Brandon Arnold joins Allen Jackson to discuss vehicle deduction.
Closed captions
Show Timecode
Allen Jackson NOW | Allen Jackson: Vehicle Deduction | Allen Jackson NOW | July 16, 2025
- Well.
- 00:00:17.409 --> 00:00:17.843
- Good evening.
- 00:00:17.843 --> 00:00:18.844
- I'm alan jackson, and welcome to nashville.
- 00:00:18.844 --> 00:00:20.745
- There's been all sorts of reporting
- 00:00:20.745 --> 00:00:22.547
- On the big, beautiful budget bill.
- 00:00:22.547 --> 00:00:24.716
- The most of
- 00:00:24.716 --> 00:00:25.884
- It has been on the washington politics side of things.
- 00:00:25.884 --> 00:00:28.386
- Some media outlets report that it's truly a big
- 00:00:28.386 --> 00:00:30.956
- And beautiful
- 00:00:30.956 --> 00:00:32.157
- Bill, and others act as though the world is coming to an end.
- 00:00:32.157 --> 00:00:35.427
- But now that it's been signed into law,
- 00:00:35.427 --> 00:00:37.195
- Those of us outside washington
- 00:00:37.195 --> 00:00:39.131
- Would like to know what does it mean
- 00:00:39.131 --> 00:00:40.899
- For our family budgets right now, and what effect
- 00:00:40.899 --> 00:00:43.935
- Will it have on the taxes that we file next april?
- 00:00:43.935 --> 00:00:47.205
- Listen to the president's enthusiasm when those who pass
- 00:00:47.205 --> 00:00:49.741
- The bill gathered for its official signing.
- 00:00:49.741 --> 00:00:52.611
- This is the most popular
- 00:00:52.611 --> 00:00:53.912
- Bill ever signed in the history of our country.
- 00:00:53.912 --> 00:00:57.649
- Whether you're military or anybody else,
- 00:00:57.649 --> 00:01:00.018
- This is the most single, most popular bill ever signed.
- 00:01:00.018 --> 00:01:04.556
- Well, during the political debate,
- 00:01:05.323 --> 00:01:06.825
- We had a guest on
- 00:01:06.825 --> 00:01:07.993
- Who knows the ins and outs when it comes to taxes,
- 00:01:07.993 --> 00:01:10.762
- And we promised to bring him back when the bill was signed.
- 00:01:10.762 --> 00:01:14.032
- So for some news you could actually use,
- 00:01:14.032 --> 00:01:16.535
- Let me reintroduce the executive vice
- 00:01:16.535 --> 00:01:18.603
- President of national taxpayers union, brandon arnold.
- 00:01:18.603 --> 00:01:22.207
- Welcome back, sir.
- 00:01:22.207 --> 00:01:24.109
- Thanks for having me again.
- 00:01:24.109 --> 00:01:25.877
- Well, let's start with some of the easy ones.
- 00:01:25.877 --> 00:01:28.713
- Is it true that we can now deduct up to $10,000 a year
- 00:01:28.713 --> 00:01:32.350
- For car loans?
- 00:01:32.350 --> 00:01:33.418
- As long as the cars were assembled in the u.s.?
- 00:01:33.418 --> 00:01:35.954
- As i read it, that's supposed to run through 2028,
- 00:01:35.954 --> 00:01:39.057
- But there's an income phase out.
- 00:01:39.691 --> 00:01:41.226
- If you make more than $100,000 or 200,000 is a couple.
- 00:01:41.226 --> 00:01:45.230
- The car market's been a bit stagnant due to the high prices.
- 00:01:45.230 --> 00:01:48.133
- So is this a good deal to take advantage of
- 00:01:48.133 --> 00:01:50.202
- If you're thinking of a new car?
- 00:01:50.202 --> 00:01:51.536
- Well, it's going to help a lot of people out i think.
- 00:01:52.604 --> 00:01:54.406
- You know, we saw the inflation data
- 00:01:54.406 --> 00:01:55.941
- Just come out this week that suggested car prices.
- 00:01:55.941 --> 00:01:58.843
- Particularly used cars are getting more expensive.
- 00:01:58.843 --> 00:02:01.413
- So people need some relief there.
- 00:02:01.413 --> 00:02:02.814
- And this provision is actually retroactive
- 00:02:02.814 --> 00:02:04.916
- To the beginning of this year.
- 00:02:04.916 --> 00:02:06.117
- So that's going to help people right away.
- 00:02:06.117 --> 00:02:08.954
- There's going to be some time in which the treasury department
- 00:02:08.954 --> 00:02:11.790
- Is going
- 00:02:11.790 --> 00:02:12.457
- To write the rules of this,
- 00:02:12.457 --> 00:02:13.558
- Because there's a lot of, lines that need to be filled
- 00:02:13.558 --> 00:02:15.794
- In some colors that need to be filled in.
- 00:02:15.794 --> 00:02:17.596
- But yeah, this can benefit people
- 00:02:17.596 --> 00:02:18.930
- Right away and help deal
- 00:02:18.930 --> 00:02:20.532
- With the higher
- 00:02:20.532 --> 00:02:21.166
- Cost of automobiles,
- 00:02:21.166 --> 00:02:22.601
- The higher cost of living that we're seeing across the board.
- 00:02:22.601 --> 00:02:25.604
- And provide some relief to the middle class americans.
- 00:02:25.604 --> 00:02:28.106
- As you note, there is means testing,
- 00:02:28.106 --> 00:02:29.941
- Which means there are income
- 00:02:29.941 --> 00:02:31.109
- Phased out as people make more money.
- 00:02:31.109 --> 00:02:33.245
- They're not eligible for this.
- 00:02:33.245 --> 00:02:34.613
- And some of the other provisions in the legislation as well.
- 00:02:34.613 --> 00:02:37.382
- Well, here's another one that
- 00:02:38.016 --> 00:02:38.984
- Seemed easier for me to understand.
- 00:02:38.984 --> 00:02:40.885
- I suspect for those who will benefit from it.
- 00:02:40.885 --> 00:02:42.954
- The no tax on tips or overtime income.
- 00:02:42.954 --> 00:02:46.291
- The only catch that i could see is the cap
- 00:02:46.291 --> 00:02:48.793
- On the deduction is $25,000.
- 00:02:48.793 --> 00:02:51.796
- The tip part is easy to understand,
- 00:02:51.796 --> 00:02:53.765
- But who qualifies for the overtime?
- 00:02:53.765 --> 00:02:55.734
- Part of this?
- 00:02:55.734 --> 00:02:57.736
- Yeah, if you receive overtime pay, by and large,
- 00:02:57.736 --> 00:02:59.904
- You should be eligible
- 00:02:59.904 --> 00:03:01.106
- To receive this deduction, which can be pretty beneficial.
- 00:03:01.106 --> 00:03:04.209
- You know, you're talking about
- 00:03:04.209 --> 00:03:05.377
- About $12,000 in tax free overtime earnings.
- 00:03:05.377 --> 00:03:09.281
- That's a good chunk of change
- 00:03:09.281 --> 00:03:10.649
- Especially for blue collar americans.
- 00:03:10.649 --> 00:03:13.018
- There are some income limitations.
- 00:03:13.018 --> 00:03:15.120
- So wealthier people will not be able
- 00:03:15.120 --> 00:03:16.888
- To take advantage of no tax on tips.
- 00:03:16.888 --> 00:03:19.124
- No tax on overtime.
- 00:03:19.124 --> 00:03:21.126
- But besides that there are some caps on on
- 00:03:21.126 --> 00:03:23.795
- How much you can take.
- 00:03:23.795 --> 00:03:24.863
- But a lot of americans, millions
- 00:03:24.863 --> 00:03:26.498
- And millions of americans are going to benefit
- 00:03:26.498 --> 00:03:28.800
- From these policies and see their tax burden
- 00:03:28.800 --> 00:03:31.069
- Significantly lower as a result of these policies.
- 00:03:31.069 --> 00:03:34.306
- Well, a big change is in the standard deduction.
- 00:03:35.307 --> 00:03:38.076
- It nearly double to $15,750 for people who file a single
- 00:03:38.076 --> 00:03:43.348
- And $31,500 for joint filers.
- 00:03:43.348 --> 00:03:46.818
- Can you explain who
- 00:03:46.818 --> 00:03:48.053
- Uses the standard deduction and what the other options are?
- 00:03:48.053 --> 00:03:51.256
- Yeah, most americans use the standard deduction.
- 00:03:52.257 --> 00:03:54.459
- So 91% of people take the standard deduction
- 00:03:54.459 --> 00:03:57.729
- Rather than going through that lengthy process
- 00:03:57.729 --> 00:04:00.165
- Of itemizing their taxes.
- 00:04:00.165 --> 00:04:01.966
- And that's of course,
- 00:04:01.966 --> 00:04:02.901
- Thanks to the 2017, all the trump tax cuts
- 00:04:02.901 --> 00:04:05.737
- That passed about eight years ago.
- 00:04:05.737 --> 00:04:07.672
- Now, what this does in the one big beautiful bill act
- 00:04:07.672 --> 00:04:11.109
- Is make that larger standard deduction slightly bigger
- 00:04:11.109 --> 00:04:15.046
- And makes that policy permanent because that was scheduled
- 00:04:15.046 --> 00:04:17.882
- To revert back to its pre 2017 levels,
- 00:04:17.882 --> 00:04:21.686
- Which would have been
- 00:04:21.686 --> 00:04:22.320
- An enormous
- 00:04:22.320 --> 00:04:23.021
- Tax increase and also would have
- 00:04:23.021 --> 00:04:24.856
- Substantially increased complexity,
- 00:04:24.856 --> 00:04:27.025
- Because if you have to itemize
- 00:04:27.025 --> 00:04:28.426
- Your taxes, your taxes take more time
- 00:04:28.426 --> 00:04:30.795
- And are more cumbersome to complete.
- 00:04:30.795 --> 00:04:32.864
- So this is a win for simplicity.
- 00:04:32.864 --> 00:04:34.933
- It's a win for lower taxes,
- 00:04:34.933 --> 00:04:36.634
- And it's a win for millions of americans
- 00:04:36.634 --> 00:04:38.803
- Who will see, benefit from this policy here.
- 00:04:38.803 --> 00:04:41.906
- So one of the most important provisions
- 00:04:41.906 --> 00:04:43.742
- In the entire bill, in my opinion.
- 00:04:43.742 --> 00:04:45.243
- Well, two more important changes on the deduction side.
- 00:04:46.277 --> 00:04:49.013
- The child tax credit was increased to $2,200.
- 00:04:49.013 --> 00:04:52.817
- And there's now a senior deduction
- 00:04:52.817 --> 00:04:54.652
- Of up to $6,000 for anyone over 65 years of age.
- 00:04:54.652 --> 00:04:58.656
- Though it also phases out over a certain income level.
- 00:04:58.656 --> 00:05:01.559
- Plenty of seniors are working well past 65,
- 00:05:01.559 --> 00:05:04.596
- But this will certainly be a big help to those whose income
- 00:05:04.596 --> 00:05:07.365
- Has come down in retirement,
- 00:05:07.365 --> 00:05:09.000
- Or those who only or only on social security.
- 00:05:09.000 --> 00:05:11.836
- Am i right in the way i read that?
- 00:05:11.836 --> 00:05:14.272
- Yeah, that's absolutely right.
- 00:05:14.272 --> 00:05:15.974
- There are income limitations on this provision as well,
- 00:05:15.974 --> 00:05:19.077
- But millions of seniors are going to see a benefit
- 00:05:19.077 --> 00:05:21.613
- From it in the form of lower taxes.
- 00:05:21.613 --> 00:05:24.215
- At a time
- 00:05:24.215 --> 00:05:25.350
- When so many people are struggling to make ends meet.
- 00:05:25.350 --> 00:05:26.885
- We're seeing housing costs increase,
- 00:05:26.885 --> 00:05:28.686
- Energy prices fluctuate, groceries have been up.
- 00:05:28.686 --> 00:05:31.723
- This is going to help average seniors
- 00:05:31.723 --> 00:05:33.792
- Deal with those higher costs quite considerably.
- 00:05:33.792 --> 00:05:36.795
- And you mentioned the child tax credit.
- 00:05:36.795 --> 00:05:38.296
- Another provision i like quite a bit increasing that to $2,200.
- 00:05:38.296 --> 00:05:42.367
- And this is also very important indexing it for inflation.
- 00:05:42.367 --> 00:05:46.037
- So if we do ever experience
- 00:05:46.037 --> 00:05:48.106
- A scenario like we did during the pandemic
- 00:05:48.106 --> 00:05:50.108
- And the time immediately after the pandemic
- 00:05:50.108 --> 00:05:52.444
- Where inflation is through the roof.
- 00:05:52.444 --> 00:05:54.312
- We won't see the value
- 00:05:54.312 --> 00:05:55.380
- Of that child tax credit begin to erode significantly.
- 00:05:55.380 --> 00:05:58.550
- So another huge win for working class americans.
- 00:05:58.550 --> 00:06:01.953
- Well, brendan, i've got one more question
- 00:06:02.787 --> 00:06:04.122
- Before we take a quick break.
- 00:06:04.122 --> 00:06:05.623
- With all the changes in this
- 00:06:05.623 --> 00:06:06.758
- Bill, would you recommend the tax
- 00:06:06.758 --> 00:06:08.226
- Professional for those that are preparing their returns,
- 00:06:08.226 --> 00:06:10.662
- Or can they still just use an easy form?
- 00:06:10.662 --> 00:06:12.797
- Well, i think it does make taxes easier.
- 00:06:13.598 --> 00:06:15.834
- The fact that you have the standard
- 00:06:15.834 --> 00:06:17.068
- Deduction increase, that means more people
- 00:06:17.068 --> 00:06:19.404
- Can take the standard deduction.
- 00:06:19.404 --> 00:06:21.239
- But yeah, if you have a complicated tax situation,
- 00:06:21.239 --> 00:06:23.942
- It is always better
- 00:06:23.942 --> 00:06:25.310
- To trust a professional or use sophisticated software
- 00:06:25.310 --> 00:06:29.247
- Rather than to do it on your own.
- 00:06:29.247 --> 00:06:31.382
- The price you pay for, having to deal with the irs
- 00:06:31.382 --> 00:06:34.686
- If you do make a mistake
- 00:06:34.686 --> 00:06:35.954
- Is usually much, much larger than what it cost to hire
- 00:06:35.954 --> 00:06:39.457
- Somebody who knows what they're doing
- 00:06:39.457 --> 00:06:41.159
- When they complete your tax form.
- 00:06:41.159 --> 00:06:43.495
- Well, brandon, stay for another segment, if you will.
- 00:06:43.495 --> 00:06:45.563
- It's a big issue and we've got a lot
- 00:06:45.563 --> 00:06:46.865
- More questions to sort out.
- 00:06:46.865 --> 00:06:48.833
- In the meantime, i'd
- 00:06:48.833 --> 00:06:50.068
- Suggest using your smartphone to check in on age now.com.
- 00:06:50.068 --> 00:06:54.105
- You can even call it brandon's last appearance and much more.
- 00:06:54.105 --> 00:06:57.742
- I'll be right back.
- 00:06:57.742 --> 00:07:05.008
- I'll be right back.
- 00:07:05.008 --> 00:07:10.155
- And we're back now with brandon
- 00:07:10.789 --> 00:07:12.391
- Arnold, executive vice president of national taxpayers union.
- 00:07:12.391 --> 00:07:16.529
- Some of the tariff deals still have to be worked out,
- 00:07:16.529 --> 00:07:18.964
- Particularly the plan with china.
- 00:07:18.964 --> 00:07:21.100
- And president trump is pushing hard on the fed chairman
- 00:07:21.100 --> 00:07:23.736
- To lower rates.
- 00:07:23.736 --> 00:07:25.070
- But before we go over more of the tax changes,
- 00:07:25.070 --> 00:07:27.473
- Listen to how the treasury secretary describes
- 00:07:27.473 --> 00:07:29.909
- The overall plan to fire up the economy.
- 00:07:29.909 --> 00:07:32.845
- The trump economic agenda.
- 00:07:32.845 --> 00:07:34.880
- As i've said many times, it's a three
- 00:07:34.880 --> 00:07:36.749
- Many times it's the three legged stool.
- 00:07:36.749 --> 00:07:38.951
- It's trade.
- 00:07:38.951 --> 00:07:40.152
- It's tax and it's deregulation.
- 00:07:40.152 --> 00:07:42.922
- So, you know, i also believe
- 00:07:42.922 --> 00:07:45.591
- That the substantial amount of deregulation that we're doing
- 00:07:45.591 --> 00:07:48.294
- Is going to accelerate economic growth.
- 00:07:48.294 --> 00:07:50.729
- And the important thing, too, is we're going
- 00:07:50.729 --> 00:07:52.431
- To have economic growth in a non-inflationary manner,
- 00:07:52.431 --> 00:07:55.701
- Unlike we saw in the previous four years.
- 00:07:55.701 --> 00:07:59.705
- Well, if it is a three legged stool,
- 00:08:00.472 --> 00:08:02.608
- How important are the changes in the tax plans
- 00:08:02.608 --> 00:08:05.044
- In terms of overall potential growth?
- 00:08:05.044 --> 00:08:09.148
- Well, i think the biggest factor in this plan
- 00:08:10.049 --> 00:08:12.384
- When it comes to growth is, this provision that incentivizes
- 00:08:12.384 --> 00:08:17.122
- Things like research, development.
- 00:08:17.122 --> 00:08:20.292
- It incentivizes manufacturing build outs,
- 00:08:20.292 --> 00:08:23.429
- People building out factories, structures.
- 00:08:23.429 --> 00:08:26.365
- This is all complicated tax provisions.
- 00:08:26.365 --> 00:08:28.500
- But this is what happened in 2017.
- 00:08:28.500 --> 00:08:30.436
- Unfortunately, some of these provisions
- 00:08:30.436 --> 00:08:31.971
- Started to phase out, which i think really hurt our economy.
- 00:08:31.971 --> 00:08:35.040
- But right now, as it stands,
- 00:08:35.040 --> 00:08:37.242
- China is subsidizing its research and development.
- 00:08:37.242 --> 00:08:40.446
- If you are conducting research and development in china,
- 00:08:40.446 --> 00:08:43.382
- Developing new pharmaceutical products,
- 00:08:43.382 --> 00:08:45.618
- Or you are developing nanotechnology or artificial
- 00:08:45.618 --> 00:08:48.921
- Intelligence, leading edge technologies in china,
- 00:08:48.921 --> 00:08:52.024
- They're effectively subsidizing that work in the united states
- 00:08:52.024 --> 00:08:56.261
- Right now, we are penalizing those functions right now.
- 00:08:56.261 --> 00:08:59.898
- So that puts us
- 00:08:59.898 --> 00:09:01.033
- At a huge competitive advantage, disadvantage with china
- 00:09:01.033 --> 00:09:03.769
- As well as a lot of our other global competitors.
- 00:09:03.769 --> 00:09:06.572
- We need to fix that.
- 00:09:06.572 --> 00:09:07.940
- This bill does that.
- 00:09:07.940 --> 00:09:09.174
- It encourages american companies to invest in research
- 00:09:09.174 --> 00:09:13.178
- Development, buy machinery,
- 00:09:13.178 --> 00:09:15.014
- Buy factories by structures, farm equipment, you name it.
- 00:09:15.014 --> 00:09:18.917
- I think that is an enormous improvement over the status quo.
- 00:09:18.917 --> 00:09:22.655
- It's going to help our global competitiveness.
- 00:09:22.655 --> 00:09:24.723
- It's going to create jobs.
- 00:09:24.723 --> 00:09:26.125
- It's going to help to lower prices
- 00:09:26.125 --> 00:09:27.760
- Rather than increase prices, because as we can produce things
- 00:09:27.760 --> 00:09:30.863
- More efficiently on us soil, guess what?
- 00:09:30.863 --> 00:09:33.132
- Prices will begin to fall.
- 00:09:33.132 --> 00:09:34.667
- So that's one of the most important provisions.
- 00:09:34.667 --> 00:09:36.535
- And i think that is the key
- 00:09:36.535 --> 00:09:37.970
- Of the three legged stool that the treasury secretary
- 00:09:37.970 --> 00:09:40.572
- Is talking about when it comes to tax policy.
- 00:09:40.572 --> 00:09:43.375
- Well, this new bill also phases out
- 00:09:44.176 --> 00:09:46.345
- The so-called clean energy tax credits,
- 00:09:46.345 --> 00:09:49.048
- Which means that products advertised as clean energy
- 00:09:49.048 --> 00:09:52.284
- Will have to be bought at their real value,
- 00:09:52.284 --> 00:09:54.319
- Not at a government subsidized price.
- 00:09:54.319 --> 00:09:56.789
- Do you think it's time that the solar panels
- 00:09:56.789 --> 00:09:58.557
- Stand on their own, rather
- 00:09:58.557 --> 00:09:59.558
- Than by promoting them with the money?
- 00:09:59.558 --> 00:10:01.093
- We already pay in taxes?
- 00:10:01.093 --> 00:10:03.562
- Absolutely.
- 00:10:03.562 --> 00:10:04.663
- I mean, listen, i've nothing against green energy,
- 00:10:04.663 --> 00:10:07.099
- Clean energy, however you want to describe it,
- 00:10:07.099 --> 00:10:09.301
- But i don't think taxpayers should be underwriting it.
- 00:10:09.301 --> 00:10:11.570
- If people want to put solar panels on their roof,
- 00:10:11.570 --> 00:10:13.806
- If people want to build
- 00:10:13.806 --> 00:10:14.740
- Big solar farms out in arizona or wherever.
- 00:10:14.740 --> 00:10:17.910
- God bless them.
- 00:10:17.910 --> 00:10:19.011
- That is their ability. that is their right to do so.
- 00:10:19.011 --> 00:10:21.213
- Taxpayers should be footing the bill for that.
- 00:10:21.213 --> 00:10:22.881
- We should have a neutral policy
- 00:10:22.881 --> 00:10:24.717
- When it comes to
- 00:10:24.717 --> 00:10:25.951
- What type of energy people are creating, and we should provide,
- 00:10:25.951 --> 00:10:29.388
- You know, it's
- 00:10:29.388 --> 00:10:30.589
- Fair, reasonable tax policy, low taxes across the board,
- 00:10:30.589 --> 00:10:33.192
- Whether those are fossil fuel based energies
- 00:10:33.192 --> 00:10:35.627
- Or whether those are green energies.
- 00:10:35.627 --> 00:10:37.596
- But right now, unfortunately,
- 00:10:37.596 --> 00:10:39.131
- The water bill
- 00:10:39.131 --> 00:10:40.299
- Does a good job of eliminate some of those provisions.
- 00:10:40.299 --> 00:10:43.035
- There were some last minute shenanigans on capitol hill.
- 00:10:43.035 --> 00:10:45.671
- There's a loophole that's going to really delay the phase
- 00:10:45.671 --> 00:10:48.574
- Out of solar and wind tax credits.
- 00:10:48.574 --> 00:10:51.844
- I think that was a huge mistake
- 00:10:51.844 --> 00:10:53.612
- That they made at the last minute.
- 00:10:53.612 --> 00:10:54.880
- In order to gather the votes
- 00:10:54.880 --> 00:10:56.215
- That they need to get the bill through the senate.
- 00:10:56.215 --> 00:10:58.617
- But at the end of the day, you know,
- 00:10:58.617 --> 00:10:59.818
- We are going to eventually remove these from the tax code.
- 00:10:59.818 --> 00:11:02.488
- We are going to move to
- 00:11:02.488 --> 00:11:03.722
- A more neutrality and a fair treatment of all energy sources.
- 00:11:03.722 --> 00:11:07.126
- It's just going to take a little bit longer
- 00:11:07.126 --> 00:11:08.727
- Than i would like to see,
- 00:11:08.727 --> 00:11:09.795
- Because the longer these products stand out there,
- 00:11:09.795 --> 00:11:12.131
- The more they're costing taxpayers.
- 00:11:12.131 --> 00:11:13.732
- At a time when we don't have a lot of resources to spare.
- 00:11:13.732 --> 00:11:16.668
- Unfortunately.
- 00:11:16.668 --> 00:11:17.636
- Well, one of the biggest parts of this new law
- 00:11:18.604 --> 00:11:20.539
- Would seem to be the permanent extensions of the 2017 tax cuts
- 00:11:20.539 --> 00:11:24.743
- And the jobs act, which brought down
- 00:11:24.743 --> 00:11:26.411
- Both corporate and individual rates.
- 00:11:26.411 --> 00:11:29.114
- How big a deal is it that this tax rate got extended?
- 00:11:29.114 --> 00:11:32.317
- It's absolutely enormous.
- 00:11:32.885 --> 00:11:34.353
- You know,
- 00:11:34.353 --> 00:11:35.187
- The corporate tax rate was locked in
- 00:11:35.187 --> 00:11:36.722
- And that was made permanent.
- 00:11:36.722 --> 00:11:37.990
- But unfortunately the individual rates, the rates that families
- 00:11:37.990 --> 00:11:41.226
- That are hardworking americans are paying those
- 00:11:41.226 --> 00:11:43.996
- Who are temporary.
- 00:11:43.996 --> 00:11:44.730
- So those rates were going
- 00:11:44.730 --> 00:11:45.764
- To revert back to their pre 2017 levels
- 00:11:45.764 --> 00:11:48.867
- At the end of this year.
- 00:11:48.867 --> 00:11:50.102
- On top of that, the small business deduction.
- 00:11:50.102 --> 00:11:52.471
- This is a provision that was inserted
- 00:11:52.471 --> 00:11:54.306
- In order to equalize taxes between small businesses
- 00:11:54.306 --> 00:11:58.010
- And large businesses that was scheduled to disappear as well.
- 00:11:58.010 --> 00:12:01.547
- Not only were they able to make that permanent,
- 00:12:01.547 --> 00:12:03.682
- But they were able to increase that small business deduction
- 00:12:03.682 --> 00:12:06.318
- By a few percentage points, which is a big deal
- 00:12:06.318 --> 00:12:08.754
- Given the fact that a lot of small businesses
- 00:12:08.754 --> 00:12:10.722
- Have had to deal with higher costs across the board.
- 00:12:10.722 --> 00:12:13.392
- Retailers have seen the products that they purchase
- 00:12:13.392 --> 00:12:15.961
- And put on their shelves
- 00:12:15.961 --> 00:12:16.895
- Go up in price, which has forced them
- 00:12:16.895 --> 00:12:18.697
- To put higher price tags on those items.
- 00:12:18.697 --> 00:12:21.500
- Our manufacturers have had higher cost of raw materials
- 00:12:21.500 --> 00:12:25.637
- Of things that they use to manufacture things.
- 00:12:25.637 --> 00:12:28.707
- So unfortunately, that's been the legacy
- 00:12:28.707 --> 00:12:31.109
- Of the last administration.
- 00:12:31.109 --> 00:12:32.578
- Hopefully we're turning the tide.
- 00:12:32.578 --> 00:12:34.346
- And i think locking in these lower tax rates
- 00:12:34.346 --> 00:12:36.715
- Is a big piece of the puzzle
- 00:12:36.715 --> 00:12:38.450
- For our small businesses community,
- 00:12:38.450 --> 00:12:40.686
- As well as, of course, for, for working families
- 00:12:40.686 --> 00:12:42.855
- That are really struggling in this economy
- 00:12:42.855 --> 00:12:45.057
- And are just starting to claw their way out of a pretty deep
- 00:12:45.057 --> 00:12:48.694
- Ditch that was dug for them.
- 00:12:48.694 --> 00:12:50.128
- Well, i read that if the bill had not passed,
- 00:12:51.029 --> 00:12:53.799
- It could have meant as much as a $4 trillion tax increase.
- 00:12:53.799 --> 00:12:57.769
- Is that an accurate report?
- 00:12:57.769 --> 00:13:00.038
- Yeah, it could have been more than $4 trillion.
- 00:13:00.038 --> 00:13:02.841
- That would have walloped our business community
- 00:13:02.841 --> 00:13:04.710
- Or would have walloped american families.
- 00:13:04.710 --> 00:13:06.979
- It probably would have.
- 00:13:06.979 --> 00:13:07.846
- Pushed us into a recession as well.
- 00:13:07.846 --> 00:13:09.615
- That was scheduled to take place on january 1st.
- 00:13:09.615 --> 00:13:11.950
- Who would have been one of the worst possible ways
- 00:13:11.950 --> 00:13:14.019
- You could think of to ring in the new year 2026?
- 00:13:14.019 --> 00:13:17.890
- People would have been paying higher taxes,
- 00:13:17.890 --> 00:13:20.025
- Thousands of dollars.
- 00:13:20.025 --> 00:13:21.760
- Each family would have likely been paying thousands of dollars
- 00:13:21.760 --> 00:13:25.230
- In higher taxes.
- 00:13:25.230 --> 00:13:27.065
- Absolutely backbreaking at any time,
- 00:13:27.065 --> 00:13:28.700
- But particularly again at a time
- 00:13:28.700 --> 00:13:30.369
- When people continue to struggle and we're still recovering
- 00:13:30.369 --> 00:13:33.572
- From a really down, post-pandemic recovery,
- 00:13:33.572 --> 00:13:37.009
- In which prices remain elevated,
- 00:13:37.643 --> 00:13:39.745
- In which the job market is rebounding,
- 00:13:39.745 --> 00:13:42.247
- But not at the rate that we would like.
- 00:13:42.247 --> 00:13:43.815
- So there's a lot more work to be done on the economic front.
- 00:13:43.815 --> 00:13:46.451
- But, but averting that tax increase at the end of the year
- 00:13:46.451 --> 00:13:49.922
- Was probably, about as important as, of a fiscal policy.
- 00:13:49.922 --> 00:13:54.393
- And she could possibly have.
- 00:13:54.393 --> 00:13:55.994
- That will be, really rein, bring in some major dividends
- 00:13:55.994 --> 00:13:59.965
- For, for american businesses and families going forward.
- 00:13:59.965 --> 00:14:03.368
- Well, i'd like to end on one of the happiest notes
- 00:14:03.368 --> 00:14:05.404
- That i could find in this new bill.
- 00:14:05.404 --> 00:14:07.272
- President trump is a family man
- 00:14:07.272 --> 00:14:08.941
- And a very proud grandfather as well.
- 00:14:08.941 --> 00:14:11.076
- So he worked into the bill, a new tax advantaged account
- 00:14:11.076 --> 00:14:13.912
- For children born between 2025 and 2028.
- 00:14:13.912 --> 00:14:17.649
- Parents will receive a $1,000 government
- 00:14:17.649 --> 00:14:19.685
- Contribution each year.
- 00:14:19.685 --> 00:14:21.253
- It goes into a special account
- 00:14:21.253 --> 00:14:23.488
- Branded how can families access that?
- 00:14:23.488 --> 00:14:26.992
- Yeah, that
- 00:14:27.292 --> 00:14:28.126
- That those regulations
- 00:14:28.126 --> 00:14:29.328
- Are still going to be promulgated here,
- 00:14:29.328 --> 00:14:30.963
- But that's supposed to
- 00:14:30.963 --> 00:14:32.064
- Apply to any american that's born on us soil. here
- 00:14:32.064 --> 00:14:34.766
- You get this additional trump, babies, baby dividend here.
- 00:14:34.766 --> 00:14:39.137
- And listen,
- 00:14:39.137 --> 00:14:40.305
- We're our savings rate in this country is abysmally low.
- 00:14:40.305 --> 00:14:43.542
- People don't have enough money to save
- 00:14:43.542 --> 00:14:45.377
- If they have an unfortunate circumstance
- 00:14:45.377 --> 00:14:47.612
- Like their air conditioning
- 00:14:47.612 --> 00:14:48.480
- Broke or. or they had car trouble.
- 00:14:48.480 --> 00:14:50.582
- We need to increase our savings rate.
- 00:14:50.582 --> 00:14:52.684
- This is certainly going to help in that regard by providing
- 00:14:52.684 --> 00:14:55.454
- Every baby a starter account of sorts,
- 00:14:55.454 --> 00:14:59.224
- That starter for one k of sorts with a thousand bucks in it.
- 00:14:59.224 --> 00:15:02.260
- That money will grow accumulate over time.
- 00:15:02.260 --> 00:15:04.529
- Hopefully people will be in a position
- 00:15:04.529 --> 00:15:05.998
- Where they have
- 00:15:05.998 --> 00:15:07.399
- Additional resources that begin to throw into those accounts
- 00:15:07.399 --> 00:15:09.968
- As well, and really create that nest egg that we all need
- 00:15:09.968 --> 00:15:13.538
- Heading into retirement
- 00:15:13.538 --> 00:15:14.740
- Or preparing for unfortunate, unforeseen circumstances.
- 00:15:14.740 --> 00:15:17.709
- So, let's increase our savings rates.
- 00:15:17.709 --> 00:15:20.245
- Absolutely necessary for, for our economy
- 00:15:20.245 --> 00:15:23.015
- And for our economic security going forward.
- 00:15:23.015 --> 00:15:26.385
- Well, brandon arnold, big thanks for your time again today.
- 00:15:26.385 --> 00:15:29.588
- Please come back again when there's more to discuss.
- 00:15:29.588 --> 00:15:32.891
- My pleasure. thanks for having.
- 00:15:32.891 --> 00:15:34.559
- Me. in a moment.
- 00:15:34.559 --> 00:15:35.394
- More signs of hope.
- 00:15:35.394 --> 00:15:36.928
- And later, your emails.
- 00:15:36.928 --> 00:15:38.563
- You might even hear your own name called out.
- 00:15:38.563 --> 00:15:40.999
- I'll be right back.
- 00:15:40.999 --> 00:15:49.004
- I'll be right back.
- 00:15:49.004 --> 00:15:53.746
- There are items in this budget bill that are worth celebrating.
- 00:15:54.914 --> 00:15:58.351
- The bill includes language that not only removes taxpayer
- 00:15:58.351 --> 00:16:01.220
- Funding from the abortion giant, planned parenthood,
- 00:16:01.220 --> 00:16:04.390
- But it also cuts funding for organizations that
- 00:16:04.390 --> 00:16:06.926
- Participate in gender mutilation procedures for minors.
- 00:16:06.926 --> 00:16:10.463
- There's no excuse
- 00:16:10.897 --> 00:16:11.998
- For forcing taxpayers to prop up an evil industry
- 00:16:11.998 --> 00:16:14.967
- That would probably prioritize abortions or gender mutilation.
- 00:16:14.967 --> 00:16:19.238
- And here's another recent significant step forward.
- 00:16:19.238 --> 00:16:21.874
- The irs issued a ruling that churches would no longer
- 00:16:21.874 --> 00:16:24.610
- Be forbidden to talk about candidates political candidates.
- 00:16:24.610 --> 00:16:28.414
- It's a decision. it's long overdue.
- 00:16:28.414 --> 00:16:30.116
- It's a carve out from the johnson amendment,
- 00:16:30.116 --> 00:16:32.452
- Passed back in the 60s by president lyndon johnson.
- 00:16:32.452 --> 00:16:35.755
- Let me put it in context, because i think it's a far
- 00:16:35.755 --> 00:16:37.957
- More significant
- 00:16:37.957 --> 00:16:39.092
- Ruling than just talking about political candidates.
- 00:16:39.092 --> 00:16:41.861
- One of the significant prohibitions against free
- 00:16:41.861 --> 00:16:44.397
- Speech has been taken down with this irs development,
- 00:16:44.397 --> 00:16:48.201
- Because what we've recognized is that under the general notion
- 00:16:48.201 --> 00:16:50.870
- That you can't talk about candidates,
- 00:16:50.870 --> 00:16:52.805
- There was a great deal of pressure
- 00:16:52.805 --> 00:16:54.073
- To not talk about our culture.
- 00:16:54.073 --> 00:16:56.375
- So if we said that marriage was between a man and a woman,
- 00:16:56.375 --> 00:16:59.112
- There were people
- 00:16:59.112 --> 00:17:00.213
- That would undoubtedly say, you're being political.
- 00:17:00.213 --> 00:17:03.082
- Well, i wasn't trying to be political at all.
- 00:17:03.082 --> 00:17:04.750
- It's a biblical value.
- 00:17:04.750 --> 00:17:06.752
- We talked about the sanctity
- 00:17:06.752 --> 00:17:07.954
- Of human life and why we're pro-life.
- 00:17:07.954 --> 00:17:10.189
- It's not a political discussion.
- 00:17:10.189 --> 00:17:11.591
- It's a biblical worldview issue.
- 00:17:11.591 --> 00:17:14.093
- But because of the threat and the bullying from the irs
- 00:17:14.093 --> 00:17:16.829
- That's been in place for more than 60 years
- 00:17:16.829 --> 00:17:18.631
- To the johnson amendment,
- 00:17:18.631 --> 00:17:20.366
- Churches have been deafening in their silence.
- 00:17:20.366 --> 00:17:22.602
- And with it, negative outcomes have come to the entire nation.
- 00:17:22.602 --> 00:17:26.205
- I believe the silence of the church
- 00:17:26.205 --> 00:17:27.607
- Resulted in a great deal of the immorality,
- 00:17:27.607 --> 00:17:29.775
- The lawlessness and the things that we see
- 00:17:29.775 --> 00:17:31.444
- Is pervasive problems in our culture.
- 00:17:31.444 --> 00:17:33.980
- So the focus now, it shifts towards us as christ followers.
- 00:17:33.980 --> 00:17:37.383
- We have the courage to stand for our convictions
- 00:17:37.383 --> 00:17:39.652
- And speak the truth into our culture
- 00:17:39.652 --> 00:17:41.187
- From a biblical worldview.
- 00:17:41.187 --> 00:17:42.688
- We'll do that.
- 00:17:42.688 --> 00:17:43.890
- I promise you, there's more reasons for hope than despair.
- 00:17:43.890 --> 00:17:46.926
- We'll be right back with your emails.
- 00:17:46.926 --> 00:17:56.004
- We'll be right back with your emails.
- 00:17:56.004 --> 00:17:59.473
- Thank you for spending some time with us today.
- 00:18:00.374 --> 00:18:02.442
- Just a reminder, if you ever miss an episode,
- 00:18:02.442 --> 00:18:04.344
- You can go to aj now.com.
- 00:18:04.344 --> 00:18:06.046
- There's a full archive there.
- 00:18:06.046 --> 00:18:07.781
- Watch any program you like.
- 00:18:07.781 --> 00:18:08.882
- Makes it easy to share with a friend.
- 00:18:08.882 --> 00:18:10.984
- Your emails are always a highlight.
- 00:18:10.984 --> 00:18:13.187
- Our franklin from mississippi
- 00:18:13.187 --> 00:18:14.655
- Wrote in last wall, now suggested to eric stackelberg
- 00:18:14.655 --> 00:18:17.925
- That pastors liked johnson's irs ruling
- 00:18:17.925 --> 00:18:21.161
- Because it's allowed them not to have an opinion.
- 00:18:21.161 --> 00:18:23.931
- They can tell the people we're not allowed
- 00:18:23.931 --> 00:18:25.666
- To get into politics, therefore
- 00:18:25.666 --> 00:18:27.367
- They're obeying the law and they're good citizens.
- 00:18:27.367 --> 00:18:30.671
- Well, i agree with lance,
- 00:18:30.671 --> 00:18:31.838
- But i think it's probably even more pervasive than that.
- 00:18:31.838 --> 00:18:33.574
- I think the people in the churches
- 00:18:33.574 --> 00:18:35.676
- Have counted on there not being a discussion
- 00:18:35.676 --> 00:18:37.744
- Of current events or political activity.
- 00:18:37.744 --> 00:18:40.380
- That way, we didn't have to bring our real values to bear.
- 00:18:40.380 --> 00:18:42.950
- We could sit in our churches and talk about political values
- 00:18:42.950 --> 00:18:45.886
- In the first century,
- 00:18:45.886 --> 00:18:47.654
- And act like we were immune
- 00:18:47.654 --> 00:18:49.089
- Of responsibility in the 21st century.
- 00:18:49.089 --> 00:18:51.725
- It's time for the church to grow up.
- 00:18:51.725 --> 00:18:53.126
- We're supposed to tell the truth no matter what the law says.
- 00:18:53.126 --> 00:18:56.196
- We got to find the new gear and be more courageous.
- 00:18:56.196 --> 00:18:59.466
- Jay barth from palmdale noted.
- 00:19:00.067 --> 00:19:02.269
- Thank you for the interview with nan gurley
- 00:19:02.269 --> 00:19:04.137
- And her experience playing corrie ten boom.
- 00:19:04.137 --> 00:19:06.607
- Corrie was the first christian
- 00:19:06.607 --> 00:19:07.741
- Who just captivated me when i accepted christ.
- 00:19:07.741 --> 00:19:10.477
- Then repeating the story about the former prison guard.
- 00:19:10.477 --> 00:19:12.879
- Great episode.
- 00:19:12.879 --> 00:19:13.814
- Thank you.
- 00:19:13.814 --> 00:19:15.015
- Well, thank you for the encouragement.
- 00:19:15.015 --> 00:19:16.850
- If you've never read corrie ten moves, book the hiding place.
- 00:19:16.850 --> 00:19:20.621
- I strongly recommend it.
- 00:19:20.621 --> 00:19:22.089
- It's a game changer.
- 00:19:22.089 --> 00:19:24.157
- And finally, holly from maryland. question.
- 00:19:24.157 --> 00:19:25.959
- We're having a hard time understanding
- 00:19:25.959 --> 00:19:27.427
- Why so many children were swept away
- 00:19:27.427 --> 00:19:28.996
- In the recent flood while at christian summer camp.
- 00:19:28.996 --> 00:19:31.999
- God could change the weather
- 00:19:31.999 --> 00:19:33.333
- In the water, just as we've seen him intervene in our lives.
- 00:19:33.333 --> 00:19:36.403
- We walk by faith and trust him, but were shaken by this.
- 00:19:36.403 --> 00:19:39.640
- Then he comments.
- 00:19:39.640 --> 00:19:41.475
- Well, ali, it's a tragedy.
- 00:19:41.475 --> 00:19:43.176
- But the reality is we live in a broken world.
- 00:19:43.176 --> 00:19:45.445
- Sin still exist.
- 00:19:45.445 --> 00:19:47.180
- And until the lord returns and establishes his kingdom,
- 00:19:47.180 --> 00:19:50.350
- We're going to walk through
- 00:19:50.350 --> 00:19:51.551
- A fallen world and our lives are still buffeted by evil.
- 00:19:51.551 --> 00:19:54.955
- We need to pray for those families
- 00:19:54.955 --> 00:19:56.323
- That have been so touched by this tragedy.
- 00:19:56.323 --> 00:19:58.525
- God's not absent. he's right in the midst of it.
- 00:19:58.525 --> 00:20:01.895
- Thank you for spending a few minutes with us this evening.
- 00:20:01.895 --> 00:20:04.264
- I'm alan jackson, and i pray you have a wonderful night.
- 00:20:04.264 --> 00:20:04.264