Trump Voters GET SCREWED on their Taxes…INSTANT REGRET!!

Summary

Summary of "Trump Voters GET SCREWED on their Taxes…INSTANT REGRET!!" – The MeidasTouch Podcast

Episode Information:

• Podcast: The MeidasTouch Podcast
• Host: MeidasTouch Network (Ben, Brett, and Jordy Meiselas)
• Episode Title: Trump Voters GET SCREWED on their Taxes…INSTANT REGRET!!
• Release Date: December 7, 2024

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Introduction

In this episode, the Meiselas brothers delve into the controversial nomination of former Congressman Billy Long to lead the Internal Revenue Service (IRS). The discussion centers around the potential implications of Long's tax proposals, the impact on American taxpayers, and the broader political ramifications tied to former President Donald Trump’s influence on the tax system.

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Billy Long’s Nomination to the IRS

The episode begins with an in-depth examination of Billy Long's background and his recent selection by Donald Trump to head the IRS. Long, a former MAGA Republican Congress member and auctioneer, is scrutinized for his past legislative actions and proposed tax reforms.

[01:13] Political Commentator: "New customers on first three month plan only."

Long is highlighted for his co-sponsorship of the Fair Tax Act—a bill aiming to abolish the IRS and replace income taxes with a flat 23% sales tax. This proposal has sparked significant backlash due to its regressive nature.

[02:28] Political Commentator: "You know who that would screw? 99% of Americans. You know who that would help? The billionaires."

Critique of the Fair Tax Act

The discussion delves into the specifics of the Fair Tax Act, emphasizing its potential to disproportionately burden the middle and lower-income classes while providing substantial tax relief to the wealthiest Americans.

[05:00] Political Commentator: "The bill Long co-sponsored tracks the exact language of Project 2025, the right wing roadmap for Trump's second term."

Experts and tax policy analysts are cited, including the Tax Policy Center's findings, which predict a $5,900 tax increase for the middle 20% of households versus an average $2 million tax cut for the top 0.1%.

Impact on American Taxpayers and Wealth Inequality

The proposed shift from income to sales tax is criticized for exacerbating income inequality. The conversation highlights how such a tax system would reduce tax burdens for billionaires like Elon Musk and Jeff Bezos while increasing financial strain on average Americans.

[07:45] Political Commentator: "Under President Biden's tax plan, people like Elon Musk would pay an additional $50 billion, while Amazon founder Jeff Bezos would pay an additional $35 billion."

The potential abolishment of the IRS is portrayed as a strategic move to weaken tax enforcement, enabling the ultra-wealthy to exploit loopholes and avoid paying their fair share.

Senator Ron Wyden’s Opposition

Senator Ron Wyden's opposition to Billy Long's nomination is a focal point. Wyden emphasizes the qualifications of the current IRS Commissioner, Danny Warfell, and the improvements made under his leadership.

[09:34] Political Commentator: "Senator Wyden says this is not a typical nomination like you'd see after every presidential election."

Wyden warns that replacing Warfell would not enhance the IRS but rather serve Trump's interests by weakening tax enforcement and facilitating billionaire tax evasion.

Concerns Over Billy Long’s Integrity and Expertise

The episode raises serious concerns about Billy Long's credibility, particularly his involvement with the Employee Retention Tax Credit (ERTC) program post-Congress. The ERTC has been plagued by fraud, costing the government billions.

[10:22] Political Commentator: "Why the American people ought to trust somebody involved with a fraud ridden industry to run an agency that's tasked with rooting out fraud."

The commentator questions Long's suitability to oversee the IRS, given his track record and ties to questionable tax incentives.

Political Ramifications and Trump's Strategy

The nomination is interpreted as part of Trump's broader strategy to dismantle established tax structures and favor the wealthy elite. The episode suggests that Trump's influence aims to create a tax environment that benefits billionaires at the expense of the majority.

[13:46] Jeff Bezos: "If we're talking about Trump, I think it's very interesting. I'm actually very optimistic this time around that we're going to see."

The discussion also touches on Trump's historical attempts to leverage the IRS against political opponents, further undermining trust in the institution.

Conclusion

The Meiselas brothers conclude with a strong warning about the potential consequences of Billy Long's nomination. They argue that such a move would fundamentally alter the tax landscape in favor of the wealthy, eroding tax fairness and weakening the IRS's ability to enforce tax laws effectively.

[15:05] Political Commentator: "If you want to see what Billy Long is known for, he used to do his auction schtick when he was on the house floor like this."

The episode serves as a call to action for listeners to remain vigilant and informed about political maneuvers that could have long-term detrimental effects on tax equity and democratic principles.

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Notable Quotes with Timestamps

• [02:28] Political Commentator: "You know who that would screw? 99% of Americans. You know who that would help? The billionaires."

• [05:00] Political Commentator: "The bill Long co-sponsored tracks the exact language of Project 2025, the right wing roadmap for Trump's second term."

• [07:45] Political Commentator: "Under President Biden's tax plan, people like Elon Musk would pay an additional $50 billion, while Amazon founder Jeff Bezos would pay an additional $35 billion."

• [09:34] Political Commentator: "Senator Wyden says this is not a typical nomination like you'd see after every presidential election."

• [10:22] Political Commentator: "Why the American people ought to trust somebody involved with a fraud ridden industry to run an agency that's tasked with rooting out fraud."

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Final Thoughts

This episode of The MeidasTouch Podcast provides a critical analysis of Billy Long's IRS nomination, highlighting significant concerns about tax policy shifts, potential increases in tax burdens on the majority, and the facilitation of tax loopholes for the wealthy. The Meiselas brothers emphasize the importance of safeguarding institutional integrity and ensuring that tax reforms promote fairness and accountability.

Transcript

[Ryan Reynolds]

Ryan Reynolds here from Mint Mobile. With the price of just about everything going up during inflation, we thought we'd bring our prices down. So to help us, we brought in a reverse auctioneer, which is apparently a.

[Billy Long]

Thing Mint Mobile unlimited premium wireless. 30, 30 bid to get 30, get 20. 20, 20. Better get 20, 20. Better get 15. 15, 15, 15. Just 15 bucks a month.

[Podcast Host]

Sold.

[Ryan Reynolds]

Give it a [e-mail] switch. $45 upfront payment equivalent to $15 per month.

[Political Commentator]

New customers on first three month plan only.

[Ryan Reynolds]

Taxes and fees, extra Speed slower above 40G. Detailed marketing is hard, but I'll tell you a little secret. It doesn't have to be. Let me point something out. You're listening to a podcast right now and it's great. You love the host. You seek it out and download it. You listen to it while driving, working out, cooking, even going to the bathroom. Podcasts are a pretty close companion. And this is a podcast ad. Did I get your attention? You can reach great listeners like yourself with podcast advertising from Libsyn Ads. Choose from hundreds of top podcasts offering host endorsements or run a pre produced ad like this one across thousands of shows. To reach your target audience in their favorite podcasts with Libsyn Ads, go to Libsyn ads.com that's L I B S Y N ads.com today.

[Political Commentator]

Take a look at this guy. His name is Billy Long. He's a former MAGA Republican Congress member. From 2010 to about 2022, he ran an auction house. He's an auctioneer. And now he's Donald Trump's pick to lead the irs. Fun fact about Billy Long, he's previously voted and has sponsored legislation to completely abolish the irs. And he also wants to replace income taxes with a 23% sales tax. You know who that would screw? 99% of Americans. You know who that would help? The billionaires. Let's break this all down. But with Donald Trump, you always gotta follow the money. You always gotta follow Donald Trump scams and Donald Trump's grip. So when we used to show you all of those advertisements on Truth Social, Donald Trump social media company, they all looked like this, remember? And by the way, I censor out Donald Trump's face on this so you don't have to see it. An IRS loophole that can help save your retirement during Biden's recession. There was no Biden recession. But this is what Trump would post these advertisements on his social media platform. Or this. Trump advises you to read between the lines. A little known IRS strategy allows Americans to protect their retirement savings in any market. They push you to this scammy stuff right here. This is another ad on Trump's social media platform, Trump's tax tax loophole. Trump's indictment is making headlines, but so is his IRS loophole. Learn how you can take advantage, I mean, how Trump can take advantage of people who are gullible on a social media platform who give him all of this money that he grips off of or this escape the digital dollar. Use Trump's IRS loophole to escape the surveillance of your transactions and all of this stuff eventually finds its way to help Donald Trump and the billionaire class as Americans for tax fairness. Right? Breaking Trump just appointed a new IRS commissioner. The problem there is a current IRS commissioner. And the current IRS commissioner is doing quite well in doesn't end until 2027. And so Donald Trump would have to fire the current IRS commissioner. I mean the current IRS commissioner has overseen over $1 billion recovered from wealthy tax sheets. He's improved customer service efficiency at the IRS is at an all time high. And he started a free online filing service that probably made it much easier for you to submit your taxes. But billionaires hate that and they hate Biden's tax system, right? Under the proposals that President Biden had, people like Elon Musk would pay an additional $50 billion, while Amazon founder Jeff Bezos would pay an additional $35 billion under President Biden's tax plan. And President Biden announced, you know, his tax plan as saying, look, billionaires just need to pay their fair share. They need to pay the same types of taxes that other people pay because billionaires are almost paying like no federal income taxes at all by using actual loopholes, not the scammy loopholes that, that we're talking about here. So let's talk more about about Billy over here. Billy Long, the Missouri MAGA Republican Congress member. Let's take a look right here. This is from the Daily Cost they go Trump's pick to lead the IRS wants to abolish the irs, of course talks about Trump Nomin this Missouri Republican Congress member Long was a co sponsor of the Fair Tax Act, a bill that would abolish income taxes and instead implement a whopping 23% sales tax, which is a regressive tax that the Tax Policy center said would lead to tax increases on the middle class and a massive tax cut for the wealthiest Americans. The bill Long co sponsored also sought to repeal the 16th Amendment to the Constitution, which gives Congress the power to create and collect income taxes and ultimately would abolish the IRS entirely. The bill Long co sponsored tracks the exact language of Project 2025, the right wing roadmap for Trump's second term. Like the Fair tax Act, Project 2025 calls for replacing individual and corporate income taxes with a consumption tax, which the center for American Progress said would lead to a $5,900 tax increase for the middle 20% of households and an average $2 million tax cut for the 0.1%. Long was also the co sponsor of a bill that would repeal the estate tax, which only kicks in for people who inherit more than $13.6 million, amounting to yet another giveaway to the mega rich. Since leaving Congress in 2023, Long has served as the tax advisor to businesses and has encouraged them to use a pandemic era employee retention tax credit that's cost the government billions more than anticipated due to it being rife with fraud. Trump touted this work as the reason why he chose them to lead the irs. Here is what Senator Ron Wyden, the Senate Finance Committee Chair, issued the following statement. Let's understand why this nomination should set off alarm bells. Democratic Senator Wyden says this is not a typical nomination like you'd see after every presidential election. Danny Warfell was confirmed by the Senate to serve as the irs commissioner until November 2027 and even Trump's IRS commissioner, Charles Reddig, served a full term. Since Mr. Warfell has been on the job, the IRS has vastly improved taxpayer service, set up a tremendous direct file system and begun badly needed crackdowns on ultra wealthy tax cheats who rip off law abiding Americans. If Trump fires Mr. Warfell, it won't be to improve on his work, it'll be to install somebody that Donald Trump can control as he meddles with the irs. It's public knowledge that Trump sought to sick the IRS on people who Donald Trump didn't like. And again, this individual goes on to say there's no reason to believe he'll behave any differently in his second term. There are a lot of reasons why former Congressman Billy Long is a bizarre choice for this role. What's most concerning is that Mr. Long left office and jumped into the scam plagued industry involving employee retention tax credit. These ERTC mills that have popped up over the last few years are essentially fraud on an industrial scale, conning small businesses and ripping off American taxpayers to the tune of billions of dollars. I'm going to have a lot of questions about Mr. Long's role in this business. First and foremost, why the American people ought to trust somebody involved with a fraud ridden industry to run an agency that's tasked with rooting out fraud. That's why, you know, these elections have consequences, folks. So those who have voted for Donald Trump, unless you're a billionaire, you just voted to increase your taxes and to let billionaires not pay any taxes at all here. By the way, if you want to see what Billy Long is known for, he used to do his auction schtick when he was on the house floor like this. Play this clip.

[Billy Long]

So one other thing, being an auctioneer in Congress, the way our debt is running out of control, they find it very handy to have Jeff Duncan and myself here in Washington. We are one of the few people that can actually keep up with the national debt. I'm going to tell you. 2 trillion now 3 able to buy them. 3 trillion now 4. 4 trillion. $5 5,006,000 6 trillion. 7 able to buy. 7 trillion. 8, 8 trillion dollars now 9, 9, 10, 10, 10, 10, 11. 11 trillion on here. 12, 12, 20, 13 you better buy me. You're out of here. 13 trillion. 14. 14 trillion now 15 I have sold at 14 trillion. Thankfully, Mr. Speaker, we also can say those numbers backwards so we get the spending under control here. I'll be back.

[Political Commentator]

The one amusing time he did it though was when Lauren Loomer was interrupting a committee here and I'll give him credit for that where he did the auctioneer, you know. Here, watch this. Here, play the clip. The election.

[Jeff Bezos]

That is why censoring and shadow damage.

[Billy Long]

7 1/2 30 hit 30. $30 down here. 2 1/2. 5:35 7/2 40 at $40 to at half. 5, 5:45 7:50 at $50 down here. 2 and a half.

[Podcast Host]

Officer, will you escort this young lady out please?

[Billy Long]

Yep. 2 and a half now 5657 half 78. 2 and a half now 5757 half 80 dollar to 58598 to 22 and a quarter yet 2 and a half 3 able to bomb 300 yet 3 and a quarter cut 3 and a quarter now half and 3 and a half set of 5 400.

[Podcast Host]

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[Political Commentator]

It's like exactly what my uncle said.

[Podcast Host]

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[Political Commentator]

So here we have yet another example of Donald Trump picking someone to position to ultimately destroy the position and also not agreeing to any of the not allowing a bipartisan selected person to finish out their term. But he's going to have ultimately fire the current IRS commissioner who says he's not going to leave voluntarily because he's doing good work at the IRS and has improved the efficiency. But look, the billionaires, the billionaires hate this. So take a, you know, so I'll show you this quickly right here. You know, this is Jeff bezos who's worth $226 billion with the B. And so when he's out there, you know, saying, you know, how, how much he wants to support Trump, it's really all about people like installing people like Billy Long who you know, will allow Bezos not to pay taxes apparently being worth $226 billion is not enough for the billionaire class. They need to be worth a trillion dollars while average Americans get screwed. And that bothers me. Here, play this clip right here of Jeff Bezos at the recent New York Times event. Let's play it.

[Jeff Bezos]

If we're talking about Trump, I think it's very interesting. I'm, I'm actually very optimistic this time around that we're going to see. I'm very hopeful about this. His. He seems to have a lot of energy around reducing regulation. And my point of view, if I can help him do that, I'm going to help him.

[Political Commentator]

What about the idea that he thinks that the press is the enemy?

[Jeff Bezos]

Well, I think he. I'm going to try to talk him out of that idea. I don't think the press is the enemy and I don't think, you know, he's also, you've probably grown in the last eight years. He has too. Like it's, you know, this is not the case. The press is not the enemy.

[Political Commentator]

I hope you're right.

[Jeff Bezos]

I hope I'm right too.

[Political Commentator]

Have you told.

[Jeff Bezos]

Let's go persuade him of this. No, let's talk to. But you and I should go. Let's go talk to him.

[Ryan Reynolds]

If we could try.

[Jeff Bezos]

I really don't. I think that this is absolutely. I don't think he's going to see it the same way, but maybe I'll be wrong.

[Political Commentator]

Was that always your. Always your thought?

[Jeff Bezos]

By the way, what I've seen so far is that he is calmer than he was the first time and more confident, more settled.

[Political Commentator]

Well, there you have it, folks. Hit subscribe. Let's get to 4 million subscribers together. Thanks for watching and have a good day. Love this video. Make sure you stay up to date on the latest breaking news and all things Midas by signing up to the Midas Touch newsletter@midas touch.com newsletter.

[Ryan Reynolds]

Marketing is hard, but I'll tell you a little secret. It doesn't have to be. Let me point something out. You're listening to a podcast right now and it's great. You love the host. You seek it out and download it. You listen to it while driving, working out, cooking, even going to the bathroom. Podcasts are a pretty close companion. And this is a podcast ad. Did I get your attention? You can reach great listeners like yourself with podcast advertising from Libsyn Ads. Choose from hundreds of top podcasts offering host endorsements or run a pre produced ad like this one across thousands of shows to reach your target audience in their favorite podcasts with Libsyn ads, go to LibSynads. Com, that's L I B S Y N ads.com today.