Trump's SALT Gimmick EXPOSED

Trump's SALT Gimmick EXPOSED. www.watchdogonwallstreet.com

Episode Transcript

Speaker 1 (00:00):
The Watchdog on Wall Street podcast explaining the news coming
out of the complex worlds of finance, economics, and politics
and the impact it we'll have on everyday Americans. Author,
investment banker, consumer advocate, analyst, and trader Chris Markowski, Hey.

Speaker 2 (00:16):
Trump ees Trump's salty tax gimmick? Another one? We got
another one?

Speaker 1 (00:25):
Yeah.

Speaker 2 (00:25):
I learned about this this morning, and sure enough I
was like, no way did he say that. He did?
Trump is vowing that he would get the salt back.
That's right, the state and local tax deduction. Now he
got rid of it. He got rid of the salt deduction.

(00:48):
Was a part of the two thousand and seventeen Tax
Act that he put through. We didn't get rid of
it completely. He limited how much you could write off
on your federal return to ten dollars. Who did that?
Hit hit me? Smacked me upside the head. Uh smacked

(01:09):
anybody who lives in a high tax state. It was
able to deduct your not in the interest on your
your house, but also your your taxes that you're paying
in property. And it just it was it was a
big tax break for high tax stakes. And it hit me, okay,
and it hurt me, But what do we say back

(01:32):
at the time, it was the right thing to do.
It is it was the right thing to do if
you live in a high tax state, which I do,
but not for long. Why should you get a special
break on your federal return? Again should shouldn't those states

(01:54):
work to lower their taxes and to make them more competitive.
So despite the fact that this, you know, limitating or
limiting the salt deduction crushed me on my taxes, it
was the right thing to do and I supported it.
Now Trump was saying that he wants to get it back,
and here's what he put out on his truth Social

(02:16):
we have a real chance of winning for the first
time in many decades New York. He argued that crime, immigration,
inflation of hurt state residents. I don't buy that at all.
Vote for Trump in all caps. I will turn it around,
get salt back, lower your taxes, and so much more,

(02:37):
he said. In the post. CNBC called the Trump campaign
asked for some clarification and whether he is vowing to
end the salt cap he signed into law, and they
didn't really give a direct answer. They shared a statement
from spokeswoman Carolyn Levett saying while his pro growth pro

(02:59):
energy policy will make life affordable again. President Trump is
also going to quickly move tax relief for working people
and seniors. Okay, it's a gimmick. It's a gimmick, and
I'm tired of it. I'm tired of the I really am,
I really am. I actually got the heads up that

(03:21):
Art Laffer was on with Cudlow the other day talking
about the pro growth, pro growth agenda that Trump is
putting forward with some of these other uh tax gimmicks
that he's putting forward. I don't not arguing with Arthur
that it's great for growth and great for people to
have more money in their hands. But there has to

(03:43):
be the other side of that ledger. At some point time,
you have to you have to start talking about cutting spending.
I mean I just went over Okay, it was a
day or two ago here on the program. The budget
deficits that are are it's it's insanity at this point
in time. And again I fine, fine, you want to

(04:03):
add all these tax can you want to cut taxes,
that's great, but you also have to do something about spending.
And quite frankly, I again, this one might fly. This
one might fly, because again you know this is in
blue states, and Democrats are going to love this and

(04:23):
it helps maybe may help stem the tide to the
exodus because of high taxes. But it is what it is,
and you know, it's kind of kind of sad if
you actually think about it. You know, we're at this
point in time where we're just going to you know,
start throwing stuff up at the wall to see what's
going to stick to help get us an extra vote
or two. Then again, it's both sides of the coin,

(04:45):
you know. Kamala Harris and her taxes on unrealized, unrealized
capital gain, I don't I don't see that happening either. Again,
shout out to her the super libs out there that
you know, we've got to tax all the awful rich
people out there that create all these jobs. But uh,

(05:07):
you know, it's sad. It's sad when you know our
elections have become theater of the nonsensical watch dog on
Wall Street dot com