Trump Doubles Down: No New Taxes on Social Security, Tips, or Overtime!

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Chris breaks down the confusion surrounding Donald Trump's tax plans, ultimately praising Trump's decision to reject raising taxes on high earners and business owners. Markowski warns that reversing the 2017 tax cuts would have been a major unforced error for Republicans, risking economic growth and alienating core supporters. He criticizes ongoing government waste and calls on Republicans to focus on cutting spending rather than squeezing taxpayers. Markowski also proposes a real solution: a balanced budget amendment tied to any future tax increases. 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):
We've got some clarity and hopefully it stays this way.
Trump's excellent decision on taxes, there was some confusion, say
the least, got Trump's buddy Steve Bannon saying, one thing,
you had that Time magazine interview when it came to taxes,
and nobody really knew. We started here in rumblings and
grumblings that they were going to raise taxes on business

(00:41):
owners basically people who own s corporations and all the
terrible wealthy people that live in this country. Anyway, he
rejected the idea to raise taxes on high earners. Again,
that would have been another, quite frankly, an unforced error

(01:03):
by Republicans. It would have to further divided Republicans in
his coalition, and most certainly would have hurt the economy.
You can't, you know, you can't tout your the success
of the twenty seventeen tax cuts. You can't jump up
and down and say how great you ran on that

(01:25):
and then basically do away with them. Doesn't make any sense.
It was reported last week that there was some support
for raising taxes again. Bannon was chiming in on that
they were going to either revert them to thirty nine
point six or forty percent. Liberals love the idea again,

(01:53):
you know, Jnald Trump pointed out, pointed out correctly. You know, listen,
today's day and age, people can move. People can move,
and they will. We reported last week talking about in
the UK they raise taxes on all of those evil

(02:14):
wealthy people and job creators and business owners there and
guess what their tax revenues went down? Why people picked
up and moved. Again, listen, you know the reality is,
you know, for the super wealthy out there, they can

(02:34):
always hire, and you know, there's a lot of tricks
there are. Again I've I've mentioned it before here on
the program. You know how people borrow against their inflated
you know, stockholdings and how that's used, and there are
ways you could deal with that in a certain way.
But you know, for small businesses out there, it's it's

(02:55):
slim pickens man, especially if you're an s corporation. Out there,
some of the schedules that you have to have to
deduct certain expenses and things that you want to purchase
to expand your business fifteen years. For crying out loud,
I mean, so you've got to go out of pocket,
spend a bunch of money on something you're looking to

(03:18):
an acquire, and then you got to write it off
over fifteen years. Again, a lot of it, quite frankly,
is nonsensical. I know they increased certain deductions and how
quick you can write them down, but for others it
makes it more difficult. Again, you don't want to mess around.
You don't want to mess around with something that worked,

(03:40):
something that worked. But again you are getting some pushback
right now. You get some Republicans in these blue states
that they want that increased as salt deduction. Donald Trump
is serious about his no tax on tips, no tax
on social Security, no tax on overtime. Again, Republicans, I

(04:03):
got a suggestion, why don't you do your job and
cut spending. I mean, Doze has been going hard at it.
Well you know, why don't you, you know, put that
in and then go even further. Find find it, for
crying out loud, find it. Find it. Somewhere else. Stop

(04:25):
coming back to the American people and asking more, especially
especially after what we're witnessing right now, all of the waste,
all of the fraud that Doze is highlighting. You think
that makes us all excited to pay higher taxes. I
talked about this in the past when it came to taxes.

(04:49):
The only prudent thing that one could do. First and foremost,
we all know who pays most of the taxes here
in this country. You want to raise taxes on people
that our building and creating and wealthy out there, Okay,
why not? Why not do your job? Put in a
balanced budget amendment that makes sense, balance the budget, cut spending,

(05:16):
and say, any any new taxes, any new revenue that's coming.
If we're gonna raise taxes on the wealthy, that money
is earmarked to pay down our national debt. Again, you
have to codify this into law. It can't be some
half ass executive order some other nonsense like that. It

(05:37):
has to be lawed. Okay. Then you come back and say, Okay,
this is what we're gonna do. We're gonna, you know,
come together, We're gonna try to pay this down. But again,
we are going to be prudent on our end. They
won't do it, they won't. Watch dog on Wall Street
dot Com