Transcript
A (0:01)
You've been hearing all kinds of terrible things about the Big beautiful Bill, that people are going to be kicked off their health care plans, that the world is going to end. But is all of this true? My dad is here today to debunk some of those myths and to answer some of your biggest questions about what the Big Beautiful Bill actually means. This episode is brought to you by our friends at Good Ranchers. Go to goodranchers.com use code ALI at checkout. That's goodranchers.com code Allie Foreign.
B (0:39)
Well, hello everybody, and thanks for joining another episode of Relatable. As you can tell, Allie's not here. She asked me to sit in for her today. She's traveling and I'm excited to do it. It's been a while since I've talked to y' all and been following everything. I'm a little bit worried about following the episodes that she's had on lately. They've been pretty hard hitting and I'm so proud of her for always standing up for the truth, even when it's uncomfortable, even when there are people that she's having to discuss that a lot of us really appreciate and have enjoyed over the years, like the gains. And, and then also there's been a lot of obviously very, very good things that come out of Baylor University. But that doesn't mean that we should look to the other side when things aren't what we believe they should be. And actually we'll kind of talk about that a little bit later in the episode when we talk a little bit about the Epstein files. Goodness gracious, have mercy. That has been something, hadn't it? But before we do that, what I really want to spend time on today is truth telling of the one big beautiful Bill. It has just been hilarious to me to listen to the Democrats and a lot of the media that talk about how, you know, it's just going to be the end of all, everything's going to go away, it's going to hell in a handbasket. And, you know, we're probably going to, it's going to be the apocalypse. We're probably all going to die tomorrow. So anyway, let's, let's talk about that just a little bit. And we've also, at the end of the show, I've got a bunch of listener questions that are always entertaining and fun. And a little bit of a segment at the end called Thoughts from the Wagon. It really kind of refers back to my book, Life Lessons from the Little Red Wagon. But in talking about the big beautiful Bill I've written down some notes here, so pardon me when I look down at those. So I'll make sure I get them right. You know, I guess the biggest thing that you hear are it's just tax cuts for the rich. Tax cuts for the rich. Now, first of all, let me tell you, there are no tax cuts in the bill. All the bill is doing is allowing our tax rates to keep from raising if they didn't pass this bill. Every one of you listening, unless you're in the income bracket where you pay no taxes, which is unfortunately pretty high percentage of people in this country that pay no income tax. And that's another, another issue, maybe for another day, but so just make sure you understand there's not a tax cut. It's keeping things the way they are. Now, if we didn't do that, it was going to raise our taxes. And now they say these Democrats will say it's just tax cuts for the rich. That's all it's going to be. Well, when you look atthetax foundation.org which is a nonpartisan organization that analyzes tax bills and what have you, 62% of the population will save on their taxes. 62%. And remember, there's a reasonably large percentage that don't pay any income tax. So if your already paying zero, zero is zero. All right? You're not going to save anything if you're paying zero. I don't. That's pretty simple math, even from a guy that, you know, grew up in Arkansas. I could get that one right there. Secondly, the bottom 50%. Think about this for just a second. I want just, just think about what I'm just ready to say. The bottom 50% of people in the United States pay an average of 4% income tax before the tax cuts in 2017. Currently they pay 3.6% or 3.4%. Excuse me. So 50% of the people in the country only pay 3.4% federal income tax. I'll tell you what, if that doesn't make us think about having a flat tax, I don't know what should. Because. And let's just say that if you make, I don't know, $30,000 a year, okay. And you pay 3%, 3 1/2% income tax you're talking about, maybe $2,000 is going to be your. No, that's not even. Right. It's actually, it's. Oh, that would be less than that. Yeah, 4%. That would be like a. Less than $1,000. Around $1,000 would be your income tax. So I mean they're already not paying very much. Half the people in the country. The reason that they say that most of the tax breaks go to the rich is because the rich are paying most of the tax. So if you make $200,000, let's say, and you're paying 20% tax, so that means you're paying $40,000 a year in taxes and your tax rate stays the same where it doesn't go up to 22% which would mean you were paying somewhere around 40, $42,000 or $44,000. Then they're saying, well, you got a $4,000 tax break. Well, no, I'm already paying $20,000. So the reason that the dollars work out more for someone that makes more money is they're already paying more income tax. They're actually getting less of a percentage break in a lot of cases than the lower tax bracket. So it's just such a misrepresentation. This is a cross the board keeping taxes as, as they are today. Otherwise they were going to the country going to expire and those tax rates would go up. So I just want to understand you to understand that the reason that taxes are, they say that it's going to the rich is because that the wealthy pay the most dollar amount in taxes. It just makes sense that if someone makes 200,000 and they're paying 20%, that they're paying $40,000. If someone makes $30,000 and they're paying 3%, they're paying about $1,000, $900. So therefore if I get a, if my taxes don't go up as someone that makes 200,000 that has more dollar value but not any more percentage value. In fact, here's a good graph I found on a phone I've got on my phone that I found online and this is with the 2017 tax cuts, if they weren't in play, that the bottom 50% of the people would have a tax increase, okay, from 3.4 to 4%. All right. And then the people that in the next 25%, their, their taxes would have gone up 6.9%, up to 8.1%. Okay, so just a little over a percent. The taxes for the most wealthy, if they didn't, if the current tax rates didn't stay in place, those would go up 2%. So actually the taxes are already higher on the most wealthy people. It's just a fascinating what few number of people actually pay federal income tax in the United States. I know Mitt Romney got in a lot of trouble for saying that one time. But it's a true, it's, it's, it's a fact. All right, so we'll make sure you understand that it would have cost the average family hundreds, if not thousands of dollars in more taxes if this bill didn't pass. And that's something everybody, whether you're Democrat, Republican, independent, everyone should be thankful for that.
