Hour 2 - The BBB is a Beautiful Thing
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We are days away from what has been dubbed the Rio Reset. On July 6th, the BRICS nations are expected to unveil their plans to circumvent the U.S. dollar, thus cratering its value. How can you protect your IRA or 401k from the fallout of this potential landmark shift? You diversify with gold from Birch Gold Group. Get a free info kit on tax-sheltered gold IRAs.

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Treasury Secretary Scott Bissett, he was on with Maria Bartiromo, Fox Business this morning, and we are going to unleash growth. We are already seeing the lowest inflation we've had since basically Trump was last president.

And yeah, we are going to see in time for Independence Day a big, beautiful bill on President Trump's desk, or at least the act that was previously known as the BBB as soon as Hakeem Jeffries gets done doing his thing, his Sparty impersonation right now. He was...

Apparently motivated by Cory Booker and he is making his last stand. And somebody who's joining us, Brian Mudd in for Clayton Buck. Somebody who's joining us has been entertained by today's festivities, I'm sure. Congressman Jimmy Patron is joining us now. Jimmy, how's it been taking in the festivities with Hakeem today?

I would rather have root canals without any Novocaine. This has been the biggest colossal waste of time. We are delaying savings and benefits to the American taxpayer right now with ridiculous shows like this right now. Hakeem has been up there now since 3.30 in the morning. We've all been awake watching this.

And it's all because he wants to break Kevin McCarthy's record for speaking the longest on the floor nonstop. This is a type of ridiculous thing he's elected to Congress. Hey, Jimmy, you were saying that it looks like it's about to come to a close, right? Around 1.30? Yeah, that's what we're anticipating. But who knows?

or where he's going to go. And look, I didn't mean to go off on you just like that, but Brian, you're my pal, and I think I can be candid with you, and the public doesn't deserve this type of ridiculousness.

No, you're you're I think right on point. I think you kind of captured the feel of the thing. You know, the only thing I'm impressed by is just the lack of a need for a bathroom break. You know, I could stand up there and throw my arms around and rave, too. But, you know, it's it's oppressive. I don't know if he did the fasting thing like Sparty did in the Senate. But, you know, you got to give the guy credit, at least for not needing to make a pit stop or two.

Well, I tell you, he does not look good from the time he has started, the time he is now. He keeps on patting himself. He does not look good. He looks pale. So anyway, I'm sure he's tired. You know, good for him. I have no idea what he's been talking about. All right, Jimmy. So a couple things.

First, about Jimmy Petronas, he is a congressman from Florida. He took over the Matt Gaetz seat in the special election recently. Previous to that was Florida's CFO. And Jimmy, the reason I wanted to talk to you today, you got a lot of us that are fiscal conservatives.

you got a lot of us that take a look at debt the federal deficit the federal debt and we're like you know what the bbb doesn't look like such a beautiful thing when you see some of these projections and even if the cbo stuff doesn't factor in enough growth what have you i mean it's still kind of hard to get from here to there and feel good about it from a fiscal conservative perspective i mean tax stuff is awesome you know taking care of uh border and all the illegal immigration nonsense i mean so much good in here but

But I mean, when we do still have a bill that has, you know, illegal immigrants, criminal illegal immigrants being able to get access to Medicaid. I mean, you do kind of scratch your head with some of this stuff. So what I want you to be able to do.

is from the perspective, put yourself back in your old shoes. I know you're getting ready to vote in favor of the act here momentarily, but I want you to put yourself back in your CFO shoes of the third largest state in the country that has a balanced budget as someone who I know is deeply convicted as a fiscal conservative. And I want you to tell us why.

why you're voting for this and also why those of us who are fiscal conservatives and are concerned maybe shouldn't be.

So the one, and I think probably the ones that are the easiest for people to understand, whether we talk about the no tax on tips or the no tax on overtime. Now, that may not necessarily affect some of your listeners because maybe they're in a salary position. But as somebody who's coming out of the service industry, and I think about how in the state of Florida, how big of a service-driven market that we are,

Now you're basically giving probably the biggest tax break in the history of America to that middle class that has never seen that type of ability to keep their own money in their pocket and spend it. Also, it's that particular class of individual that has been hurt the most by the increase in inflation.

So I truly think the president has – he was on the campaign trail. He heard the struggles that people were having in the service industry. You know, gosh, why not – let's make no tax on tips. So it became a little bit of a novelty. I mean, look, it's almost like a little bit of a one-off over some of the other messaging that the president's got. He keeps his message pretty simple so the average person can understand. So those two issues –

Look, you can't bring them out of the ground without having the ability to pay for it because it's got to get started before it takes root. The president is so passionate about getting this bill signed as soon as possible because he learned last time with the Trump tax cuts, they signed them too late. And most people...

If they reflect on how prosperous our country was in 2019, the president wants to get back to those days. Unfortunately, now we're fighting with this new inflation, this new cost of business that we inherited from the Biden administration over the last four years. So, you know, I'm giving my trust to the president on what he sees as an opportunity to just really supercharge money back into the wallet to that middle class.

So am I to take it then that, you know, the whole debt and deficit thing, you're on the tack that you believe we're going to grow our way out of this? Part of it will be growth. Now, here's the other thing. So, you know, there's been a lot of hard feelings towards the CBO and how this has been scored and how far off and

and how wrong they were with the last Trump tax cuts and the conservative nature of why they feel that the debt ceiling was needing to be increased in order to accommodate this. So we really feel like there's going to be some consistency in their bad predictions that are going to ultimately reflect

to the good of the bottom line of the American taxpayer. I'm not thrilled with it, but I'm a believer that what Mike Johnson is telling us, what our plans are between now, it's a four-year plan to try to do what we want to do under the Trump administration to get to the balanced budget that we want to get to. These priorities of the president right now that we put into motion first in order to get our economy back where it should be.

All right. So, Jimmy, kind of walk us through this past day. You know, we had members of the House Freedom Caucus are like, no way, you know, coming out of the Senate. Absolutely no way. You take a look at, you know, there having been one vote that that passes thing on the House in the first place. And then, you know what happens?

What was being said coming back the other way. So what is your understanding of what went down at the White House yesterday? What was said with the president? What has theoretically made this difference that we are on the precipice passing this?

Well, I think part of it was Thomas Massey pleading to the president saying, look, I'll vote for this thing if you stop beating up on me. I mean, so you definitely – you've got a number – it's a rule of numbers. You know, Brian, if you've got 100 people in a room, then you're going to be 10 percent of them –

are going to be all about themselves. And so as you get these members of Congress who, you know, have a base that they cater to, and this is the way they communicate to them, this is how they consume their news, you know, part of it is taking these positions that are contrary, some of which have some merit to them, but, you know, you can't go and kill this bill with what

the Trump tax cuts alone mean to small businesses and being able to allow the taxpayer to keep their money. We don't want to increase taxes on people. If this bill does, you're increasing tax on people. These guys had to come to their senses. It was crazy. I mean, we didn't get them all on board until 3 o'clock in the morning.

You know, I mean, really? I mean, you knew you were going to get here, but we're going to try to do as much social media and TV as we possibly can to drum up as much attention for ourselves to ultimately get to the place where we knew we were going to get all along. So it's, you know, it's just part of how things roll up here sometimes. So Massey literally went pleading to the president, huh?

That's what I was told. It was a conversation that took place. And look, I'll come around if you just stop beating up on me. And look, the president can read polls as good as anybody. And I'm sorry, the American public wants his campaign promises completed.

You know, there are some things of the bill that probably, you know, like you said earlier with regarding the increase of the debt. So there's going to have those detractors that I'm I'm not thrilled about it. But this is a pathway to get what the president promised on the campaign trail. And look, I get excited about, man, the cop, the firefighter. Now they're not going to have to pay taxes on their overtime.

You know, these are the same guys that, you know, are going to come show up at our house when you dial 911, you've got an emergency. These are the same guys, two of which just got gunned down out on the West Coast, you know, responding. So, I mean, these people put their lives on the line. You know, I have no problem at all letting them be exempt from, you know, income tax or taxes on their overtime. All right, Jimmy, good stuff. So, any doubt about how this vote goes down just a little bit?

Look, I think we're going to have some anxiety. At least we're going to be voting during daylight hours. But look, last night we had members that went back to their districts. So that was another thing that dragged things out. We had members that actually went out and they were hiding because they didn't want to face the music on dealing with arguing their position on this legislation. So, I mean, yeah, look, if you don't like making tough decisions, man, you probably shouldn't have put your name on the ballot.

So, you know, time is the most precious thing we got. And we have wasted an enormous amount of it with foolishness over the last 72 hours. You know, memory serves you. You are a Clay's congressman, at least, you know, part time congressman, right? His his home in the panhandle where he is right now, actually.

I'm sorry, which one? Clay. Yeah, no, you're good. I think you're... He's there right now. You know what? I hope he's spending an enormous amount of money in northwest Florida enjoying the world's most beautiful beaches. And yeah, he did a hit on TV the other day and he was gushing about enjoying...

the panhandle while we were up here facing the monsoons. So, yeah, he'll actually, he goes, he used to go into the old I heart station that I was in for a while when he did a show remotely up there. Good stuff.

Yeah, no doubt. And a much better representation that Clay has than me. I have, unfortunately, the same House representation that the president does, which is Lois Frankel. Nobody wins in that deal. You know, but you're...

it is so cool to know that I'm talking to you and you're doing fill in on Clayton Buck's show. I mean, that just shows you where you have taken your career and how effective you are communicating what's important to the listeners. So, I mean, you think about how important that family of listeners is and for them to entrust you with their listeners. God bless you, dude. That's a heck of a damn accomplishment. I'm proud to call you a friend.

Well, God bless you. I've lived a career on the periphery of people far more impressive than myself. So anyway, Jimmy, God bless you. Look forward to the vote. Talk to you soon. See you, buddy. Take care. Bye-bye. Brian Mudd in for Clay and Buck.

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So that Treasury Secretary Scott Peson again, he was on with Maria Bartiromo this morning. And on the trade deals, Brian Mudd in for Clay and Buck. And a couple of things that have been just incredible. And I am going to end up getting to the tax situation and what it means to you. We're actually going to have Jimmy a little bit later, Jimmy Petronas, that we just had on. But he ended up mentioning to me, it looks like King Jeffries is going to wrap up.

his last stand here somewhere around 1.30 or so, and then they're going to be ready to vote on the act, on President Trump's big, beautiful bill. So I wanted to go ahead and touch base with him and see what exactly is going on. But when you take a look at the...

situation on trade. The deal in Vietnam, a lot of people go, Vietnam, who cares? Well, the first thing I would say is take a look at where your clothes are made and see how much you have in your drawer that is made in Vietnam. And so they're actually a really big trade partner. But the second piece of it is what it means going forward. Besson was talking about, hey, you're going to see all these trade deals rolled out. So Trump already got China where he wants them. The England trade deal, the UK trade deal took effect on Monday.

This Vietnam deal, again, is just unbelievable because they charged us large tariffs before. And previously we charged them nothing. Now it's the exact opposite. U.S. companies can sell into Vietnam. No charge, no tear. Now they coming into the U.S. 20 percent. And it's all part. And why? I mean, a complete reversal of that. Because Trump asked.

Because he said, this is the way we're going to do things now. And so it's details like that, that equal hundreds of billions of dollars a year in revenue to the Treasury. That, by the way, as we talk about debts and deficits with the BBB, will help minimize the impact of that. But it's also that much less future tax liability. The things that he does every step of the way to save you money and to put us into a better place. But as we are taking a look at your wallet, right?

Getting a big break. Take a look at Hakeem Jeffries right now as he wipes his mouth. Is he about done or is he about to get sick? As Jimmy was saying, not looking so good. Not looking as strong as Sparty. I'm not sure his fasting went as well going into this. But anyway, when we take a look at what this means to you, it's a heck of a lot of money.

It's a heck of a lot of money to you. It's a heck of a lot of money to your family. And so I'm going to end up breaking down quite specifically coming up next exactly what this is going to look like per tax filer, per family, who benefits, how much, because the round-trip impact of this bill

is so much more than I think even the average person begins to understand. You're going to end up almost certainly being much better off. So I've got all that coming up for you. And that'll be next right here on Claim Buck. Brian Mudd in for Claim Buck. This runs directly contrary to what President Trump indicated in January, which was that he was going to love and cherish Medicaid. Nothing about this bill.

loves and cherishes Medicaid. It guts Medicaid. For slugs. It guts it for slugs. That's the only...

Hakeem Jeffries, he is making the most out of his magic minute. He has officially set the record for the longest use of what's known as a magic minute by a house procedure. So he's now spoken longer than McCarthy. It's an interesting dynamic right now, Brian Mudd in for Clayton Buck, because you had Maxine Waters recently approach the podium.

And so right next to Hakeem Jeffries, who is still going at it, although he has been reaching for his mouth a lot recently, he's been going for water more frequently recently. You have Maxine Waters that looks to be, I don't know, about three feet away from him, maybe, maybe two.

And I'm wondering at this point, all the Democrats are standing now as well. So I'm wondering if it didn't get to the point where it's like even the Democrats are, all right, okay, Hakeem, so you set your record. We're going to send Maxine to stare at you. She's going to stand next to you and stare at you until you're done here. I think it might be a subtle maneuver by the House minority group to try to get Hakeem to wrap it up. But he's still going. He's still on.

At some point, we do anticipate here at the not-so-distant, we are actually going to get to the vote. That is going to give your wallet a big break. Okay, so you've heard a lot of lies about what the BBB actually means. You heard Hakeem, it's all about the billionaires. They really don't have any new tricks. It's like, man, that playbook is old and dusty. So here we are. The burn, he huffed, he puffed, he had Pocahontas, she whined.

That all went down the Senate. AOC, she still sounds like she's 13. Hakeem and the throes of his last stand here. You had in the Senate, you know, Tom Tillis and Susan Collins that did side with the slugs. You know, those who don't believe in Medicaid or SNAP work requirements, just who's a cute little illegal immigrant? Oh, you are. Here, have some food stamps and Medicaid. But anyway, through coercion of House Freedom Caucus members,

at the White House yesterday. It does look like we are on the precipice of passing President Trump's one big beautiful bill act or the act as it happens to be because of final act of pettiness. You probably heard about this in a last minute maneuver when it was being passed out of the Senate. Yet a yet a maneuver that was so petty. It was only something that Chuck Schumer would do. And just prior to the final Senate vote, good old Chuck Schumer

Hugh Schumer, as Rush often would say, he forced a motion to rename the one big, beautiful bill act, the act, by invoking a section of the Byrd rule. It's one of the arcane Senate rules that named after the former Democrat KKK organizer turned longtime senator that they now think is great. So anyway, Chuck Schumer.

You then literally went on to say that because of the formerly aesthetically pleasing act, people are going to get sick and die. People are going to get sick and die. And you're going to have hungry kids. And, you know, that's the whole, you know, Republicans want want your kids to starve. So I actually think there's a far better chance to like people get sick and maybe like seriously ill just by listening to Chuck and and Hakeem, by the way.

It does look like speaking to Hakeem in real time. I think he's done. Oh, he's done it, everybody. Oh, it's a hero's welcome. You ever notice just how ugly those people are? It's just I don't mean to to be offensive. It's like you take a look. You have all this great senior leadership of Democrats that are now hugging Hakeem. Oh, you are. You're great. That is a that is a motley bunch of people right there. I always said there's nothing about hate that ages well.

You know, just it's not attractive, which, by the way, AOC not going to go so well, although I'm not sure she actually really just words coming out of her mouth. But nevertheless, what does this actually mean to you? Well, the whole thing is huge money to you. If you remember during the debate and the lead up to President Trump's 2017 tax cut in Jobs Act, remember how you were routinely lied to by the fake news? Remember how you were told?

That only tax cuts for the rich, higher taxes for you. You know, one of the things I thought was was so instructive, just how pervasive the mind washing of of most Americans was. You had even after the tax cuts had kicked in, pulling from NBC News and The Wall Street Journal, showing that only 17 percent of Americans thought they were getting tax break. Again, they'd already started to kick in, but they had been lied to for so long.

And you still had your godless souls and slanderous news media that still had enough influence, apparently, with people that only 17 percent actually thought they were getting one. In reality, over 80 percent of Americans saw a tax break from the Tax Cutting Jobs Act. What was the average savings? Twenty one hundred dollars per filer within the first year. By the way, it's a number only grown a lot bigger over the past seven and a half years. And surprise, surprise.

You have the line that is the exact same thing. I mean, same playbook from them, right? So this is going to be horrible for you. It's the screw you act and just for the billionaires. But let's start with the bottom line. The one big potentially aesthetically pleasing bill, it is huge for you and your household. So first of all, it makes permanent the original Trump tax cuts.

With individual tax reductions for the average 22 percent average filer, 22 percent. Now, how much money you start breaking this stuff out for households by the time you take a look at child tax credits, the nominal rate reductions, the average number of people that file in a home, all these things. You know what it actually is, because all the numbers have been thrown out there. Don't factor in all of the tax savings.

If you break out what the tax savings per household that files taxes is, you're at $3,900. $3,900. But wait, there's more. 84% of households are going to see additional tax cuts beyond the current policy. I mean, 91% will get some kind of benefit, but 84% stand to benefit by an additional $2,900 annually. When this passes...

Come next year, another $2,900 in tax savings for you and your family. So here's what's actually on the line. People throw numbers out there, talk about all the... For the average household in this country, the round trip on this deal is $6,800. If you had the tax increase from having the Trump tax cuts expire, and then also not the benefit of the additional tax cuts here...

You round trip would be out sixty eight hundred bucks next year. Your family, average household in this country that comes from beef up beats up child tax credit. No federal taxes on tips. Overtime higher standard deductions, real money, real savings coming right down the line. And one of the really big ones, seniors, you know, one of the things that Trump, of course, it was a no tax on tips, no tax on overtime.

And along the way, he said, and no, no tax on Social Security either. It's kind of like one of those. And we'll throw that into it. So it's not explicitly that way. But the way that it did end up getting put in here pretty much works that way. So seniors over 65 get a huge boost, get a huge boost. Six thousand dollars added to the standard deduction. So what does that mean? Well, for the average senior,

Over 65 comes out to just over a thousand bucks per year in savings. So married filed filing jointly, both over 65. That's another about 2000 bucks in your pocket. And for almost all seniors, it wipes out effectively the tax liability from Social Security. So you pretty much delivered on it that way to things that people don't know about. You have an American made car. You get an auto loan.

Yeah, deduction that'll average $475 a year and savings on that next year. The standard deduction, you know, almost everybody uses the standard deduction now is one of the ways that the first Trump tax law ended up closing so many of the loopholes, so many of the deduction loopholes. Ninety one percent.

of taxpayers use the standard deduction. Well, that's going up. That goes up next year, $1,000 for individuals and for married couples. So pretty much everybody sees some kind of benefit. But again, for over 80% of people, over 80% of households, we're talking about the benefit being into the thousands, over $2,000 per year. So it's absolutely huge money for you.

And so what is actually on the line with this vote? It's the choice between a thirty nine hundred dollar tax increase if you let the Trump tax policy expire or an additional twenty nine hundred dollar tax cut.

Now, let me ask you, how many people you could do man on the street stuff? You go to your your average Democrat. All right, guys, you could probably go to AOC. Don't tell her it's actually about this law. This bill, by the way, he came him. He is done. You have Mike Johnson, a House speaker that is now up. Looks like he's calling for the vote.

So we are going to get underway with the vote, and we probably are, before the end of the show, going to have the conclusion to the one big, beautiful bill act, the vote on that. So stand by for news.

And we'll break it. We'll bring you all the breaking news on this. So, you know, you're like even AOC, you get AOC outside the house. Hey, you want like a thirty nine hundred dollar tax increase or would you like an additional twenty nine hundred dollar tax cut? Even I think AOC, if you just don't tell her how it happens, is going to go. Oh, yeah. Yeah, I would like that. Anybody who's honest is going to tell you that. So as always, there are two sides to stories. One side of facts.

The one big, potentially aesthetically pleasing act. It saves you money. It ends up delivering relief almost entirely across the board. And the great irony is, you know, there are actually 5% of people that ended up paying more under the Trump tax law, the 2017 law. You know who those people are? The billionaires.

wealthy people that were able to make use of standard deduct or make use of deductions that they can't make use of anymore when they were closing loopholes so yeah the only people who actually ended up paying more were the wealthiest people's the exact opposite of what was being said as we are on watch here with house speaker mike johnson getting ready for the vote

Brian Mudd, in for Clay and Buck.

Jobs and factories will come roaring back into our country. More production at home will mean stronger competition and lower prices for consumers. And America's comeback depends on American energy. President Trump, keep what works. Don't repeal energy tax credits. Learn more at BuiltForAmerica.us. Paid for by Built for America.

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That's easeforeveryone.com forward slash clay paid for by affordable benefit choices. They continue to spin this lie that Republicans are eliminating Medicare and Medicaid. Let me be clear. If you are an able-bodied male or female who can go to work or you're an illegal alien who is criminally here, then why should you be being paid for by taxpayers on Medicare and Medicaid? Yeah, just say no to slugs.

Just say no to slugs. That Congressman Corey Mills, he was on with Jesse Waters last night. And, you know, I don't have any particular aversions like you're running the mill slug, but I do have a strong aversion like your average able bodied take advantage of Uncle Sam kind of slug. Do you have a big issue with those kinds of slugs? Brian Mudd in for Clayton Buck. And we are on standby for the House vote after Hakeem Jeffries.

Did his best Spartacus impersonation with his magic minute setting. So proud. He set a record for the longest magic minute used in the House. You have House Speaker Mike Johnson right now that is delivering his impassioned response as he gets ready to call in the vote tonight.

for the one big, beautiful bill act. And we should have a vote hopefully before the end of the show. Looks like there's a very good chance that's going to be the case. Unless you have some people that want to play drama again, then they have to hold the vote open. But it doesn't seem like it's going to go down that way. So about the whole slug thing.

In the grand scheme of there being like really awful people who say really awful things, the whole you're going to die because of the Medicaid and snap cuts is as offensive in so many incredible ways. Question for you. I mean, just not not a terribly complicated thing. Do you believe do you believe that able bodied people of working age should do? I don't know. At least 20 hours of anything constructive with their lives during a given week.

Anything. Pretty much, you get off your couch, you stop eating bonbons for 20 hours during the course of a week, you're good. You keep your Medicaid and your food stamps. You don't do that, you're going to pay for your own bonbons. And do you think that's going to kill them, by the way? That is what we were talking about with the Medicaid and SNAP work requirements. So this is the language in the one big, potentially aesthetically pleasing language.

that is getting ready to be voted on. For Medicaid, for Medicaid, able-bodied adults between the ages of 19 to 64 must work, volunteer, or participate in job training or educational activities for at least 80 hours per month and about 20 hours per week. Okay, work...

Volunteer. Participate in job training. Like, pretend that you're trying to get a job. Education. Anything. Get off your butt. 80 hours per month. 20 hours per week. I don't know how you accidentally wouldn't be productive for 20 hours a week. By the way, exceptions for pregnant women, individuals with disabilities, medically frail, foster youth under 26. It goes on and on. And for SNAP, the only difference, it's 18 to 65.

And the exceptions include parents or household members with dependent kids, seven or younger. So, yeah, slugs. That is it. Those are the only people that will be cut out of Medicaid or SNAP if this goes through. And I don't think it'll kill them to get off their couch, stop eating some bonbons and do, I don't know, just about anything constructive with their lives. Probably be good for them.

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Wow.

Thanks, Dad.

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