August 15, 2025 • 8 mins
LISTEN and SUBSCRIBE on:
Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608
Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i
WATCH and SUBSCRIBE on:
https://www.youtube.com/@WatchdogOnWallstreet/featured
From “tax the rich” blue states to GOP-led Washington, the bipartisan obsession with raising revenue is in full swing. In this episode of Watchdog on Wall Street, Chris breaks down why everyone—from Rhode Island to Capitol Hill—is coming for your wallet.
Here’s what you’ll hear:
-How states are rolling out new millionaire taxes, capital gains hikes, and even a “Taylor Swift tax”
-Why 19 states facing deficits are ramping up revenue grabs instead of cutting spending
-The GOP’s “Reconciliation 2.0” plan—and why it’s just more uniparty tax-and-spend
-The stealth federal proposals that could gut mortgage deductions, tax your health insurance, and hit small businesses hardest
-How both parties quietly agree: higher taxes for you, no real spending reform for them
It’s not about reform. It’s not about fairness.
Apple Podcasts: https://podcasts.apple.com/us/podcast/watchdog-on-wall-street-with-chris-markowski/id570687608
Spotify: https://open.spotify.com/show/2PtgPvJvqc2gkpGIkNMR5i
WATCH and SUBSCRIBE on:
https://www.youtube.com/@WatchdogOnWallstreet/featured
From “tax the rich” blue states to GOP-led Washington, the bipartisan obsession with raising revenue is in full swing. In this episode of Watchdog on Wall Street, Chris breaks down why everyone—from Rhode Island to Capitol Hill—is coming for your wallet.
Here’s what you’ll hear:
-How states are rolling out new millionaire taxes, capital gains hikes, and even a “Taylor Swift tax”
-Why 19 states facing deficits are ramping up revenue grabs instead of cutting spending
-The GOP’s “Reconciliation 2.0” plan—and why it’s just more uniparty tax-and-spend
-The stealth federal proposals that could gut mortgage deductions, tax your health insurance, and hit small businesses hardest
-How both parties quietly agree: higher taxes for you, no real spending reform for them
It’s not about reform. It’s not about fairness.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
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):
She dow we do Shattered, tax rates Shattered. That was
a great song by the Rolling Stones around nineteen seventy eight, Shattered.
It was actually a song about them when they were
living in New York City. There's a line in that song,
don't you know the crime rates go in up up,
up up up. Well we can change it. Don't you
know your tax rates are going up, up, up, up
(00:37):
up again. We've discussed this and I've come to the
realization that the current administration they basically, you know, oh
big beautiful bill, and look at the income tax rates,
so everybody be happy. They're in full out raise revenue,
(01:02):
tax the Jesus out of everyone mode. That's what it is.
And we're seeing more of this. Before we get to
the federal stuff. I want to talk about you know,
states right now, more and more blue cities and states
(01:22):
across the country, Washington, Rhode Island looking for ways to
bring in more revenue, happening across the Boer Minnesota as well.
Another higher tax rate for joint filers making over a
million dollars a year. They're basically using Massachusetts as a guide. There,
(01:45):
they implemented an income sir tax on those earning more
than one million dollars a year. Connecticut proposed to bill
that would raise income tax rates on couples making at
least five hundred thousand and individuals making two fifty to
offset expected federal funding losses from the Big Beautiful Bill.
(02:09):
State of Washington increasing the capital gains tax. Maryland, their
governor signed into law. His tax proposal includes higher income
tax rates for state residents making more than five hundred
thousand dollars a year. Rhode Island, Yep. They're calling it
the Taylor Swift tax because she bought a big house there,
(02:30):
not far from Newport. New tax on vacation homes valued
at one million dollars or more. And again, more of
this tax to rich stuff is coming soon to a
theater near you. Nineteen states are protecting deficits right now.
(02:55):
Nineteen states are protecting deficits, and again they're going to
be going after people. I have certain states that'll you know,
you'll have a mass exodus. Other ones you won't. Other
ones will. They'll just they'll go ahead and they'll deal
with that. But let me tell you some of the
other things that are happening on the federal level. The
(03:18):
Republicans are putting together because you remember Big Beautiful Billy.
They got guys like Ron Johnson and others to sign
off on it because they were going to say they're
gonna have a second reconciliation bill. Reconciliation bill basically Big
Beautiful Bill two point zero, not really the second bill,
(03:44):
and the reason why they got these Republicans to sign
off on it was supposed to include real deficit reduction
because the first bill didn't even come close. The Republican
Study Committee has put together a Reconciliation two point working group,
and obviously they're looking at ways of saving money on Obamacare, Medicaid, Medicare, spending.
(04:09):
House Freedom Caucus wants to get rid of more of
this green energy giveaways, handouts, whatnot. Well, the current GOP
is not really the GOP that I'm really familiar with.
It is what it is. I mean, no way to
put around it. Again. I'm not a member of the
(04:31):
Republican Party. I left ages ago, ages ago. Again, they've
many of the things that they're proposing are going right now,
it's it's uniparty stuff. You know. Funny thing is if
you take a look at their policies for the most
part outside of you know, woke stuff and immigration different here, Okay,
(04:55):
it's not about spending reform. For many of the members
of the GOP, they and talking about all sorts of
new handouts, more industrial policy money to their district, protecting
home state interests. And like most bills, this Reconciliation two
point zero will turn into a bloody grab bag. Now
(05:18):
here's one I don't seem to understand. Donald Trump is
floating a new Washington d C. Security fund. And now
again I pay high enough property taxes where I am,
so now I got to pay more tax and more
of my tax dollars have got to be used to
police Washington DC. Yeah. Yeah, anyway, that's that would come
(05:42):
on an appropriations bill. You need sixty votes for that.
Democrats won't sign off on that, so they're going to
end up sticking it into a reconciliation bill. Like the
big beautiful bill. All it needs is fifty one votes
to pass. Well, you got a lot of Republicans out there,
and actually you get columns column by guy the name
(06:05):
of Henry Olsen National Review giving a litany of things
where you can tax. They're call him tax the rich more,
tax the rich more, and again they failed to understand
that this rich that they talk about is also small
business owners and how they file taxes, sub chapter s
(06:25):
passed through companies. He wants to get rid of the
mortgage interest deduction. That's what they're talking about, getting rid
of the mortgage interest deduction altogether, the five hundred thousand
dollars exemption in capital gains after the sales of your
your primary residence, your health insurance, you're your employer gives
(06:49):
you health insurance. You make over a certain amount of money.
They want to get rid of that that. They want
to make that a something that's taxable. Currently. You get
that you don't pay payroll and you don't pay income
tax on that. He wants to deny higher income senior
citizens the Social Security and Medicare perks that they paid into.
(07:14):
They also Republicans right now talking about raising the top
individual tax rate, creating a new bracket for millionaires. Money money, money,
Republicans want money. Yeah, I mean, this is this is
your you know, Republican party at this point and time.
(07:40):
What do you think do you think you excited? You excited?
Aren't you excited that your tax rates go in up, up,
up up up. Don't tell you people, this is the
world we're living in right now. This is the reality
of our terrain suggestions, Well again, I always try to
(08:03):
tell people, try try to You know, you gotta utilize
the tax code to the best of your ability, meaning
that what have a side gig, own a business, figure
out what you can write down a myriad of different things.
Be smart. Even little side gigs and whatnot can save
you a fortune. They're coming after you kids. I mean,
(08:23):
we're thirty seven trillion dollars in debt and nobody wants
to cut any spending. You're talking about those green things
that they want to get away from. No, no, no, no,
Chuck Grassley and all these people, they don't want to
get rid of nothing. Okay, they wanted to get rid
of it. They could have gotten rid of it in
the big beautiful bill. They're not getting rid of the spending, okay,
but guess what, they have no problem taxing you more
(08:44):
watchdog on Wall street dot Com
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):
She dow we do Shattered, tax rates Shattered. That was
a great song by the Rolling Stones around nineteen seventy eight, Shattered.
It was actually a song about them when they were
living in New York City. There's a line in that song,
don't you know the crime rates go in up up,
up up up. Well we can change it. Don't you
know your tax rates are going up, up, up, up
(00:37):
up again. We've discussed this and I've come to the
realization that the current administration they basically, you know, oh
big beautiful bill, and look at the income tax rates,
so everybody be happy. They're in full out raise revenue,
(01:02):
tax the Jesus out of everyone mode. That's what it is.
And we're seeing more of this. Before we get to
the federal stuff. I want to talk about you know,
states right now, more and more blue cities and states
(01:22):
across the country, Washington, Rhode Island looking for ways to
bring in more revenue, happening across the Boer Minnesota as well.
Another higher tax rate for joint filers making over a
million dollars a year. They're basically using Massachusetts as a guide. There,
(01:45):
they implemented an income sir tax on those earning more
than one million dollars a year. Connecticut proposed to bill
that would raise income tax rates on couples making at
least five hundred thousand and individuals making two fifty to
offset expected federal funding losses from the Big Beautiful Bill.
(02:09):
State of Washington increasing the capital gains tax. Maryland, their
governor signed into law. His tax proposal includes higher income
tax rates for state residents making more than five hundred
thousand dollars a year. Rhode Island, Yep. They're calling it
the Taylor Swift tax because she bought a big house there,
(02:30):
not far from Newport. New tax on vacation homes valued
at one million dollars or more. And again, more of
this tax to rich stuff is coming soon to a
theater near you. Nineteen states are protecting deficits right now.
(02:55):
Nineteen states are protecting deficits, and again they're going to
be going after people. I have certain states that'll you know,
you'll have a mass exodus. Other ones you won't. Other
ones will. They'll just they'll go ahead and they'll deal
with that. But let me tell you some of the
other things that are happening on the federal level. The
(03:18):
Republicans are putting together because you remember Big Beautiful Billy.
They got guys like Ron Johnson and others to sign
off on it because they were going to say they're
gonna have a second reconciliation bill. Reconciliation bill basically Big
Beautiful Bill two point zero, not really the second bill,
(03:44):
and the reason why they got these Republicans to sign
off on it was supposed to include real deficit reduction
because the first bill didn't even come close. The Republican
Study Committee has put together a Reconciliation two point working group,
and obviously they're looking at ways of saving money on Obamacare, Medicaid, Medicare, spending.
(04:09):
House Freedom Caucus wants to get rid of more of
this green energy giveaways, handouts, whatnot. Well, the current GOP
is not really the GOP that I'm really familiar with.
It is what it is. I mean, no way to
put around it. Again. I'm not a member of the
(04:31):
Republican Party. I left ages ago, ages ago. Again, they've
many of the things that they're proposing are going right now,
it's it's uniparty stuff. You know. Funny thing is if
you take a look at their policies for the most
part outside of you know, woke stuff and immigration different here, Okay,
(04:55):
it's not about spending reform. For many of the members
of the GOP, they and talking about all sorts of
new handouts, more industrial policy money to their district, protecting
home state interests. And like most bills, this Reconciliation two
point zero will turn into a bloody grab bag. Now
(05:18):
here's one I don't seem to understand. Donald Trump is
floating a new Washington d C. Security fund. And now
again I pay high enough property taxes where I am,
so now I got to pay more tax and more
of my tax dollars have got to be used to
police Washington DC. Yeah. Yeah, anyway, that's that would come
(05:42):
on an appropriations bill. You need sixty votes for that.
Democrats won't sign off on that, so they're going to
end up sticking it into a reconciliation bill. Like the
big beautiful bill. All it needs is fifty one votes
to pass. Well, you got a lot of Republicans out there,
and actually you get columns column by guy the name
(06:05):
of Henry Olsen National Review giving a litany of things
where you can tax. They're call him tax the rich more,
tax the rich more, and again they failed to understand
that this rich that they talk about is also small
business owners and how they file taxes, sub chapter s
(06:25):
passed through companies. He wants to get rid of the
mortgage interest deduction. That's what they're talking about, getting rid
of the mortgage interest deduction altogether, the five hundred thousand
dollars exemption in capital gains after the sales of your
your primary residence, your health insurance, you're your employer gives
(06:49):
you health insurance. You make over a certain amount of money.
They want to get rid of that that. They want
to make that a something that's taxable. Currently. You get
that you don't pay payroll and you don't pay income
tax on that. He wants to deny higher income senior
citizens the Social Security and Medicare perks that they paid into.
(07:14):
They also Republicans right now talking about raising the top
individual tax rate, creating a new bracket for millionaires. Money money, money,
Republicans want money. Yeah, I mean, this is this is
your you know, Republican party at this point and time.
(07:40):
What do you think do you think you excited? You excited?
Aren't you excited that your tax rates go in up, up,
up up up. Don't tell you people, this is the
world we're living in right now. This is the reality
of our terrain suggestions, Well again, I always try to
(08:03):
tell people, try try to You know, you gotta utilize
the tax code to the best of your ability, meaning
that what have a side gig, own a business, figure
out what you can write down a myriad of different things.
Be smart. Even little side gigs and whatnot can save
you a fortune. They're coming after you kids. I mean,
(08:23):
we're thirty seven trillion dollars in debt and nobody wants
to cut any spending. You're talking about those green things
that they want to get away from. No, no, no, no,
Chuck Grassley and all these people, they don't want to
get rid of nothing. Okay, they wanted to get rid
of it. They could have gotten rid of it in
the big beautiful bill. They're not getting rid of the spending, okay,
but guess what, they have no problem taxing you more
(08:44):
watchdog on Wall street dot Com
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