Kuhner - The House Tax Plan Kind of Sucks

The Kuhner Report
Friday, November 17th

Jeff does not like the new Tax Plan

00:19:12

Transcript - Not for consumer use. Robot overlords only. Will not be accurate.

Yahoo! she destroyed that company with one bad business decision after another to the point that they sold it off. I 95. Billion dollars less than its original value OK so she basically destroyed Yahoo!. What did she get 8250. Million bowler. Massive pay out. Nevermind all the millions she made in bonuses salary benefits over the years. Now. What do they all have in common they're liberals. And so you have these liberal CEOs. Of these a liberal giant corporations and big businesses. Who despise Donald Trump despises America first agenda. And they're gonna get in Goldman Sachs is another one and they're gonna get. Massive benefits. To the tune of billions of dollars and hundreds of billions in tax cuts and tax breaks. And we get it for a lucky crimes. Middle America is dying. While big business. Is getting fat off the land. Something is very very wrong here. 61720666868. Do you support this tax reform bill or do you think they should start. All over again. Your calls next. Roy Moore's wife sticks with the judge. They have been hide your rich has the latest on. That's your wallet that's the money in your pocket my friends. All of you narratives. That's that second sound. They're just never keeps coming out your wallet may never stops just keeps comment and comment. It just suck up everything right down to the last sent 6172666868. Republicans pass a major tax overhaul bill. The senate now has to try to pass there is Wisconsin senator Ron Johnson has already said yep he's not gonna vote for it. I a couple of other senators have said they've got some serious reservations. It may not even get out of the senate however will wait and see. Let me ask you do you support this tax reform bill or is it again. Big business and the corporations. Getting the lion's share. And we all of us are middle working class people. Getting crumbs off the table Mike in Milbury go ahead Mike. All issued meaning. The middle. I am. Because what you expect that we thought I read that Ike and people need that on jeopardy and they put an. There are you taking your rate around. And the only gonna take action eliminate deductions archer leaking out of the way because I like that coming out what they don't argue with ten year. Yeah they're right back up. You're good auction I go on forever why why deduction. Why aren't everything but middle class that you like the white doubt. And that's what event they don't like a wimp immune. The introduction came about because we stop there are needed that under itemized deductions I don't like that they want you know. So they can help put this all year when I can't. I am not yet and are outraged at Laguna Bobble. Mike and don't drop them Mike absolutely brilliant. You are dead on. So after Augusta stand at ten years they expire sunset is gonna call it. And data rates go way back up but all the deductions we've been using dot space permanent gone those abductions are gone permanent. Well I think that's how they did I get. They don't want our adoption gone. Mike just to play devil's advocate I agree with you which used to play devil's advocate. What's supporters of the bill say is. Well on the standard deductions. For individuals and families they say Dave double bit from 121000 to 24000. What do you say to that argument might. What well equipped Olmert and I don't educational ought to let me start with you walked interest on the student loans. Other big treat open and here or property auction. They wouldn't local which we know our aunts in Spain. When you give up all of those in going to be able to control that standard deduction. You know what they'll get a deduction. While I agree about our own or he can't bring it up or not. Cabrera Greek inflation and all the deduction that would give an. Think I am. I'm with you Mike I'm with you great call thank you for that call 6172666868. We're talking about your money. And it now looks like under the guise of tax reform. Either you're gonna say very little. While the big boys and the big gals now. They're gonna make out like bandits. Or your taxes may actually even slightly go up. That's not what I voted for. I think I I voted for three thinks. Knock out obamacare. Cut my taxes. And build a wall. So far obamacare still in place. My taxes actor gonna start going up and all I'm still waiting for that wall absent that wall. Jam in Everett go ahead jam. Our Jeff I'd love your show I agree with you 99.9. Percent of the time by. And fortunately he I have to disagree with you I think it's a little un intentional misinformation. That I'm hearing about a tax reform. Yeah I'm really please go ahead the floor is yours. Okay the first thing is. Out of 300. Million people that file taxes in this country most of them that do use this ended deduction. Multitude of not itemize. And it's basically a poor people lower middle class they just don't have itemized deductions that don't own property. So to increase from twelve. Thousand dollars would you pay zero tax on the first twelve to 24000. Doubling carpet believe it or not. Multiple awarded 44000. Dollar a year and a but he didn't want to make it 3540. Different 24. Tax that the big benefit to grab the second thing. Small distances small corporations or LL species subchapter at the Durham. Many many more of them than there are major corporations. Many more that they run in New York Stock Exchange draw the exchanges in the world. Argued that states that. Both taxes. So small businesses that do employed more people have all the major corporations. You're right that is flowed through if you have a talkative flow from city or in their personal income tax. But it's not. Taxed at a at a personal income tax rate that they special rate. Little small businesses that is lower than there has always dead soldier and a 30% tax bracket to 35%. Tax bracket. And you make 50000 dollar offer is not act. It's been shown on your personal tax return but it tax at a fifteen or 20% rate my actual race. And at the big benefit for small businesses the other thing is a lot of people actually go out get. Huge mortgages exceed forty years pay interest deduction. Elite unit that it had its claiming tool in the most ridiculous they would be much better off saying. In court the duck it's a lot of interest particularly. Up to a 500000. Dollar mortgage just a whole lot but it would be but it took them to save their money. And I hope he's cabbage all the very small mortgage market and not paid big interest because. If you had 20000 dollar interest deduction you don't say. In and you could attack did not say 20000. Saved roughly 3000 dollars. Speaking tour you know at 102850%. Tax bracket. So yeah and what you're saying is when everything is set in dime with few crunch the numbers you're saying a middle class person is gonna come out. Not on the short end of the stick but on the bigger render the longer end of the stick. Absolutely whether the karma that like to make. Don't begrudge big corporations making. Profits incorporated in profits because here's why. You are really good friend bill Kelly and I didn't Norma friend but I admire and gentlemen all the people that he helps. With lips locked in investing and all that. The more money corporations make it harder gets blocked go out into retirement personal. Reasons. What do I guess that's true are now that's true and all agenda that last point your you're definitely your your data on. Jim guy for that call. Jim very informational very good call look here's what I would say. The I don't wanna get into the weeds of all the numbers but like. They're gonna have capped the mortgage interest rate right queue that the mortgage deductions to 500000. Dollars now that's a law. If you live in I don't know Texas. Kansas Iowa South Dakota in middle America yes that's a law. But let's be honest who live in Boston. This is one of the most expensive areas not only in the country but in the world to live. Housing in the Greater Boston area I'm not kidding. There was an article not that I care for the globe very much but even a stopped clock is right twice a day there was a piece in the globe. All it wasn't even in Boston where was it on camera it was just on the outskirts of Boston okay. I'll fix Iraq per you should've seen this thing I've pounded home fixed or opera thirty years old. I mean that thing elephant was meant that the rocket didn't collapse a million dollars. A million. So when you look at the cost of buying a home in the Greater Boston area. Or let's be candid New York or Washington or Philadelphia like much of the northeast. Housing costs are now thru the roof. That's why I live almost on the Rhode Island border YRY one a decent woman no and at and cannot break the bank. That's why people have to live further and further and further away because you can get a half decent hole anymore anywhere close to the city. So. I look at this and I say their work deductions in place. That help middle working class families. Those deductions for the most part are now going to be gone. I understand are doubling the standard deduction I get that but still I'm telling you as a middle class man. Gay with the family a family of four. I'm getting hosed. I'm getting host. Now and I'll tell you something else that really galls me. Grayson a year really mad at me for saying this but I'm gonna say it. When we moved from Washington DC over five years ago to come up your boss might like working on RKO. We had a pound home nothing fancy but it was a nice home in suburban Maryland outside of DC. And we decided not to sell. And I'll tell you walk. Because. Property values their tend to increase over time. And so we said you know what a lot of really big mortgage on it however hopefully will pay it down over time the value will go up a little bit. And we wanna keep it 11. Of how an investment property one not for Jeff corner. Not for grace. I'm not gonna retire to Florida on that it was the college fund for Ashton and Ava. Because college is getting more and more expensive fuel tuition is going through the roof. Well. I don't wanna get a long story short but you know financially things have been a little bit tight lately and anyway so we asked. To have a long readjustment. I've never defaulted. Now I mean we are I pay all my bills. Grace tonight we follow the law we do everything right. So we contact one of the big banks don't want to say their name and can we get a loan readjustment. Well we'll have to look into. Four weeks my wife spends paperwork signed this sign that they want proof of my income that. Everything that turned over every stone. I get a call from this woman two days ago but crying. The crying. Why is it decline. She says to mean well we crunched the numbers and it's not FHA compliant is not a preacher after AJ compliant. I say why isn't FHA compliant well because it's technically an investment property it's not your primary residential property. How much know all tell you what's really going on. What's going on as you know wanna give us so long readjustment. Because we have enough equity on the house goes you've been paying it down for so many years. That if you took over the house god forbid I wish I make our payments. You would make a killing off for the that's why you won't give me the loan. And I told her point blank her name was Kathy I should Cathy would be very honest with you. When you guys tanked the economy in 20082009. Because you guys were lending to everybody it was a lend lend lend. And you behaved utterly recklessly. And you destroy the economy and people lost their homes their livelihoods their jobs everything. Who bailed you out we did the taxpayers did. To that cool off trillions of dollars. But when it comes to helping out a middle class family. And give a slight long readjustment. So we can breathe a little bit every month. Suddenly. All. And. Well we have to. The rules and regulations of the FHA just they just don't allow us. So I can't even have a little investment retirement nest egg our investment nest egg forgive me for my kids. I said he wanted to know why the banks are hated this is why. Now if you just hold everybody. That you guys are in it for money. Picture in it to maximize profits. Then at least I would respect you're honesty but she does run commercial after commercial after commercial where your help you achieve your range. We're here to help you. In your community and your neighborhood I go you know my dream is. My dream is to eventually paid on this home so my two children can go to college and not have a two or three or 400000 dollar debt. Hang in over their head. We're sure gonna get paid. Should look at your money. It's your money she says well no we didn't give you the loan we ended up buying or service singled home from whatever the original mortgage company. I sit that's the problem. Michael what kind of thinking is this. You don't know me you've never met me you don't sit down with me you don't shake my hand you'll look in my eyes you'll see my wife's eyes. Banking used to be you would assess people's character. Not cherish their credit score. But their pass their history their jobs who they are. Are they reliable are they trustworthy. Now it's all fast buck artists. That's witnesses. And the whole system. Is rigged to benefit you. You know why. You Kathy herself for you or because you who lined the pockets of the politicians. And middle class people like us blank you should look at feet or survive. I honestly will survive my wife and I will swim out of this we always do. But I'll tell you this. I'm never gonna use you guys again and I am warning all of you. Stay away from these freaking big banks their blood suckers I'm telling you their blood suckers. Goal with the local bank a small bit. There's another way elicited WR KL Alexa played WR JL everyday and WR KER. Old old boys of Boston. 150 year on the great WRKO. OK I was accidentally. Caught off it was an intentional. Here's what I just wanted to and where it. Goal with. A local bank a small bank a local bank eight credit union I'm not saying there are great. But they're better. All of their better than the big banks they're better. I'm telling you right now they're better and so what I ended with a woman Kathy is a go look or be honest with you. She was stunned I told this I say you wanna know why you guys have the approval ratings of congress in the media. The country it's sure nice. To Kaiser you guys are partial loan sharks that's all you guys are. And I said Kathy would all due respect and I don't say this about you always say this about the bank you work for. I have more respect for ten dollars to reap walker then I do for your institution you know why. Because at least she provides a service forgot six. A parliament's gotta work straightaway on her back to earn our money you'll guys you're making money off of Armani. So she says she was gonna reported to management I said don't bother okay. I. I'm up against it I'll be right back. Let me you know what I won't even pieces. On believable story. Won't touch dot dot. Voice in Boston it's. You six AV WRKO. Bust in 937 WEEI HD two Lawrence Boston it's 2 o'clock.
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