this.
I don't know.
Check out these articles.
Check out the show links.
Learn for yourself.
Maybe I missed something.
I don't know.
Check them out for yourself.
It would be a good read for youto hear.
And then read it yourself.
With that, that's it.
If you've learned anything or ifthis was helpful and for you
(45:28):
understanding what's goingaround in the world federally,
please go ahead and share thepodcast.
Share it to X, Twitter,Instagram.
Thanks at Kyle the Horton.
Tag me in it.
If you learned anything, if youfeel like your mind was expanded
a little bit, you can betterunderstand anything in this
bill.
Please go ahead and share thepodcast.
And we are the fastest growingpodcast in the world.
(45:52):
And if you help us continue toget there by leaving reviews, on
spotify apple potify whereveryou listen um please leave a
review and help us become thefastest growing podcast um and
the bet we are the best podcastand we're bringing information
to you guys so please help me inthat thank you guys so much um
(46:14):
thank you for the love educateyourself this weekend be safe
this weekend if you'recelebrating fourth of july don't
do nothing crazy um don't setnothing on fire please um and no
one's gonna watch your firefirewall I know that may hurt,
but no one's going to watch yourfireworks video.
So don't record it.
(46:35):
And in fact, do something safeand be safe with that in mind.
Remember, one man paid theultimate price for you that can
be with him forever.
I mean, he loves you more thanyou can ever, ever understand.
That man's name is Jesus.
And I'll see you guys next timeon Kyle Talks.
Peace.
Today, it's being called the biggest bill of the
decade.
It's the big, beautiful bill.
But how beautiful is it?
Today, we're going to unpack thebeauty behind this bill and look
at how this can affect yourpaycheck, legislation.
How does this affect politicsand national debt and
potentially your health care?
(00:22):
Let's talk about it.
Welcome back to Kyle Talks,where I'm Kyle and we talk.
(00:46):
Yo, yo, what it do, we do, wedo.
I am, look, I am, before we jumpinto this episode, it's 4th of
July.
Look, I got to say, I have takennotes on this extensively.
I want to make sure this is themost...
Guys, it's 4th of July.
Gentlemen! I'm feeling freedomAF right now.
(01:08):
Yeah, I'll say this before wejump into this episode.
There's a lot to it.
I will say this.
I am happy I was born in theland of the USA, baby.
Happy 4th of July to all youAmericans.
And for my one Netherlandsfriend...
How you doing?
Hope you're doing well.
(01:55):
Welcome back.
Your seat's right there.
We got some LaCroix and someWhite Claw on top.
May I suggest Pamplemousse?
It's really good.
I'm excited to have you guyshere today.
Before we usually do thesethings, you guys know we do
something called a boss segment.
The podcast is focused ontalking to people ordinary
(02:16):
people who've done extraordinarythings the real main focus of
the podcast is havingconversations with people who
don't look the same vote thesame eat the same pray the same
believe the same etc etc dressthe same the podcast is about
those people connecting andhaving conversations we've lost
(02:36):
the art of having conversationsand guess what We over here at
Kyle Talks are going to changethat.
That's what we're doing tochange that.
So if that sounds interesting toyou, please go ahead and review
and download the episode, shareit.
And you can be a part of thiscommunity that we're building
where you don't look, believe,see, feel, eat the same.
(02:57):
But we have amazingconversations.
For example, oh, this persondoesn't literally thinks the
opposite of everything I everthought that I think.
I'm going to go see his bandtomorrow night, maybe over a
couple of brews.
That's the goal.
That's what we want at the KyleTalks podcast.
That is our goal.
And by you sharing, reviewing,and just by simply listening,
(03:19):
you're participating in that.
So thank you.
Enough of e-advertisements outthe way.
We got a big, beautiful bill totalk about.
And let's talk about howbeautiful it really is.
In this episode...
We're going to look over theOba, the one big, beautiful
bill.
or act, whatever you want tosay.
(03:41):
And we're going to open thisbill up.
We're going to take off themakeup and see the beauty.
We're going to see the scope ofit.
What does it mean?
A breakdown of the bill and itscontents and what we're really
going to spend time on today ishow it affects everyday people
like you and me.
And is there politicalconsequences?
Spoiler alert, yes.
(04:02):
And what does that mean?
What does that look like forRepublicans, Democrats, the
Green Party, whatever else thereis?
What does that mean?
We're really going to dive intothe bill today.
Before we jump in, all thearticles, there's like six or
seven of them, are in the shownotes.
Before we get started, I am 28years young.
I went to school for businessadministration finance.
(04:24):
That's what I do for work.
When I say that, I'm saying Idon't know what I don't even
know yet.
I'm still young.
I'm still learning.
I haven't seen enough of theworld yet.
So keep that in mind.
With that in mind, I've providedthe links, everything I've
consumed.
I spent hours on videos,articles that you can look at to
(04:47):
come to your own conclusions.
Don't take my word for it.
All the articles and the shownotes.
Go look for yourself.
Go read.
Maybe there's something Imissed.
I don't know.
Maybe there's some bias I can'tsee.
I don't know.
That's why those articles arethere.
The same articles I used to makethis up.
So so please.
Take take what I'm about to saywith a grain of salt, how I
(05:09):
understand it and understand foryourself, I've I would push you
to do that no matter what it is,if economy, religious text,
political text, whatever it is,find out for yourself with that.
Let's dive into the big,beautiful bill.
So I think it would be veryappropriate to talk about what
(05:35):
it is, how it came to be, thegeneral backgrounds of the bill.
So let's talk about it.
It was introduced in May 2025.
It was worked on for a yearbefore that, or it was worked on
from the inception of PresidentTrump as he was inaugurated, I
think is the word there.
(05:56):
But it was Officially introducedin May 2025 by House
Republicans.
And that was always nicknamed bythe Mr.
President, the One Big BeautifulBill or OBBA, the One Big
Beautiful Bill Act by PresidentTrump.
(06:17):
This document was recently justpassed from the House and is
just waiting for Papa Trump toassign it to make it into law.
which just pretty much is,spoiler, it's probably going to
do that.
It's, what is this bill?
It's 1,100 pages of law,legislative.
(06:38):
And just, I want to say, beforewe go further, imagine 1,100
page, like 1,100 page book.
You can read that, right?
Like it's, it's grippy.
Shout out to J.
Cole.
It's, it gets you, the story'sgood.
But this 1,100 pages of straightlaw legislative, this shall do
(07:00):
this.
And like a bunch of subterms andsubcontracts, like one law has
like 175 sub.
This sounds boring.
And guess what?
Hundreds of people, well,hundreds of people across
whoever viewed it had to readthis package and break it down
and probably put it into chatGPT and said, what does this
(07:23):
mean?
Look, For those politicians whoare listening to this for
whatever reason, I know you paidfor ChatGPT to understand these
bills.
What does this mean?
I know you do it.
I know you do it.
And I don't blame you.
There's a lot in there.
So imagine reading through 1100pages of political law,
legislative mumbo jumbo.
(07:44):
That genuinely sounds terrible.
And as of recently, not onlywith that, this bill just passed
the Senate, passed the House.
Now this bill is sitting on thedesk of Trump.
So it already passed House,Senate.
Now he just has to sign it intolaw.
(08:05):
That's the background of it.
What does it include?
High level.
We're going to jump into all ofthese.
Don't worry.
But what does it include?
It includes tax policies,permanent tax cuts.
We're going to talk about whatthat means.
Major spending cuts to Medicaid,SNAP, Medicare, Green Energy,
shout out Elon, has defense andborder security funding, also
(08:27):
has cultural and symbolicprovisions, Planned Parenthood
defunding, National Garden ofAmerican Heroes funding
provisions.
We're going to talk about whateach one of those means.
And the goal from everythingI've read from the links that
are available to you, the goalof these is to push massive
(08:49):
conservative reforms.
I don't care.
Before we jump further, ifeconomy, we're talking about
money, what it means, politicsget messy with it, it gets in
there.
But I don't care if you're GreenParty, if you're red, blue,
purple, whatever other colorsthere are, I don't care.
Let's try to leave our...
(09:11):
political biases at the door.
What does this mean for money?
What does this mean for ourpaychecks?
What does this mean for,honestly, money?
That's what we're looking attoday.
So there's going to be a lot ofconservative, Republican,
liberal, whatever language inhere.
That's just how I take notes.
But again, this does not matterbecause red is red, blue is
(09:33):
blue, green is green.
We're going to talk about themoney today.
So this, from everything I'veseen, it's a massive
conservative push for reformswith the vote for this bill,
which it did go through.
And it is a Trump-eralegislative.
And hopefully this willhopefully, hopefully from the
(09:54):
Republican point of view,hopefully from the President
Trump, this is what they'rethinking.
Hopefully they're seeing this asa win and confirming some more
seats in the 2026 midterms.
That was a lot.
That's just the background andwhat this bill includes.
Let's really jump into the nittygritty of it.
(10:18):
Before we read, there was taxpolicies in this bill.
There's permanent 2017 tax cuts,new exemptions.
Before we understand the bill,at least before I can understand
it, and I want that to bereflected to you guys the same,
we have to talk about what the2017 tax cuts were.
and how they relate, and thatwill give us a better idea
(10:40):
because these are now permanentwith the big, beautiful bill.
So we have to talk about it.
What are the 2017 Trump taxcuts?
Now, let me take you back inhistory.
2017, what were you doing?
I actually remember what I wasdoing.
(11:00):
So I remember when these taxcuts, I didn't know anything
about them, but I remember whenthese Trump tax cuts came into
play.
Because I was I was living inFresno still right after school
before.
Yeah, before the whole SoCaladventure.
And I was working at Lowe's andI remember they call it if you
(11:21):
worked at Lowe's, you know, theyhave something called the
bullpen or that's like just.
It's the junk drawer of Lowe'swhere everything goes.
And I remember I was in thebullpen grabbing something for a
customer or something like that.
And there was an old guy there,super old.
I don't remember his name, but Iremember him being an old guy.
(11:42):
And I remember when these lawspassed, he was like, listen
here, young man, this is so goodfor corporate America and for
the people.
And I think it was Drizzle DownEconomics at the time.
I don't know.
I just remember hearingsomething like that.
And he was talking my ear offabout these tax cuts.
And of course, 2017, I'm twoyears out of high school.
(12:03):
I'm like, yeah.
no idea what he was talkingabout.
So it's kind of crazy.
Cause I remember the momentwhere he started talking to me
about this, like he yapped myear off talking about these tax
cuts.
So anyways, do you rememberthese?
Do you remember the conversationaround these in 2017?
I do.
(12:23):
Um, so let's, what, what wasthat little guy yapping about in
2017?
Let's talk about it.
So this was called TCGA tax cutsand job docs of 2017.
And here's what hot High-leveloverview of what these included.
It reduced corporate tax ratefrom 35% to 21%.
It lowered income tax ratesacross all brackets.
(12:46):
So no matter what tax bracketyou were in, your taxes
decreased.
It increased your deduction forhaving a child for child tax
credits.
It capped SALT inductions.
We'll talk about SALTdeductions.
That's very important here soon.
It raised the estate taxexemption.
And it was set to expire in2025.
(13:10):
So this is a very high overview.
Reduce taxes across the boardand increase the threshold so
you didn't pay as much taxes onthings like housing and stuff
like that.
That's very high level.
Now, how does this bill?
How does the big, beautiful billexpand on the 2017 cuts?
(13:32):
So it makes some memory.
We talked about it lowered thetax rates across all brackets.
No matter what tax bracketyou're in, you're paying less
taxes.
So that's permanent now.
That was supposed to go awaythis year.
But now this is actuallyhappening.
Honestly, this is actually ahuge W for everyone.
(13:52):
I don't care who you are.
This specific line, we're allpaying less taxes and it's
permanent.
So the taxes you've been payingsince 2017, that ain't changing.
That tax cuts the exact same.
Also, there's no more taxes onovertime income and tips, which
(14:13):
is actually huge.
That again is a W.
For us folks who work a lot ofovertime or tips, I think of a
couple of friends I know wherethey work mandatory overtime.
And that is like super lame thatthey have to pay a separate kind
of tax for working overtime.
(14:34):
So that is also gone.
And this new one, it's a MAGA.
Sorry, I'm not trying to laugh.
Sorry.
It's a...
Okay, hold on.
Can we all just lock in for asecond?
A MAGA newborn savings account.
It's tax-free contributions upto$5,000 a year.
And the name, I'm not...
(14:56):
I'm laughing because I thinkit's silly to put a name on
this.
I think this is a great tool.
Let me be clear.
I think this is a great tool.
So what this means is when youhave a newborn kid, you can
start putting money aside forthem so they can start building
wealth.
This is amazing.
It's something I'll be doingwith my kid, not through this,
(15:16):
but this is a great tool.
You can do it through liketraditional investment accounts
like Roth IRA, individualretirement accounts, things like
that.
So this is a huge W.
I just think it's kind ofinteresting to call it MAGA
newborn savings accounts.
And what's unfortunate aboutthis, if I'm being serious for a
second, this is a great tool.
(15:38):
This is an absolutely fantastictool.
So you can put money away foryour child up to five thousand a
year.
That's tax free.
So no taxes need to come out ofthis.
This is an amazing tool.
What's unfortunate about this,people who are against MAGA will
not use it.
because it has the name MAGA init.
And that's really unfortunatebecause this is a great tool.
(16:02):
Let me say this to you.
If you're listening to this andyou find yourself as one of
those people, please don't letthe name make you feel some kind
of way.
This is a great tool.
It's just a savings account fornewborns.
Forget the MAGA stuff.
That stuff's, in my opinion,cringe like that's super weird.
But this is a great tool that iscoming out with the one big,
(16:24):
beautiful, So what does thismean?
We know what the 2017 tax cutsare.
We see how this expands.
What does this mean?
Everyone across the board isreceiving tax cuts.
They're seeing tax benefits.
And another big piece, and thisis just one piece of the bill,
(16:45):
another big piece is reduced taxburden.
There's less taxes for gigworkers and service industry
employees.
who work a lot of overtimebecause now you don't have to
pay those overtime.
So that's the 2017 tax cuts andhow this new bill is going to
(17:09):
expand and make some of thosethings permanent.
This is what you're all herefor.
Let's talk about how the billaffects real everyday people
like you and me.
Let's talk about health care.
Let's talk about paychecks.
Let's talk about work.
(17:30):
Let's dive into it.
This is how it affects everydaypeople like you and me.
Let's start with the importantone, healthcare.
Let's look at Medicaid.
So there is an estimated 930billion cuts to Medicaid over
the next 10 years.
So 930 billion divided by 10,that's how much money Medicaid's
(17:50):
going to be losing a year.
So let's talk about how thesecuts work, how they go into
play.
So there's a transition to blockgrants or per capita funding.
So what that means, if you havea certain amount of people in
your city or your state, yourfunding stops there, for
(18:13):
example.
There's fixed state funding.
So states will get funded atlike...
This is an example.
Let's say California.
This is a complete example.
This is not real.
California...
You get$5,000 every year forMedicaid.
Cost goes up, too bad.
(18:35):
You get$5,000 every year forMedicaid.
That's how that works.
So in one of these cuts, we havefixed state funding.
And regardless of how much costgoes up, you get the same amount
every year that's capped at, oh,you have 100 people in the state
of California, you get 5,000.
Oh, you have 400 people now, youget 4,000 now.
(18:57):
But sir, things have gone up.
Sorry.
That's how one mechanic is thatthe cuts work.
There's also the elimination offederal match for Medicaid,
Medicaid expansions, Medicaidservices.
So before this bill previously,the federal government would
match Medicaid expenses overwhatever it may be to a certain
(19:22):
amount that was capped.
That is no longer going on.
So the federal government willnot be matching Medicaid
expenses for their expansion.
Nothing like that.
They just get flat 5000.
No match from the government.
You get it.
Including there are now strictwork requirements for adults,
(19:44):
and this is the one that's kindof controversial.
So let's dive into this one alittle bit.
There's work requirements foradults receiving Medicaid
between the ages of 19 and 55.
Before, previously as to thisbill, you sign up for Medicaid,
you can be on unemployment, youcan work very few hours, and
you'd be covered by Medicaid.
And Medicaid's not that greatanyways, if I'm being super
(20:05):
honest.
Now, if you're between the agesof 19 and 55 and receiving
Medicaid...
To fully receive Medicaid, youhave to work 20-plus hours a
week.
That's a new change coming in.
And now this is, again, probablythe most controversial point for
(20:28):
how these cuts.
There's more frequenteligibility checks.
There's new asset tests.
And there's now documentationhurdles.
So you're getting a fixed amountper capita.
Now for your state, the federalgovernment will not be matching
it.
You have to work at least 20plus hours a week to receive
(20:50):
Medicaid if you're between theages of 19 and 55.
And on top of it, there will bemore eligibility checks.
There'll be new asset, like howmuch assets you really have.
Are you lying?
Are you not?
Do you have stock?
Something like that.
And there's going to be a lotmore documentation hurdles to
get into Medicaid.
That's kind of like the sweepingoverview of how some of these
(21:12):
cuts will be working.
And honestly, I'll put my twocents in here.
I think working 20 plus hours aweek for 19 to 55, it's kind of
goaded, especially young people,like young people who, now if
you get older, you know, it'sdifferent.
But for us young people,brother, and I know there's
disabilities out there and stuffout there too, but that's not
(21:33):
the majority, not even close.
Let's stop giving these oldpeople a reason to call us lazy.
You know what I mean?
Like, I don't want to be calledlazy.
Oh, your generation's lazy.
Blah, blah.
I don't want to hear thatanymore.
So I think this is kind of goodfor those who can work to work
20 plus hours and not just be ascrunch.
(21:54):
No one likes to scrunch on anykind of system.
So let's not be lazy.
This is actually kind of codedfor us under 30 who can work.
I like that.
UNKNOWN (22:04):
Yeah.
SPEAKER_00 (22:05):
I don't necessarily know if I like that, but I know
that I think it's a good thingoverall.
Let's jump into more maybe notgood things, depending on how
you view things.
A CBO, if you are unsure of whata CBO is, in a lot of contexts,
(22:26):
it could be meaningcommunity-based organization.
It can also mean congressionalbudget office.
This CBO means CongressionalBudget Office.
They estimate 11 to 12 millionpeople could lose coverage by
2034.
Who are these people?
Who are these people at risk oflosing coverage?
(22:47):
Those people are low-wage andgig worker individuals.
People with disabilities,pregnant women, a loss of
postpartum coverage under thisnew bill, and rural residents
reliant on Medicaid support athospitals could also lose access
to Medicaid benefits with allthese changes coming through.
(23:08):
That's Medicaid.
Now let's talk about Medicare.
So Medicare is looking at$500.
billion,$500 billion worth ofcuts over the next eight years.
So take$500 billion divided byeight.
That's about how much moneyyou're going to lose a year,
mid-year.
So Medicare, how do these cutswork?
(23:30):
Let's talk about it.
They're kind of doing in twoways here.
So there's PAYGO automatic cuts.
So this bill triggers a 4%across the board Medicare cuts
under existing law.
Boom.
Easy, I guess.
(23:51):
So once Trump signs this andmaybe Trump signs this into law
the day this is recorded andwhen this comes out on Saturday,
July 5th.
These things could already be ineffect.
As of the time of thisrecording, it is not.
But when it comes out, it couldchange.
So, yeah.
So, Medicare, just easy, flat,4% across the board cuts.
(24:19):
That's it.
And then the next thing isthere's cuts to hospital and
physician reimbursements.
Of which, I wish I would havegotten...
A voice quote from him.
One of my friends works in thisworld and he himself is facing
that physician hospitalreimbursements very much affects
(24:41):
his line of work and hiscoworkers.
So it's affecting people I know.
It was just kind of weird, likereal deal effects.
So if you do some kind of workas a physician in a hospital,
those reimbursements could getcut.
So if you did$500 worth of work,this is an example, they could
say, you know, we're only goingto give you$300 as the
(25:03):
reimbursement.
Yikes.
That's what it looks like.
So what does this mean?
This is how the cuts arehappening, just flat cuts.
What does this mean for everydaypeople?
That means doctors will, somedoctors, not all, are going to
stop accepting Medicarepatients.
(25:24):
There's going to be a strain onrural and small hospitals that
focus on Medicare.
Medicare, excuse me, notMedicaid.
And here's the, if we're talkingabout finances, there's a
potential for premium hikes.
So things will get moreexpensive for Medicare plans.
(25:44):
based on these things.
Let's jump into the next one.
There's a lot to go over here.
SNAP, the Supplemental NutritionNutrition...
I can't remember the rest ofthis.
I didn't take notes on what SNAPstands for.
But Supplemental NutritionAction Program, I believe.
And it's food assistance.
(26:04):
So food stamps, things likethat.
Let's talk about that.
Currently, 55 million Americansare on some form of SNAP
benefits.
Here's what's changing withSNAP.
So they're transferringadministration to state.
So now states have the controlfor food.
SNAP used to be federal andexpands work requirements to
(26:25):
ages 18 and 64.
This falls in line with theMedicaid changes.
We don't know what this meansyet.
But you need to do some kind ofwork or something looking for
work, documenting it some way toreceive these.
And also with Medicaid that wetalked about, there's new asset
tests.
There's time limits.
(26:46):
There's balances.
There's more documentation.
So it's going to be harder toget food, food benefits.
And there's certain requirementsthat will come with that as
well, as well as new asset testsas well.
I can say my wife, who's atherapist, she's she works with
a lot of people under theseprograms.
(27:07):
And she says a lot of peoplehave like Teslas.
And they're under theseprograms.
Wait a minute.
How do you have a Tesla underthese programs?
So there's people.
This is not everyone, but thereare people who are lying to get
benefits and live off ofbenefits and programs.
And really profiting from thatwhen there's people who could
(27:28):
actually genuinely use theseresources.
You have people lying, takingadvantage of it, taking money
away from people who actuallyneed it.
And it's actually reallyupsetting.
And I've heard more of thesestories from multiple people who
work in the mental health,Medicare, Medicaid offices.
I've heard that actually quite alot.
(27:48):
So I think.
with the reintroduction of newasset tests, new documentation,
they wanna try to avoid peopletaking advantage of the system
and people who actually need toget that.
At least that's what I thinkbased on what I've heard and
what I've seen.
So that's what's changing withSnap.
Let's talk about what thismeans.
(28:08):
What does that mean with all ofthese things in mind?
Many millions may lose benefitsdue to administrative errors Or
that's a low bucket issue,administrative errors.
That exists no matter where yougo, to be honest.
Administrative errors areeverywhere.
You can't get rid of that nomatter where you go.
(28:29):
But what is actually, it maypush people who receive SNAP out
of receiving SNAP based on newcriteria.
States with weak infrastructuresmay delay benefits.
Weak infrastructure, we can'tsupport all these benefits.
SNAP, people who are requestingto be on SNAP, we don't have the
finances to support it.
(28:51):
So states that honestly can'tget their stuff together or they
can't manage all of the peoplewho come in who need that may
have delayed benefits.
So if you applied for SNAP andyou're in a state, they have
weak infrastructure to handlethese requests and pay it out,
you might be seeing a delay inthat.
And there'll be This is obvious.
(29:13):
Increased food insecurity.
You're not too sure.
Do you follow these criterias?
Do you not follow for thesecriterias, especially for your
part-time workers and yourcaregivers?
A lot more.
Let's keep talking about it.
Green energy.
This is the one everyone wantsto know because Elon.
Elon came and said he was pissedat this bill.
(29:37):
They need more subsidiariesbecause Tesla is a green energy
company.
What's going on?
What's getting removed?
Why is Elon pissed?
Let's talk about it.
So before we jump into this, weneed to talk about the Inflation
Reduction Act.
We did do an episode.
If you'd like to listen to that,it's called the Inflation
Reduction Act episode.
(29:58):
I'm not going to go through thatentire bill, but what's
pertinent for green energy?
You would imagine an InflationReduction Act would focus on
inflation, right?
Wrong.
The Inflation Reduction Actfocuses Focused heavily on solar
energy, green power, EV, solar.
It gave lots of tax credits forboth companies and individuals
(30:22):
who had electronic vehicles,solars, batteries, things like
that for gas.
Green energy.
A lot of tax credits.
And that's how Tesla, last yearTesla made$55 billion.
About 33% to 40% of that waswith these Infliction Reduction
Act tax credits that theyreceived for building these.
(30:43):
Boom.
That's the Inflation ReductionAct.
What's going on in this bill?
So those tax credits, gone.
Beep.
Looped.
Thanos snapped.
They're gone.
Of course, people withelectronic vehicles don't like
that.
But really, who gets affected bythis?
EV manufacturers.
(31:05):
Like Tesla.
In addition to that, there's newexcise taxes on large scale
solar and wind projects.
So if you have a large solarfarm, wind farm, whatever it is,
you're getting more taxes there.
for that.
In addition to that, um, fossilfuel subsidiaries or subsidies,
(31:26):
excuse me, are increased.
So drill, baby, drill, drill,drill, drill that fracking.
I believe that's what it'scalled.
Um, we're going to be payingmore people to drill oil, get
that oil, baby.
No, the American oil meme.
That's us literally like onmultiple levels.
That's us even more now.
(31:48):
Uh, So what does this mean?
So we just don't care aboutgreen energy anymore.
We're not giving a benefits tothese companies, which is weird
because one day we're going torun out of oil.
Right.
Something to think about.
And we're we're subsidizing,giving more money to people who
are fracking companies that arefracking people, companies who
(32:09):
are fracking, getting oil,things like that.
So what does that mean?
There's predicted layoffs ofcourse and renewable energies so
Tesla there's a EV I like Ican't it's called the Volt I
really I used to like the Voltanywhere any manufacturer that
(32:30):
makes EV vehicles there'sprobably going to be some
layoffs because there's going tobe less money.
The transition to clean energyis going to be a lot slower now
because the money is getting alot slower.
And for you and me, what itmeans for you and me, what this
means, the energy is going to goup long term.
(32:51):
for us because now we'reincentivizing oil and things
like that.
We're going to have to keep onpaying for oil, gas.
Gas might see an uptick here.
Actually, you could see less ofan uptick.
So you might hear a lot ofindividuals say gas prices are
going to shoot up.
Again, let me preface this.
I don't know what I don't knowyet.
I don't think that's going tohappen.
(33:12):
We're subsidizing.
We're giving them more money.
So that's going to bring costsof goods down.
This is Basic business 101.
Cost of goods sold, they're justgoing to go down.
So they're going to sell it tous cheaper.
At least that's what I imagine.
We'll see if that happens ornot.
But if I'm making an educatedguess, gas is not going to go
up.
Let's use our logic part of ourbrain here for a second.
(33:36):
They're giving them more money,subsidizing it more.
So it's going to be cheaper toget the oil.
It's going to be cheaper forthem to get the oil, refine it,
and send it to gas stations.
So gas, it should be cheaper, atleast theoretically.
I mean, that's just business101, thinking about it and like
that.
They literally teach you that inyour first class.
(33:57):
In addition to that, there'ssome more things you gotta talk
about.
There's a lot of things, 1,100pages.
There's a lot of things to talkabout.
Let's talk about childcare andfamily support.
So this one's actually monetary,money-wise.
This is actually a dub for thosewho have kids.
So the child tax credit isincreased to$3,000 if you have
(34:22):
kids.
So if you have kids, there are$3,000 write-off.
Ayo, that's what we're talkingabout.
And it's also refundable under$50,000 a year in income.
And what we talked about before,and this is a good thing, MAGA
savings accounts for newborns.
It's just a savings account.
It's tax-free.
Excuse me, my voice cracked.
(34:43):
It's tax-free.
And you can put money up to$5,000 a year in there for your
child.
This is a great tool.
I will reiterate what I saidpreviously, though.
It's unfortunate that it has...
I'm trying not to laugh.
It's maybe a little weird thatthey have MAGA attached before.
I don't know why.
MAGA Savings Accounts forNewborns.
(35:07):
It's just the savings accountsfor newborns.
And this is a really great tool.
It doesn't invest your money asfar as just the savings account.
So if you want to have moneyinvest, I would recommend having
a Roth IRA opened up for yournewborn so that money can be
invest and grow over time.
But both of these tools aregreat.
It's just having the MAGA tag onit is really going to turn off a
(35:30):
lot of people.
Unfortunately, even though it isa great tool.
For any parents, it's just thatname is kind of weird.
So what's that mean with thesavings account with child tax
credit?
What does that mean?
So low income families, this iswho I expect it to affect the
(35:51):
most will gain tax credits withtheir child.
It's really a W, and thathonestly is not just for
low-income families.
That can also be for wealthierfamilies, although wealthier
families have more tools andaccesses to tax laws and stuff
like that.
So yeah, it benefits them, butless so to the degree than the
(36:14):
families who don't have as manyresources because this is just
flat.
Honestly, overall, financially,not that bad at all.
Not that bad.
That's everything in the billthat works for you and me so
far, what that means for you andme.
(36:35):
What do we talk about?
Um, who are the winners?
Who are the losers of this bill?
This is what, who are thewinners, middle and high income
earners, their winners, fossilfuel companies, the oil
companies, their big winners.
And we also talked aboutdefense, more people to ice,
more, more funding going to oursecurity, um, ICE is a big one.
(36:58):
We talked about that on thewhole episode.
Please check that out ondeportation, immigration.
We had a whole episode dedicatedto that.
But they're getting morefunding.
Defense, security is gettingmore funding.
So these are the big winners ofthis bill.
Who are the losers?
(37:19):
Low-income households,low-resource households, seniors
on Medicare, and renewableenergy workers.
What does this mean financially?
So based on what we've read,what we've discussed, this looks
about$2.1 trillion to nationaldebt over the next 10 years.
(37:45):
This is the part that means themost, how this affects you and
me.
What I want to talk about now isthe politics of this.
And I want to give a very looseoverlook on this, what this
could mean going forward.
And this is pertinent because wecould see what's happening
(38:08):
fiscally means money.
So someone says fiscal strategyand someone says the fiscal
policy, the money policy.
So this is good to know tounderstand what's coming up so
you can know what's coming upfiscally or monetarily.
the political strategy or thepolitical fallout of this bill
(38:29):
being passed.
So the overwhelming republicstrategy is to deliver wins on
taxes, border and defense,because this is something that
President Trump himself promisedon his way to becoming
president.
And some of those promises,promises are delivered on,
especially with taxes, tips,things like that.
(38:50):
Those are Clear wins for theRepublican Party, for Trump
specifically, because hepromised them, and they're
delivered.
They are, in his defense.
So, Republican strategy, they'vedelivered wins on taxes, on
border, on defense.
They want to force Democratsinto politically difficult
(39:10):
votes, because this wentthrough.
Now they're facing that.
And this looks like it's...
This is a big win for Trump,obviously, because...
Now he solidifies his Trump eratax cuts from 2017.
And then going to 2026, a lot ofthese Republican bills are being
held.
So this really kind of confirmshis positioning and getting what
(39:34):
he wants to be totally honest.
What the Democrat response hasbeen to this is labeling the
bill cruel.
There's this word fiscallyrescues again.
And they're focusing theircampaign on health care because
they're having billions ofdollars cuts that and food aid
(39:56):
losses.
There is some internal conflictbetween Republicans, Rand Paul,
Susan Collins, worried about thedeficit impacts of how much
money this can cost.
And then.
Florida.
Five Republicans broke partylines and voted against this
(40:21):
bill.
Here's just some pollinginformation.
This article is also in the linkbelow.
It's very interesting.
55% of Americans oppose thebill.
29% of Americans support it.
And it's very unpopular amongsuburban women and those who
identify as independents.
(40:44):
So that's what the bill is.
That's who it's affecting.
That's the political outlines ofthis.
What happens next?
So in between me recording theepisodes, this bill passed and
went through House and wentthrough the Senate.
Now it's sitting on Trump'sdesk.
These things can change quickly.
At the time of this recording,what does next steps look like?
(41:05):
One, Trump signs this into law.
That's just the next obviousline.
And that will honestly 99%.
So what does that look like infar as implementation?
When do these changes takeeffect?
Will there be legal challengesto this bill?
So once Trump signs this intolaw, all these tax changes that
(41:27):
we talked about with Medicare,food, health, green energy, this
will all take effect next yearin January of 2026.
Child benefits, it's going totake next year.
The Medicaid and SNAPspecifically changes.
is going to be phased in overtwo to three years.
So they're going to bring thechanges that we discussed about
(41:47):
Medicaid with thereimbursements, the cut down,
the more assets, the tools, themore documentation, as well as
for this food benefits program.
Those are going to be brought inin over two to three years.
So it won't be as quick as thetaxes, but it will be happening
in phases over the next twoyears.
(42:08):
There is a legal challenge beingbrought worked on and issued for
states.
So states specifically arepreparing lawsuits for their
Medicaid and for their SNAPprovisions.
And remember, the food benefits,SNAP, they're giving them to the
states.
The states have to handle it.
And Medicaid, many people arebeing cut.
There's work requirements andthe state is fighting against
(42:31):
that as well.
There is a 2026 midterm.
So what does that look like fornext steps?
Democrats, Democrats, are goingto make this a big issue.
Like that's what they're runningagainst as they should.
I mean, that's just politics101, I guess.
I mean, I don't know.
Makes sense.
Like they want to oppose thisbill.
And then the Republican Party isgoing to frame this in the
(42:53):
midterms as a big win for thePatriots.
That's the bill.
That is the big, beautiful bill.
What do we talk about?
I want to go over.
We talked about the 2017 taxcuts.
We talked about everyone'sincome tax being permanent, so
you're paying less in taxes.
Let's talk about Medicaid cuts,$930 billion cuts to Medicaid.
(43:18):
No more matching fixed-statefunding, so you get a certain
amount, hour requirements.
There's new documentation, newlists, new assets.
We also talked about Medicare,the big one, the cuts to
hospital and physicianreimbursements, and they
flattened.
4% cut to everything that theyhave in this bill under
(43:40):
Medicare.
For the green energy, we talkedabout from all the tax benefits
and credits that was in theInflation Reduction Act are
gone.
So we're not incentivizingpeople to get EVs and we're not
incentivizing those companieslike Tesla.
And that's why Elon is so mad.
(44:00):
And instead, we're focusing ourOur tools, our resources, our
money, our manpower on fossilfuels, which means drilling and
getting that sweet, sweet oil,baby, so we can sell.
So that probably bring down theprice of gas over the next
couple of months.
We talked about child credit.
(44:21):
So you get more money for havingchildren.
There you go.
And we talked about the MAGAsavings accounts for newborns.
That name is ridiculous.
But yeah, that's what we talkedabout.
There's a lot going to thisbill.
This was a very high leveloverview of the bill.
Remember, this bill is 1100pages of political jargon.
(44:44):
So this is just very much at ahigh level what you can expect
seeing from this bill.
In addition to that, I want toreiterate, don't take take my
word with a grain of salt.
Take my word with a grain ofsalt.
All the articles I used, all thenotes I've taken were from these
articles that I put in the shownotes.
So please, if you're not doinganything after being a patriot
(45:07):
this weekend, maybe you won'twant to be after this.
I don't know.
Check out these articles.
Check out the show links.
Learn for yourself.
Maybe I missed something.
I don't know.
Check them out for yourself.
It would be a good read for youto hear.
And then read it yourself.
With that, that's it.
If you've learned anything or ifthis was helpful and for you
(45:28):
understanding what's goingaround in the world federally,
please go ahead and share thepodcast.
Share it to X, Twitter,Instagram.
Thanks at Kyle the Horton.
Tag me in it.
If you learned anything, if youfeel like your mind was expanded
a little bit, you can betterunderstand anything in this
bill.
Please go ahead and share thepodcast.
And we are the fastest growingpodcast in the world.
(45:52):
And if you help us continue toget there by leaving reviews, on
spotify apple potify whereveryou listen um please leave a
review and help us become thefastest growing podcast um and
the bet we are the best podcastand we're bringing information
to you guys so please help me inthat thank you guys so much um
(46:14):
thank you for the love educateyourself this weekend be safe
this weekend if you'recelebrating fourth of july don't
do nothing crazy um don't setnothing on fire please um and no
one's gonna watch your firefirewall I know that may hurt,
but no one's going to watch yourfireworks video.
So don't record it.
(46:35):
And in fact, do something safeand be safe with that in mind.
Remember, one man paid theultimate price for you that can
be with him forever.
I mean, he loves you more thanyou can ever, ever understand.
That man's name is Jesus.
And I'll see you guys next timeon Kyle Talks.
Peace.
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