Valuetainment - April 18, 2025


“Trump's Head Fake” – Reports Claim Trump Considering 40% Tax Rate For Millionaires


Episode Stats

Length

9 minutes

Words per Minute

200.6021

Word Count

1,888

Sentence Count

143

Hate Speech Sentences

1


Summary

Trump signals openness to a new 40% tax rate for individuals earning $1 million or more annually, with a White House official stating Trump is open to the idea, but prefers a threshold far greater than $10,000.


Transcript

00:00:00.000 Since we got business people here, can we talk taxes? Is that okay with you?
00:00:03.480 Let's talk some taxes. Okay, so millionaire tax hike gains steam as Trump signals openness.
00:00:11.340 What does this really mean? Let's go through it. Republicans led by President Trump are exploring
00:00:16.220 a new 40% tax bracket for individuals earning a million dollars or more annually. With a White
00:00:24.340 House official stating Trump is open to the idea but prefers a threshold far greater than a million
00:00:30.020 dollars, Deputy Treasury Secretary Michael Falkander said, we are investigating and having
00:00:36.800 discussions with Congress about a variety of potential offsets. While Treasury Secretary
00:00:41.560 Scott Besson noted, everything's on the table to manage the taxable costs. The proposed millionaire
00:00:46.500 tax rate aims to offset the cost of expanding the state and local tax deductions, potentially raising
00:00:52.500 the cap from $10,000 to $25,000, benefiting high earners in states like New York and Jersey.
00:00:58.160 Besson reported very good progress on tax talks, predicting performance for the 2017 tax cuts
00:01:04.300 and jobs by 4th of July. Tom, what are your thoughts on this story? Tell us.
00:01:08.520 Well, I think, like we've been talking about tariffs, and I said, I believe tariffs were tactics,
00:01:14.280 not long-term taxes. Well, it doesn't say Donald has an idea. It says that Donald Trump, 47,
00:01:21.500 says, I'm open to discussions. I'm open to the idea. Because what he's going to do, they've got to
00:01:27.320 pay for something. The SALT deduction, it's where people that are in California and New York get to
00:01:33.060 deduct their state taxes off their federal. And people have often said, well, you choose to live
00:01:38.760 in New York and California, you've got to pay that because you get a discount on that. You know,
00:01:42.880 people in Florida, you know, that's not fair. And so what they're talking about doing, okay,
00:01:47.260 you're everybody's upset. We're going to raise it from 10,000, which they lowered it to,
00:01:52.520 so you could deduct up to 25,000 of your California benefit. Yeah, to benefits New York
00:02:00.020 and California. But now then the Trump people will say, well, Mr. President, if you give that back,
00:02:05.660 we need tax coming in because we're trying to balance the federal budget ultimately. And so
00:02:10.720 they're saying, well, what if we do a 40% bracket way up? It's already right now, but 37, 39,
00:02:17.780 39 and a half. Let's move it to 40% so that we can get some back. So they're trying to balance it.
00:02:24.180 I think this is a head fake. And I think he's trying to get Congress to come to the table and
00:02:29.640 talk by saying, well, I'm open to talk about taxes coming up. That's like saying free beer in a
00:02:34.380 fraternity house to Democrats, right? They're all going to run into that meeting, say, oh,
00:02:38.000 my goodness. He's willing to do this. And I think he's trying to open it up with Scott Besson,
00:02:42.840 Secretary Besson, to start the dialogue and start the conversation. Adam.
00:02:47.080 So Trump wants to raise taxes on the rich? Is that what I'm hearing?
00:02:50.700 Proposing the top line being 40%. Like if you told me that AOC was proposing this, I'd be like,
00:02:54.540 yeah, obviously tax the rich, tax the bitch. But now Trump is proposing taxing the rich even more.
00:03:01.940 Remember the argument we had a conversation we had with Sam Cedar? He wants to tax 90%. That's not the way
00:03:07.340 this works, Sam Cedar. So just backing up a second. Obviously, everybody knows I'm the biggest
00:03:12.780 MAGA person here. Like it's without a doubt. Like I'm the biggest Trump guy here. We all know that.
00:03:16.620 Excuse me. Is anybody richer? Is anybody richer since Trump took office? I'm not. We all, I mean,
00:03:25.640 I'm heavily invested in the market. I'm heavily invested in crypto, maybe Tomo because he's selling
00:03:29.660 who knows what. But I think the optics of Trump taxing millionaires and even billionaires is not
00:03:39.260 a good look for him. Who's lost the most money in the last literally 30 days? I would say the biggest,
00:03:46.220 wealthiest people in America. Like the billionaires are not happy about this. I wonder what type of
00:03:51.100 conversations. Elon, richest man in the world, doing the whole doge thing, impregnating half the
00:03:55.780 country. I'm wondering what he's doing behind closed doors when he literally lost $50 billion
00:04:01.560 in the last month. So, um, Trump, what are you saying? Like you went on this rant? What's my
00:04:08.860 point? Are you going to make a point to us? Like, listen, it wouldn't be the P-B-D podcast if I had
00:04:15.820 a point. However, however, it's great to see all these beautiful people. That's true. I just,
00:04:24.120 I don't know why he would want to raise taxes. So, but did you hear what Tom said? But did you
00:04:28.180 hear what Tom said? Yeah, but I kind of fell asleep. But let me tell you what Tom said.
00:04:32.620 Oh, I love you, Tom. I'm kidding. Knock it off, you little guy. My goal is to get Tom fired up.
00:04:41.080 Let me tell you what Tom said. Here's what Tom said. Tom said, how many guys think it's a head fake?
00:04:45.360 How many think he's doing this to get the other side to come and talk to him? How many guys think
00:04:48.940 he would actually entertain taking the top to 40% plus? Who thinks he would do it? Okay.
00:04:54.180 So a couple of things that we have to be thinking about that's very different. Remember the quote
00:04:58.540 that says what? I would like it to be a lot higher. He says, threshold far greater than a million.
00:05:05.020 Okay. What if it's 2 million? What if it's 4 million? So let's just say he makes it 2 million.
00:05:10.100 You're making 10 million on that 8 million you make between two and eight. You pay 40%. 3.2 million goes
00:05:17.920 to the government. You keep 4.8 on that additional 8 million. Should the government take 40% of that
00:05:25.020 additional 8 million? I don't know about that. Do I trust the government to do more with that
00:05:29.020 money than us? I don't know. Now, he's doing this for a couple different things. How many
00:05:33.100 guys here run a business? Who runs a business here? Raise your hand if you run a business.
00:05:36.080 What's corporate tax rates right now? What are we paying right now? What's that?
00:05:42.020 Zero for you? I want your accountant. What business? Yeah, who's your accountant?
00:05:45.280 That's a very small business you run. No, no, it's called you run a small business. But
00:05:49.040 watch this here. So right now, they want to lower the corporate tax rate from 21 points to 15 points,
00:05:55.820 which allows you to have that additional 6% to do what? If you do 50 million a year, say you have
00:06:01.100 $20 million in profit, that 6% additional, I can hire a bunch of other people. That's a good thing
00:06:06.640 that they're doing. And they're doing this in a way to use some of that tax incentive because the
00:06:12.280 one big promise that he made was what? No taxes on what? Who remembers that big campaign? No taxes
00:06:17.220 on tips. How many guys think he needs to keep that promise? Who thinks he needs to keep that promise?
00:06:21.540 Who thinks he will keep that promise? I think he will keep that promise. I think, Tom, I think a part of
00:06:26.680 me thinks, you know, you're in the right where he's trying to get the other side to come and want to
00:06:30.920 meet with them. But what ends up happening there, I don't know. I do know if they do touch increasing
00:06:36.420 tax rates on business owners, they're not going to have a lot of happy people there if that were
00:06:41.360 to take place. Vinny, were you going to say something? No, no, no. I'll say something after Tom
00:06:45.320 says it. Yeah, because... Way in on this. CPA, financial advisors, come on. I'm just curious. I get the tactic
00:06:51.300 part, tactic with tariffs. And we talked, who do we talk to, Eric Bolling, about how he didn't trust
00:06:56.460 Lutnick and who's the new... The other guy's Michael Faulkner. Like, who's in his ear? Like,
00:07:01.580 is this all Trump by himself? Or is he the people that are next to him, the Lutnick and the Faulkner
00:07:05.280 saying, these are the tactics that you should do? Or is this all Trump's, you know... I am convinced
00:07:10.440 this is Trump's model. Okay. Trump sits in a room and he says something like this. He says, guys,
00:07:17.380 let's just say we're on a guerrilla state office and we're in New York. He'll say, I'm thinking about
00:07:22.220 moving half of you guys to Miami to take over the Miami market. And he lets... What's that noise,
00:07:28.300 by the way? Like, speaking going on. He lets... He says, hey, I'm going to test you guys to go to
00:07:32.580 the Miami market. And then he sits in the office and watches everybody react in a way. And they say,
00:07:37.980 dude, I'm not going to Miami market. By the afternoon, six hours later, three people come
00:07:42.700 in, the ones that have guts, and they say, I think that's a terrible idea. We're about to lose half the
00:07:46.040 company. Okay, then we're not doing it. Got you. Or guess what? Hey, you know what? Shit. As crazy an idea
00:07:51.880 it was, five people are already booking their flights. Wait, wait, wait, wait, wait. I wasn't serious.
00:07:57.320 Yeah. So I think he is kind of doing this and watches the market, what they say on X, what they say
00:08:03.660 with different stories. And then he'll come back and say, great story or not a great story. Or
00:08:08.480 some of the people that he wants to call them, call him to start negotiating. I don't know if that
00:08:13.900 strategy is working with China right now, but I think it may work with this when it comes down to
00:08:18.240 taxes. Because what did Reagan say? To Democrats, every day is April 15th. To Republicans, every day
00:08:25.300 is what? Fourth of July. Right? One is freedom, one is taxes. So this may kind of get the Democrats
00:08:31.360 who want to come and talk to them. And this has to be done by the Fourth of July. Otherwise, the original
00:08:35.760 Trump tax cuts expire. If you haven't yet joined Manek Circle, everything we talk about here on the
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