Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
All right. We got a yes vote for the big
beautiful bill only by one though, two fifteen to two fourteen.
That's that's all right, just by the hair of it's
chitty jinjin. But the deal was struck after an all
nighter in the House of Representatives. One of those guys
who's been up all night is Representative Troy Nails. This
is not good for somebody wants to get a good
night's sleep.
Speaker 2 (00:19):
As a Troy, you know what is It's not good
for your health.
Speaker 1 (00:23):
No, I wouldn't think not good for your health. What
is good?
Speaker 2 (00:26):
Though? That got it done.
Speaker 1 (00:27):
You got it done, you exactly. Even Chip Roy at
the end voted in favor of it, didn't.
Speaker 2 (00:30):
He yeap, guys, you get a lot of people, I mean,
they are twelve fifteen or so. They're not going to
do it. They're not going to do it. In the end,
they do it. You just you you can't take you know,
it's a thousand pages. And out of the thousand pages,
if there's forty pages or eighty pages you don't agree with,
that doesn't mean you thank the other nine hundred and thirty.
You know what I mean? You just you're not going
(00:52):
to get everything you want up here, it just doesn't
work that way. So I'm glad that these individuals that
were sitting, you know, on the sideline are out there
thinking I'm not going to do this. I'm glad they
came together and did the right thing, because I think
it had been devastating to this administration if we wouldn't
have passed this today.
Speaker 1 (01:10):
Now that that's I mean, there's always last minute deals
that they go into this, and you know, we heard
all kinds of stories about some of the deals going
out at midnight or one or two o'clock in the
morning in order to try to get this thing passed.
Is there anything major that changed about this build in
order to get the votes necessary to make it pass.
Speaker 2 (01:26):
Well, I don't think so much. That the two groups
that were really holding out were the were the individuals
with the salt, which is a state local tax. The
New Yorkers, right, they wanted this deduction. They wanted a
higher deduction. Matter of fact, they wanted to take the
cap off it completely. It was set at ten thousand.
They negotiated up to thirty thousand. I think that's what
got through the ways it means, and they said, no,
(01:48):
that's not enough, so in the end they went up
to forty thousand on the deduction for people making less
than a half a million, and that was enough to
get them to say, Okay, I'll support the legislation. Another
issue that was important to some of our hardliners up
here was the fact that that the Medicaid and the
snap benefits, a lot of this really wasn't going to
(02:08):
take place until twenty twenty nine, and they said, why
why does it take three four years to implement this.
So I think we're going to get this now started
here towards in twenty six, at the end of twenty six,
so that will bring in more revenue into the country,
into the government. So I think that there were some
deals that needed to be made, and overall, I think
(02:29):
we're very happy with it. The American people, small businesses,
and I mean the tax cuts permanent, I mean, what
a big, big deal. I mean, we deal with some
suppressors in there and take you know, no more two
hundred dollars feet. I mean it's just good. No tax
on tips, no tax on overtime.
Speaker 1 (02:47):
What about social Security? What about Social Security?
Speaker 2 (02:50):
Was anything? It all didn't get in there. But there's
going to be like a four thousand dollars deduction for
seniors related to the Social Security I don't know the
true details of it, but we couldn't get that in there.
It's just it's a big number, you know. So they
were able to get some type of a four thousand
douars deduction. But I will say that my major contribution
(03:10):
was we are now going to tax. There's an excise
tax on these endowments like Harvard and Princeton and Yale,
and and it's going to be Baylor and Rice as well.
This one point four percent went to twenty one percent.
Now it went to the corporate tax rate on the returns,
the excise tax on the investments, the net earnings on
(03:31):
these investments. We're going for one point four to twenty
one percent. That was my legislation. That was my piece
to the pie, so to speak. And we're going to
bring in seven to ten billion dollars annually as a
result of that legislation. I'm very pleased with it.
Speaker 1 (03:45):
Now, this bill goes on to the US Senate where
they'll have an opportunity to take a look at it.
Do you anticipate them making changes?
Speaker 2 (03:52):
Oh? Hell, They're going to go through every page of it.
They'll go through every page of it. They're going to
go in there and they're going to do this and
do that, and eventually they are going to have their idea.
So then they'll send it back and then what we'll
do is we'll have a thing called conference, so the
leadership from both houses will get together and try to
hash out work some of these things out, and hopefully
we can have this thing ready to go by I
(04:13):
figured by January, you know, July woar, we should have
this all ready to go for the President to sign
this before the July four.
Speaker 1 (04:20):
Well, that was always the president's desire to have it
done in time for the four fourth of July for
several reasons. First, the optics of the holiday itself number one,
but maybe more importantly number two is that if this
thing doesn't get enacted by then, then it's not going
to have enough time to have a great impact on
the economy before you get to the midterms. That's kind
(04:41):
of important to get that thing going.
Speaker 2 (04:43):
Without question, there is a sense of urgency up here,
and we all understand it because the last time we
did this, it got to be a little bit late,
and the true impact it was just too late when
we did this last time. So this is a great thing, Jim.
It's a great day for America.
Speaker 1 (04:59):
And it's all right, sir, Thank you as always, appreciate
your time. Get some rest. That is you bet that's
representative Troy Nails six twenty seven. Time to take a
look at your
All right. We got a yes vote for the big
beautiful bill only by one though, two fifteen to two fourteen.
That's that's all right, just by the hair of it's
chitty jinjin. But the deal was struck after an all
nighter in the House of Representatives. One of those guys
who's been up all night is Representative Troy Nails. This
is not good for somebody wants to get a good
night's sleep.
Speaker 2 (00:19):
As a Troy, you know what is It's not good
for your health.
Speaker 1 (00:23):
No, I wouldn't think not good for your health. What
is good?
Speaker 2 (00:26):
Though? That got it done.
Speaker 1 (00:27):
You got it done, you exactly. Even Chip Roy at
the end voted in favor of it, didn't.
Speaker 2 (00:30):
He yeap, guys, you get a lot of people, I mean,
they are twelve fifteen or so. They're not going to
do it. They're not going to do it. In the end,
they do it. You just you you can't take you know,
it's a thousand pages. And out of the thousand pages,
if there's forty pages or eighty pages you don't agree with,
that doesn't mean you thank the other nine hundred and thirty.
You know what I mean? You just you're not going
(00:52):
to get everything you want up here, it just doesn't
work that way. So I'm glad that these individuals that
were sitting, you know, on the sideline are out there
thinking I'm not going to do this. I'm glad they
came together and did the right thing, because I think
it had been devastating to this administration if we wouldn't
have passed this today.
Speaker 1 (01:10):
Now that that's I mean, there's always last minute deals
that they go into this, and you know, we heard
all kinds of stories about some of the deals going
out at midnight or one or two o'clock in the
morning in order to try to get this thing passed.
Is there anything major that changed about this build in
order to get the votes necessary to make it pass.
Speaker 2 (01:26):
Well, I don't think so much. That the two groups
that were really holding out were the were the individuals
with the salt, which is a state local tax. The
New Yorkers, right, they wanted this deduction. They wanted a
higher deduction. Matter of fact, they wanted to take the
cap off it completely. It was set at ten thousand.
They negotiated up to thirty thousand. I think that's what
got through the ways it means, and they said, no,
(01:48):
that's not enough, so in the end they went up
to forty thousand on the deduction for people making less
than a half a million, and that was enough to
get them to say, Okay, I'll support the legislation. Another
issue that was important to some of our hardliners up
here was the fact that that the Medicaid and the
snap benefits, a lot of this really wasn't going to
(02:08):
take place until twenty twenty nine, and they said, why
why does it take three four years to implement this.
So I think we're going to get this now started
here towards in twenty six, at the end of twenty six,
so that will bring in more revenue into the country,
into the government. So I think that there were some
deals that needed to be made, and overall, I think
(02:29):
we're very happy with it. The American people, small businesses,
and I mean the tax cuts permanent, I mean, what
a big, big deal. I mean, we deal with some
suppressors in there and take you know, no more two
hundred dollars feet. I mean it's just good. No tax
on tips, no tax on overtime.
Speaker 1 (02:47):
What about social Security? What about Social Security?
Speaker 2 (02:50):
Was anything? It all didn't get in there. But there's
going to be like a four thousand dollars deduction for
seniors related to the Social Security I don't know the
true details of it, but we couldn't get that in there.
It's just it's a big number, you know. So they
were able to get some type of a four thousand
douars deduction. But I will say that my major contribution
(03:10):
was we are now going to tax. There's an excise
tax on these endowments like Harvard and Princeton and Yale,
and and it's going to be Baylor and Rice as well.
This one point four percent went to twenty one percent.
Now it went to the corporate tax rate on the returns,
the excise tax on the investments, the net earnings on
(03:31):
these investments. We're going for one point four to twenty
one percent. That was my legislation. That was my piece
to the pie, so to speak. And we're going to
bring in seven to ten billion dollars annually as a
result of that legislation. I'm very pleased with it.
Speaker 1 (03:45):
Now, this bill goes on to the US Senate where
they'll have an opportunity to take a look at it.
Do you anticipate them making changes?
Speaker 2 (03:52):
Oh? Hell, They're going to go through every page of it.
They'll go through every page of it. They're going to
go in there and they're going to do this and
do that, and eventually they are going to have their idea.
So then they'll send it back and then what we'll
do is we'll have a thing called conference, so the
leadership from both houses will get together and try to
hash out work some of these things out, and hopefully
we can have this thing ready to go by I
(04:13):
figured by January, you know, July woar, we should have
this all ready to go for the President to sign
this before the July four.
Speaker 1 (04:20):
Well, that was always the president's desire to have it
done in time for the four fourth of July for
several reasons. First, the optics of the holiday itself number one,
but maybe more importantly number two is that if this
thing doesn't get enacted by then, then it's not going
to have enough time to have a great impact on
the economy before you get to the midterms. That's kind
(04:41):
of important to get that thing going.
Speaker 2 (04:43):
Without question, there is a sense of urgency up here,
and we all understand it because the last time we
did this, it got to be a little bit late,
and the true impact it was just too late when
we did this last time. So this is a great thing, Jim.
It's a great day for America.
Speaker 1 (04:59):
And it's all right, sir, Thank you as always, appreciate
your time. Get some rest. That is you bet that's
representative Troy Nails six twenty seven. Time to take a
look at your
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