So Money with Farnoosh Torabi

Episode 1938: Ask Farnoosh and Georgia Lee: Taxes, Values, and Policy (Encore)
Release Date: January 30, 2026
Guests: Farnoosh Torabi (Host), Georgia Lee Hussey (Modernist Financial)

Episode Overview

This Ask Farnoosh Friday features financial planner Georgia Lee Hussey, CEO of Modernist Financial, for a deep-dive into how recent U.S. tax legislation, dubbed the "Big Beautiful Bill," is reshaping tax planning, economic policy, and the intersection of personal values with financial decision-making. The conversation focuses on how these changes impact ordinary and high-net-worth taxpayers, the ethical implications of tax savings, how to align your giving with values, and practical tips for year-end tax planning. The tone is candid, inclusive, and firmly rooted in social consciousness.

Key Discussion Points & Insights

1. The "Big Beautiful Bill" & Its Tax Impact

• Impact on Taxpayers: Most people will see savings of 3-5% of their income, mainly through the extension of 2017 tax bracket reductions. However, these savings come at the cost of cuts to social support programs such as health care, SNAP benefits, and housing vouchers.
  • Georgia Lee: "What they're, what we're all saving is the continuance of the 2017 reduction in tax brackets...3 to 5% as you say is a good proxy." [08:51]
• Who Benefits: Even high-net-worth clients aren’t seeing significant new tax savings; the main benefit is the preservation of earlier cuts.
• Policy Implications: The bill deliberately delays many funding cuts until after major elections, making the fallout less immediately visible.

2. The Ethics and Politics of Taxes

• Taxes as Political: Both host and guest assert that tax policy cannot be separated from politics or ethics.
  • Georgia Lee: "The belief that taxes are not political is itself a political opinion." [16:21]
• Systemic Choices: Cuts in taxes have direct trade-offs. Services that support the most vulnerable are being cut to fund these savings.
  • Georgia Lee: "Taxes are the price we pay for civilization and there we are not going to solve... There is no capitalism in the market will not solve hunger, it won't solve houselessness, it won't solve civil rights.” [15:05]

3. Aligning Wealth with Values

• Modernist’s Approach: Georgia Lee’s firm focuses on aligning wealth with progressive values, working with high-net-worth clients but sharing resources for broader audiences.
  • Georgia Lee: "We define wealth as not just money...but also our time, our relationships, our social capital, the skills that we bring into our daily lives..." [04:04]
• Practical Steps: Clients are encouraged to calculate tax savings and allocate a portion to charitable giving, especially organizations impacted by funding cuts.
  • "We're recommending that they take that 3 to 5% rule. And who could I give some money to?" [08:51]
  • "Most of our clients who we’ve asked that question. No, all of our clients, we’ve asked that question of give 3 to 5% of those assets away..." [20:35]

4. Year-End & Forward-Looking Tax Planning

• Action Steps for Listeners:
  • Calculate estimated tax savings using online calculators or with an accountant.
  • Consider earmarking a portion of that savings for donation, especially to organizations affected by cuts.
  • Review investment allocations, especially with recent market gains, and consider donating appreciated assets for greater impact and efficiency.
  • Engage with your accountant before the busy tax season for forward-looking strategies.
    • Farnoosh: "Your accountant probably isn't overwhelmed with any returns at this point. You got three more weeks before they're overwhelmed." [12:04]

5. Charitable Giving—Strategy and Impact

• Itemized vs. Non-Itemized Giving:
  • If you don’t itemize, focus on 501(c)(4) organizations doing policy and advocacy work—they need support and these donations don’t require a tax deduction.
    • "If you don’t itemize, consider making 501(c)(4) donations...there is a blog post on this on our website on Modernist University on what is the difference..." [22:50]
• Sector Focus: Legal defense and journalism organizations are crucial, as they address systemic threats to social safety nets.
  • "I just want them to sue the [expletive] out of anybody who's going after our social safety net." [21:10]

6. Countering Anti-Tax Rhetoric

• Rise of Anti-Tax Narratives:
  • The anti-tax movement is deeply connected to alt-right and anti-government rhetoric; listeners are encouraged to recognize when these sentiments are misinforming public debate.
    • "The anti-government, anti-tax movement is an alt-right movement...One of the things I’m trying to be very conscious right now of is when alt-right narratives are starting to infiltrate everyday ideas." [24:17]
• Federal Taxes Benefit Society:
  • "70 cents of every dollar is pretty darn good and better than most people understand." [25:39]

7. Portland and Protest Culture (Human Angle)

• Georgia Lee shares a local perspective: Despite negative media narratives, Portland remains safe and vibrant, with engaged, joyful protest culture.
  • "There’s so much joy in the protest culture in Portland. It’s really sweet." [27:36]

8. Parting Wisdom: Be Patient and Generous

• Treat IRS and Accountants with Kindness:
  • "Be kind to the IRS. Be Kind to civil servants...Just be patient. I’m betting the tax season is going to be extended or something." [28:39]
  • "Put on your patient pants and hug your accountant." [28:39]
• Investment Outlook:
  • Don’t try to time the market on fear-based headlines. Stay well-diversified, consider international exposure, and rebalance thoughtfully—potentially by donating appreciated assets.

Memorable Quotes

• "[Trickle down] is a wonderful verb to invoke in this moment because it really is a return to...theory of trickle-down economics that economists have proven again and again does not work."
  — Georgia Lee Hussey [08:51]

• "The belief that taxes are not political is itself a political opinion. Investing, money, wealth, charitable giving, tax policy—everything is political."
  — Georgia Lee Hussey [16:21]

• "Taxes are the price we pay for civilization."
  — Georgia Lee Hussey, quoting Oliver Wendell Holmes [15:05]

• "I just want you to understand what the number is...unless there’s a real number, 5% doesn’t seem like a lot...but then you apply it to somebody with a high income and you’re like, oh, that’s a lot of money."
  — Georgia Lee Hussey [20:06]

• "There is so much joy in the protest culture in Portland. It’s really sweet."
  — Georgia Lee Hussey [27:36]

• "Put on your patient pants and hug your accountant."
  — Client advice via Georgia Lee Hussey [28:39]

Important Timestamps

• 03:20 – Georgia Lee Hussey discusses Modernist Financial and their progressive values approach.
• 08:51 – First in-depth exploration of the "Big Beautiful Bill" and its real-world effects.
• 12:34 – Discussion of what is being lost in social safety nets due to tax cut funding.
• 15:05 – The ethical and systemic context for tax savings.
• 16:21 – Taxes, money, and policy as inherently political.
• 19:10 – Concrete questions to ask your accountant/tax planner.
• 21:58 – Charitable giving strategies and why they're more important this year.
• 24:12 – How anti-tax rhetoric is tied to broader movements.
• 28:39 – Final takeaways: patience, kindness, and embracing comprehensive, values-based planning.

Actionable Takeaways for Listeners

• Review your 2025 tax plan: Use calculators to estimate your savings, and understand the real dollar impact.
• Reflect on your values: Ask yourself what role you want your potential tax savings to play—could some go to organizations affected by budget cuts?
• Don’t overlook non-deductible giving: Especially if you’re not itemizing, consider supporting 501(c)(4) organizations engaged in critical advocacy and policy work.
• Prepare for a complicated tax season: Be patient with professionals and the IRS—systemic underfunding and new regulations will cause delays.
• Think long-term with wealth: Don’t fall for political or market-timing hype; instead, focus on diversified, principled stewardship.

This episode offers an eye-opening breakdown of how legislation shapes our financial reality and values, equipping listeners with both practical strategies and a bigger-picture ethical lens. Essential listening for those who want to move beyond tax tips to true financial consciousness.