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

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.

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.

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."

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.