＂Golden Age Of America＂ - Trump’s Big Beautiful Bill Passes SHOCKING Everyone
Episode Stats
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Summary
The Tax Cuts and Jobs Act passed the House of Representatives and is headed to President Trump's desk on July 4th. We talk about the process of getting this done and what it means for the economy and the country.
Transcript
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The big, beautiful bill that the president was talking about, because this has to do with taxes.
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This has to do with how you're going to be paying taxes moving forward.
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A lot of people didn't think this was going to get done.
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There was a lot of challenges with it, but it eventually ended up happening.
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I think you also have the whole thing in place if you want to play the clip.
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The House Rule Committee approved President Trump's big, beautiful bill in an 8-4 vote with Speaker Johnson stating at 1 a.m. Wednesday,
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a very close to resolving GOP disputes, enabling a potential House-wide vote by Wednesday night or early Thursday morning.
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A key amendment introduced at 9 p.m. Wednesday, accelerated Medicaid work requirements from 28, 2029 to December 2026
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for able-bodied recipients and ends green energy tax subsidies by 2028 unless they show quick returns.
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Addressing demands from blue state Republicans for higher salt detection caps and conservative-like Representative Chip Roy,
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and Ralph Norman for stricter Medicaid rules and repeal Biden's inflation reduction at subsidies.
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Rob, if you want to play this clip, and then we'll get right into it.
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We look forward to the Senate's timely consideration of this once-in-a-generation legislation.
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We stand ready to continue our work together to deliver on the one big, beautiful bill, as President Trump named it himself.
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We're going to get it there by Independence Day on July 4th, and we are going to celebrate a new golden age in America.
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Tom, what's in this big, beautiful bill, and why should everybody be paying attention?
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Well, you know, when Biden had the Inflation Reduction Act, a lot of people, including us, looked into it and said,
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This means that the Trump tax breaks that have all been part of the budget of the United States and they've been in place for years, including during Biden, will not be expiring.
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So taxes are not going to go up on Americans at the time where they could at least use them going up right now as with the economy adjusting.
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There was a bunch of green energy stuff in there that even at the time people said, you're giving away subsidies for nothing.
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They're not showing that the green energy was saving money or saving on investment in new energy plants because we need nukes.
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And they put a work requirement in that if you're going to get Medicaid, you're going to get food stamps, there's a work requirement.
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And if you work, Vinny, what do you got to have?
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So they're arguing, the Democrats are arguing, hey, you know, there's, you know, three million people aren't going to be able to get to the SNAP program.
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Well, that's like an EBT card that you can go buy food with.
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If you're working or you're trying to work or you have a green card, you can take advantage of it as low income.
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But if you are, you just, you know, walked across from some foreign place and you're not supposed to be here, uh-oh, you can't use it.
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Now, what we need to get is the fine print, Pat, and we don't have the fine, fine print.
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And we're going to see that because July 4th he's talking about is it's got to go the Senate.
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And Senate's going to arm wrestle over, but then Republicans are going to, you know, pass it.
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It's going to happen, and then he's going to sign it.
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I think he's absolutely going to sign it on July 4th.
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And as a matter of fact, I don't think he wants to sign it, Pat, until July 4th.
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He doesn't need to sign it until then because the tax cuts were the end of the year.
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On a 1 to 10, I'm at about an 8.5 because it continues the tax cuts.
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And they're moving forward, and they're actually putting some requirements on things.
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And no taxes on tips I like, no taxes on overtime pay, and no taxes on car loan interest.
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Now, when you hear that one, that's part of fine print because who's that going to help?
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But is it car loan interest of automakers that the car's made in the U.S. or any car loan interest?
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We need to assess this part of what I want to see is the fine print.
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Can you find that if the car loan interest is for it?
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Because what I heard is the fact that the car loan interest is specific to cars that are made in America.
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And by the way, to add a few different things, here's what I looked up, Adam, before I come to you.
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I asked the question, this big, beautiful bill that just passed, I want to know specifics of how it impacts the poor, the middle class, the upper class, and the super wealthy.
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Household resources are projected to decrease by 2% by 2027 and 4% by 2023.
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Medicaid cuts approximately 8.6 million people could lose Medicaid coverage due to $716 billion in program cuts and new work requirements.
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You have to have certain requirements to get that, apparently.
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And, of course, we're going to learn more about this.
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This next one says, an estimated 3 million individuals may lose monthly food assistance benefits as a result of nearly $300 billion cuts to the Supplemental Nutritional System, the SNAP program, right?
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If you're no longer getting the welfare program, you have to go get a job.
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Under Obama, if you guys remember, the unemployment checks went from 90 days to 6 months to 12 months.
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I even believe at one point they hit 24 months.
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The moment they cut that unemployment rate to like 90 days or 6 months, everybody started looking for jobs.
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So this $300 billion that's cut on SNAP, they have to go get that money somewhere else.
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Middle income temporary increases in child tax credit up to $2,500.
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No deductions on tips, overtime, and car loan interest.
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I want to know the car loan interest, Rob, if that is a U.S. car loan interest or any car loan interest.
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Elimination of federal subsidy, student loan for undergraduates, potentially increasing higher education expenses, high income individuals, top 10%.
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Household resources are expected to rise by up to 4% in 2027, primarily due to tax cuts.
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Extension of 2017 tax, Trump era tax, increased state and local SALT deduction up to $30,000.
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That's the cap, creation of $1,000, MAGA savings account for children, creation of $1,000, make America great again, saving accounts for children.
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Everybody born after 2024 gets a $1,000 MAGA savings account for children.
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And it's tax advantage so that the parents can keep it and keep contributing.
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Go make some babies, but still have a job and don't rely on SNAP.
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Estate and endowment taxes, reduction of estate and new taxes on large university endowments.
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And that's kind of what you have, extension of 2017 cuts, a couple other things that they had there.
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You know, it's going to be one beautiful bill, one big, beautiful bill.
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Good to see that Congress still exists because Trump has just taken all the oxygen out of the room since he became president.
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So how many congressional districts turned Democrat in this past election?
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So, you know, the old conversation with Vinny's best friend, Stephen A. Smith.
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Everything is going to pass because they control Congress.
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By the way, Congress, the House, they have, I think they're plus eight seats, 220 to 212.
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In the Senate, they're up, I think, six seats, 53 to 47.
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And it will probably pass exactly as Trump wants it on July 4th.
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By the way, I was at the Wall Street conference yesterday.
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Jason Lyons event and Byron Donald spoke and he talked about this exact bill, this big, beautiful bill.
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He goes, you know, the Trump tax cuts that they passed in 2017.
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You know how I know that they're actually going to stay and how they're legit and why they're so good?
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Because the Democrats didn't do anything to try to reverse them in the last five years.
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It's almost like, did you notice that Biden didn't do anything to reverse all the policies against China?
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He kept the Trump's policies, the tariffs on China.
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But the Democrats, apparently from Byron Donald, did not do anything to reverse the Trump tax cuts.
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So it looks like this big, beautiful bill will pass.
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Neither did Bill Clinton when he got to office.
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He didn't touch the Reagan program, which was consistent.
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And by the way, I just asked right now, I just found that the interest, the car loan interest applies only to cars assembled in the U.S.
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It's only assembled in the U.S. is what that's all about.
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You think this is going to pass, PBD, just like this?
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Like it passed the House, now it's going to the Senate.
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Look, when Hakeem Jeffries, who is the minority.
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When he only gets up for 30 minutes to debate and fight this.
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And if you remember Kevin McCarthy, he stood up for hours and hours and hours and hours and hours talking about how this is terrible.
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And Tom, you said that this was an eight, eight and a half as a pot from one out of ten.
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And I want to see the fine print because they really went down through multiple areas.
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And how much does this help towards a victory for the midterms?
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Because, I mean, at the end of the day, that's what he's going for.
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When on day 99 I gave it a C-, I gave it a C- on what's been done, not what's pending.
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As a salesperson or person that runs business, you have a lot of things that's going on.
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But unless if you close the deal, it's just a good idea, right?
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So today, from they're at C-, to where they're at, and they get this done by 4th of July,
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that C- could be a B-plus like this with everything that's going on.
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Headed towards an A-, A-, and an obvious thing.
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Everywhere I go right now, I was on Jesse, I said this.
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2026, if you haven't heard me say this already,
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President Trump turns 80 on June 15th, next year.
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2026 is going to be the most magical year to be living in America in our lifetime.
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2026 is going to be the most magical year you've ever lived in America in our lifetime.
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Again, 2026 will be magical because of everything that's coming together right now.
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The last year, we had 1,500 husband and wives that were there.
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And one of the things the guys, the David Consultant, they say,
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a lot of people ask about how to balance this with family and the kids and all this other stuff.
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Why don't we just do a free webinar on family, how to be a killer in business without killing your marriage?
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And I said, I'm going to talk about all the mistakes I've made, okay?
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And we're going to talk about how we balance all this stuff together.
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So that picture they put together, for some of you guys that think that's really me with all those hands, it's not.
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Rob, if you want to play the clip, go ahead and play the clip.
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You know what's scary for some people is they want to be a killer in business.
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They want to do a great job as an executive, as a CEO, entrepreneur, business owner,
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You want to go make all the money, travel, win for your family,
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but you want to stay married, you want to have a good relation with your kids,
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you want your kids to still want to see how do you do this?
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Number one, you're allowing your family and friends make you feel guilty for your vision,
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which is going to create resentment towards them.
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Number two is you lack clarity around the vision.
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You don't really know what you're doing it for.
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So work-life balance is a question that comes up for people that are not clear of what they want to do.
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They haven't had the conversation with their family.
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Number three is the concept of being intentional with the time you're spending with your family.
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And number four is maybe you're just looking for an excuse to not work that hard
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This concept of work-life balance comes up every single day with people who ask me this question.
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On June 11th, I'm hosting a free webinar for one hour to talk about work-life balance
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with the people that don't have the answer to the questions there,
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I'm married now with four kids, running all these businesses.
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All I'm going to do is share with you mistakes I've made and things that are working for me.
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Again, on June 11th, register because it's limited seating on this webinar.
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By the way, I may have my wife and one of my kids maybe join me as well.
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Rob, what is the website for them to go register for this free webinar?
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We have limited to 3,000 seats, so just make sure you go get registered.
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I've done a lot of webinars, but we've never done a webinar on this.
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This has been coming up a lot the last 60, 12 months.
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In my opinion, based on the conversations I have with everyone out there,
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this actually might be the most important webinar you've ever done.
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I'm in the process of learning this stuff, but I can't wait to have this one with you guys.
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