Balanced Budget??

Chris breaks down Trump’s latest fiscal proposals following his balanced budget tweet, detailing his push for no taxes on tips, no taxes on Social Security recipients, and the elimination of special loopholes like carried interest for sports team owners. He also takes a hard look at the controversial SALT deduction cap—which hit hard in high-tax states like New York, Illinois, and California—and questions whether the Freedom Caucus can overcome left-wing resistance to implement these changes. 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.

Speaker 2 (00:16):
I don't know what's going on there in buying closed
doors in DC, Trump tweeted out balanced budget again. He tweeted,
I don't know what it means. I don't know when
it's going to be balanced by. But House Republicans are
supposedly coming together on some sort of budget deal. Donald

(00:38):
Trump has been in and out of these meetings. Things
that Trump wants to see, no tax on tips, no
taxes on Social Security recipients of Social Security. Also added
a couple of things to raise revenue. I don't have
any problem with getting rid of any sort of special
tax loophole for sports team owners, and also getting rid

(01:04):
of the carried interest loophole. I have no problem with
that at all. I know the salt deduction has been
thrown into the mix too. If you're not familiar with that,
I've talked about it here on the program State and
Local Taxes Deduction. This is MOSES for the new York's
the Illinois and the Californias of the world. Donald Trump

(01:25):
capped that salt deduction to ten thousand in twenty seventeen. Again,
I've discussed this here on the program. That hurt me.
I was living in New York at that point in time.
Getting capping that deduction smack me upside the head. But
guess what I deserve the smack upside the head. You

(01:46):
got a lot of Republicans right now again, they're trying
to get themselves re elected and they have to do
some sort of handout and giveaway and these high tax
states and they're demanding, they're demanding, you have to raise
that salt cap much more, much higher to help their constituents.
And all it is is it allows people in high
tax states the ability to deduct what they pay to

(02:08):
the state from their federal income taxes, which quite frankly
not fair. Not fair. Why do you get some sort
of special tax deduction just because you decide to live
in a high tax state. I don't agree with it,
but whatever, neither here nor there that's in this and
they're they're batting this around as well. Freedom Caucus. Hopefully

(02:30):
they're going to have their way, whatever they come up with,
whatever they come up with, guaranteed. Okay, you can, you
can bet bet on it right now, Okay, the Left
is going to say women and children and minorities are
going to be hurt the most, whatever it is, whatever
it is, women and children and minorities are going to

(02:52):
be hurt by this the most. You know, they don't
even have to. I mean, they're not even creative. They
just say the same thing again and again and again.
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