1 00:00:00,120 --> 00:00:02,759 Speaker 1: The bill that came out of the House and the Senate, 2 00:00:03,600 --> 00:00:05,640 Speaker 1: and then is to be worked out between the two, 3 00:00:05,840 --> 00:00:09,959 Speaker 1: the reconciliation process it's called because they're different bills, because 4 00:00:09,960 --> 00:00:12,440 Speaker 1: there's a lot of haggling it goes on behind the scenes. 5 00:00:14,280 --> 00:00:21,280 Speaker 1: It was at Trump's direction, and he still has control 6 00:00:21,840 --> 00:00:26,120 Speaker 1: over the Republicans in the House in the Senate, at 7 00:00:26,200 --> 00:00:30,600 Speaker 1: least enough control to get what he wants done, which 8 00:00:30,640 --> 00:00:34,479 Speaker 1: is why the day before July fourth, as we expected, 9 00:00:34,520 --> 00:00:37,680 Speaker 1: at the last minute, a bill was passed. Passing a 10 00:00:37,680 --> 00:00:40,319 Speaker 1: bill at the last minute also gives a congressman some 11 00:00:40,400 --> 00:00:44,480 Speaker 1: cover when they do that which their district doesn't want 12 00:00:44,520 --> 00:00:47,120 Speaker 1: them to do, because they say, well, it was the 13 00:00:47,200 --> 00:00:50,040 Speaker 1: last minute, we had to do it. I didn't want 14 00:00:50,120 --> 00:00:52,640 Speaker 1: to do it. If I'd had more time, I would 15 00:00:52,680 --> 00:00:57,480 Speaker 1: have done this, this or this. But that bill passing 16 00:00:58,080 --> 00:01:00,320 Speaker 1: it was important to Trump to get another off of 17 00:01:00,320 --> 00:01:04,000 Speaker 1: what he wanted that he understood by strategy. This is 18 00:01:04,040 --> 00:01:06,360 Speaker 1: his second term, not his first, makes a big difference. 19 00:01:07,280 --> 00:01:10,200 Speaker 1: He understood he needed everything in what we used to 20 00:01:10,240 --> 00:01:13,479 Speaker 1: call an omnibus bill. You've got to get everything into 21 00:01:13,480 --> 00:01:16,640 Speaker 1: one bill, because if you start trying to get one 22 00:01:16,640 --> 00:01:21,000 Speaker 1: thing here and one thing there you will get picked apart. 23 00:01:21,760 --> 00:01:25,120 Speaker 1: So in order to get what Bob wants, you get 24 00:01:25,160 --> 00:01:28,280 Speaker 1: Bob to vote for something that Sam wants. And in 25 00:01:28,360 --> 00:01:31,720 Speaker 1: order to get Jane what she wants, she has to 26 00:01:31,800 --> 00:01:33,960 Speaker 1: vote for what Bob and Sam want, even though those 27 00:01:33,959 --> 00:01:37,040 Speaker 1: are two things she wouldn't otherwise vote for. That's how 28 00:01:37,080 --> 00:01:39,520 Speaker 1: you get a good deal. You have to give enough 29 00:01:39,560 --> 00:01:43,240 Speaker 1: people enough things. That's how they got Lisa Murkowski from 30 00:01:43,240 --> 00:01:47,560 Speaker 1: Alaska to vote for this, which they desperately needed, is 31 00:01:47,800 --> 00:01:50,400 Speaker 1: they gave her some goodies for Alaska at the last 32 00:01:50,440 --> 00:01:53,520 Speaker 1: minute to cut a deal, and of course she did. 33 00:01:54,240 --> 00:01:58,000 Speaker 1: We haven't really talked about what's in it, but it's 34 00:01:58,040 --> 00:02:01,520 Speaker 1: going to have a huge impact on every single person 35 00:02:01,520 --> 00:02:05,120 Speaker 1: that files taxes, I mean, just the reality. The good 36 00:02:05,160 --> 00:02:07,480 Speaker 1: news is, I don't think it's going to be a 37 00:02:07,560 --> 00:02:11,960 Speaker 1: huge change for most people. There are some things funded 38 00:02:11,960 --> 00:02:15,280 Speaker 1: in the bill, like ice at a level we've never 39 00:02:15,280 --> 00:02:19,000 Speaker 1: seen more than I think all militaries except for two. 40 00:02:19,120 --> 00:02:21,560 Speaker 1: But I wanted to talk about how this affects you 41 00:02:21,960 --> 00:02:27,160 Speaker 1: and your businesses. So I have talked to my CPAs 42 00:02:27,240 --> 00:02:31,240 Speaker 1: at Deroche Partners throughout this process, and I've been tracking 43 00:02:31,280 --> 00:02:34,880 Speaker 1: with them various elements in there, not so much as 44 00:02:34,880 --> 00:02:38,079 Speaker 1: it affects me, but as it affects business owners, small 45 00:02:38,160 --> 00:02:41,080 Speaker 1: and medium sized business owners out there where this is 46 00:02:41,120 --> 00:02:43,880 Speaker 1: going to hit the most. I have asked Aaron McPhee 47 00:02:44,080 --> 00:02:47,440 Speaker 1: with Deroche Partners to join us, and he's our guest. 48 00:02:47,480 --> 00:02:51,440 Speaker 2: Welcome, Hey, Michael, how are you good? 49 00:02:51,520 --> 00:02:56,119 Speaker 1: So, Aaron, my understanding is, and that's from a lot 50 00:02:56,120 --> 00:02:59,720 Speaker 1: of cursory reading. I did go to the Tax Foundation 51 00:03:00,080 --> 00:03:03,600 Speaker 1: morning and look at their final kind of cut, at 52 00:03:03,639 --> 00:03:07,800 Speaker 1: this swipe, at this, and my understanding is, you would say, 53 00:03:07,880 --> 00:03:13,000 Speaker 1: to most middle income earners and small business owners by 54 00:03:13,080 --> 00:03:16,360 Speaker 1: and large, there's nothing dramatic in this bill. Can we 55 00:03:16,360 --> 00:03:16,840 Speaker 1: start with that? 56 00:03:19,000 --> 00:03:22,040 Speaker 2: Yeah, I'd agree. You know, a lot of this is 57 00:03:22,200 --> 00:03:25,079 Speaker 2: aimed at middle income. You know, it's extending a lot 58 00:03:25,120 --> 00:03:27,840 Speaker 2: of the things that happened in twenty seventeen that we 59 00:03:28,000 --> 00:03:31,680 Speaker 2: have been following for the last number of years, and 60 00:03:31,760 --> 00:03:34,440 Speaker 2: so not a whole lot of changes, a lot of 61 00:03:34,480 --> 00:03:39,160 Speaker 2: it's being extended and most time through twenty twenty nine. 62 00:03:39,880 --> 00:03:44,560 Speaker 1: And that's important for people to understand because what many 63 00:03:44,640 --> 00:03:47,520 Speaker 1: did not I think what many did not realize is 64 00:03:47,600 --> 00:03:51,200 Speaker 1: the tax cuts that Trump put into place in twenty 65 00:03:51,240 --> 00:03:56,720 Speaker 1: seventeen we're both very popular and very effective. They spurred 66 00:03:56,760 --> 00:03:59,280 Speaker 1: an economy that in January of twenty twenty we were 67 00:03:59,360 --> 00:04:04,280 Speaker 1: really seeing accelerated and on fire. Those tax cuts were 68 00:04:04,320 --> 00:04:07,720 Speaker 1: set to expire. So the big victory of the One 69 00:04:07,720 --> 00:04:11,360 Speaker 1: Big Beautiful Bill was to extend those tax cuts. That's 70 00:04:11,360 --> 00:04:13,880 Speaker 1: hard for people to get excited about, but realizing what 71 00:04:13,920 --> 00:04:17,320 Speaker 1: you were about to lose is and maybe I think 72 00:04:17,400 --> 00:04:19,839 Speaker 1: Republicans didn't do a good job of explaining that. 73 00:04:22,440 --> 00:04:26,320 Speaker 2: Right. That is correct. You know, tax rates were about 74 00:04:26,360 --> 00:04:28,760 Speaker 2: to go back up. You know, the highest rate was 75 00:04:28,800 --> 00:04:32,760 Speaker 2: a thirty seven point six percent, so keeping it at 76 00:04:32,800 --> 00:04:36,120 Speaker 2: thirty five at the top rate. Also, all the lower 77 00:04:36,240 --> 00:04:40,840 Speaker 2: rates are staying where they are, so that's going to 78 00:04:40,880 --> 00:04:44,160 Speaker 2: have a big impact I think on individuals versus what 79 00:04:44,200 --> 00:04:45,000 Speaker 2: could have happened. 80 00:04:45,160 --> 00:04:47,480 Speaker 1: Let's talk about some of those provisions and how you 81 00:04:47,560 --> 00:04:51,600 Speaker 1: expect to guide your business owner clients and high net 82 00:04:51,640 --> 00:04:56,600 Speaker 1: worth individual clients. Aaron McPhee is our guest. We start 83 00:04:56,680 --> 00:05:00,599 Speaker 1: with the estate planning and that sort of One of 84 00:05:00,600 --> 00:05:03,240 Speaker 1: the things I read from folks who have reviewed this 85 00:05:03,360 --> 00:05:05,760 Speaker 1: that I respect, who are more tax scholars and tax 86 00:05:05,800 --> 00:05:08,880 Speaker 1: experts in talking to you folks, is that the good 87 00:05:08,880 --> 00:05:12,240 Speaker 1: news is this provides a degree of stability. But when 88 00:05:12,240 --> 00:05:16,360 Speaker 1: we talk about folks planning their estate and what they're 89 00:05:16,360 --> 00:05:18,640 Speaker 1: going to pass to their kids, talk a little bit 90 00:05:18,680 --> 00:05:20,440 Speaker 1: about the minor change in that. 91 00:05:22,839 --> 00:05:29,000 Speaker 2: Yeah, So they essentially set the estate threshold, your lifetime 92 00:05:29,040 --> 00:05:32,520 Speaker 2: exemption that you get where it currently is, and they 93 00:05:32,560 --> 00:05:36,480 Speaker 2: thendexed it to inflation, whereas it was set to revert 94 00:05:36,600 --> 00:05:43,080 Speaker 2: back to twenty seventeen thresholds. And of course time value 95 00:05:43,120 --> 00:05:46,360 Speaker 2: money things are more expensive now, you know, it didn't 96 00:05:46,360 --> 00:05:48,320 Speaker 2: make sense to go back to that threshold. So they 97 00:05:48,320 --> 00:05:51,200 Speaker 2: decided to go ahead and bump it back to where 98 00:05:51,240 --> 00:05:55,080 Speaker 2: it was and keep it at a permanent level there. 99 00:05:56,160 --> 00:05:59,760 Speaker 1: When you look, let me ask you a more open 100 00:05:59,839 --> 00:06:04,120 Speaker 1: end question, and I guess we'll have to wait until 101 00:06:04,400 --> 00:06:08,120 Speaker 1: no I got time. If you're calling a business owner 102 00:06:08,240 --> 00:06:10,320 Speaker 1: of a mid sized business or a high net worth 103 00:06:10,360 --> 00:06:12,400 Speaker 1: end of it, let's start with a mid sized business 104 00:06:12,800 --> 00:06:15,280 Speaker 1: and you say, here's one thing in this bill that 105 00:06:15,320 --> 00:06:17,279 Speaker 1: I think you're really going to like. What would that be? 106 00:06:19,800 --> 00:06:22,520 Speaker 2: I think the bonus appreciation going back to one hundred 107 00:06:22,520 --> 00:06:26,680 Speaker 2: percent is huge for business owners. That's probably the key 108 00:06:26,760 --> 00:06:29,520 Speaker 2: thing I would think that they would be interested in 109 00:06:30,240 --> 00:06:32,719 Speaker 2: because it was set to be at forty percent for 110 00:06:32,800 --> 00:06:36,039 Speaker 2: twenty twenty five. So you spend a dollar today, you 111 00:06:36,080 --> 00:06:38,920 Speaker 2: don't get to deduct all of it in the year 112 00:06:38,960 --> 00:06:41,000 Speaker 2: that you spend the money. You have to spread it 113 00:06:41,040 --> 00:06:45,280 Speaker 2: out over a number of years, and so bringing back 114 00:06:45,320 --> 00:06:48,520 Speaker 2: that bonus appreciation is key. 115 00:06:48,760 --> 00:06:52,520 Speaker 1: I think it also should spur a lot of economic 116 00:06:52,560 --> 00:06:58,320 Speaker 1: activity because everybody's looking at the here and love right, absolutely, 117 00:06:58,520 --> 00:07:01,279 Speaker 1: and that's the sort of thing that matters. We talk 118 00:07:01,360 --> 00:07:03,560 Speaker 1: a lot about the salt cap, the state and local 119 00:07:03,720 --> 00:07:06,159 Speaker 1: tax deduction, and that has a lot to do with 120 00:07:06,279 --> 00:07:09,840 Speaker 1: high tax states like California and low tax states like 121 00:07:09,920 --> 00:07:13,360 Speaker 1: Florida and Texas. Where does that end up. 122 00:07:15,520 --> 00:07:18,360 Speaker 2: Yeah, So they have raised the cap up to forty 123 00:07:18,400 --> 00:07:22,760 Speaker 2: thousand dollars and it is index for inflation, and there 124 00:07:22,800 --> 00:07:27,000 Speaker 2: are caps and face downs for higher income individuals. So 125 00:07:27,040 --> 00:07:29,520 Speaker 2: what that means is more Texans are going to be 126 00:07:29,520 --> 00:07:32,360 Speaker 2: able to deduct their full property tax that they pay 127 00:07:32,360 --> 00:07:35,440 Speaker 2: each year, which is a big help, I think because 128 00:07:35,480 --> 00:07:38,120 Speaker 2: most most of the property taxes were capped at the 129 00:07:38,160 --> 00:07:40,520 Speaker 2: ten thousand dollars level, and so now they've got a 130 00:07:40,560 --> 00:07:43,440 Speaker 2: little bit more breathing room to be able to take 131 00:07:43,440 --> 00:07:44,040 Speaker 2: that deduction. 132 00:07:45,280 --> 00:07:48,480 Speaker 1: I want to come back with just one moment. I 133 00:07:48,520 --> 00:07:51,040 Speaker 1: want to come back to that issue and what that 134 00:07:51,080 --> 00:07:58,160 Speaker 1: looks like. Dollars and cents will create a hypothetical Aaron 135 00:07:58,240 --> 00:08:00,840 Speaker 1: mclee with Deroch Partners our g Us More on the 136 00:08:00,920 --> 00:08:03,600 Speaker 1: One Big Beautiful tax Bill coming up on The Michael 137 00:08:03,640 --> 00:08:11,120 Speaker 1: Berry Show. Several years ago, I set about trying to 138 00:08:11,280 --> 00:08:18,840 Speaker 1: create a one stop shop for our listeners for financial 139 00:08:18,960 --> 00:08:22,920 Speaker 1: services of various types. But I wanted to get the 140 00:08:23,000 --> 00:08:26,880 Speaker 1: right folks with the right core competence, the right heart 141 00:08:26,960 --> 00:08:29,560 Speaker 1: for it, who were fans of the show, so they 142 00:08:29,600 --> 00:08:31,760 Speaker 1: would understand our values and they would understand the kind 143 00:08:31,760 --> 00:08:34,560 Speaker 1: of people we were sending them. And that meant somebody 144 00:08:34,600 --> 00:08:38,960 Speaker 1: to handle estate planning, meant someone to handle financial planning. 145 00:08:39,520 --> 00:08:43,679 Speaker 1: Estate planning we do Christine Weaver financial planning, Steve O, 146 00:08:43,800 --> 00:08:47,760 Speaker 1: my friend Mark Lopez and John and Andy McGee and 147 00:08:48,000 --> 00:08:52,040 Speaker 1: credit card processing, and I wanted all of that under 148 00:08:52,080 --> 00:08:55,679 Speaker 1: one roof. And I wanted someone who could handle the 149 00:08:56,040 --> 00:09:00,760 Speaker 1: tax strategy, not just a CPA, but could handle the 150 00:09:00,800 --> 00:09:04,280 Speaker 1: CPA portion, but a tax strategy. One of the things 151 00:09:04,559 --> 00:09:07,400 Speaker 1: I've noted over the years is that when I start 152 00:09:07,440 --> 00:09:11,320 Speaker 1: asking questions off air that I would never ask on air, 153 00:09:12,000 --> 00:09:17,880 Speaker 1: you know what, what's the plan when you sell? How 154 00:09:17,880 --> 00:09:22,520 Speaker 1: strategic are you in not only complying with tax laws 155 00:09:22,800 --> 00:09:26,880 Speaker 1: but aggressively finding ways to cut costs, to cut taxes, 156 00:09:27,320 --> 00:09:32,040 Speaker 1: to look for ways that tax laws will guide you 157 00:09:32,160 --> 00:09:35,720 Speaker 1: to make more money if you simply do something that 158 00:09:35,760 --> 00:09:38,760 Speaker 1: would be very natural to your business anyway. So Deroche 159 00:09:38,800 --> 00:09:41,719 Speaker 1: Partners was the partner we chose. Aaron McPhee is one 160 00:09:41,760 --> 00:09:45,400 Speaker 1: of the partners there. He is our guest, to be clear, 161 00:09:46,600 --> 00:09:49,000 Speaker 1: the person who did my taxes for thirty years, my 162 00:09:49,040 --> 00:09:54,199 Speaker 1: dear friend, Bob fu mcgaughey. He is a wonderful guy. 163 00:09:54,320 --> 00:09:57,959 Speaker 1: I our business got bigger, and I wanted I wanted 164 00:09:58,000 --> 00:10:00,880 Speaker 1: a partner who could handle that, who could handle a 165 00:10:00,920 --> 00:10:04,080 Speaker 1: lot of our clients. And he tends to do more 166 00:10:04,120 --> 00:10:07,680 Speaker 1: individual returns. So I still send people if you just 167 00:10:07,720 --> 00:10:12,200 Speaker 1: have a basic income tax return, I still send them there. 168 00:10:12,800 --> 00:10:15,520 Speaker 1: For our folks who run businesses or who are high 169 00:10:15,520 --> 00:10:19,280 Speaker 1: net worth individuals, our partner for that is to Roche Partners. 170 00:10:19,760 --> 00:10:23,040 Speaker 1: That's their expertise. It would be overkilled for them to 171 00:10:23,200 --> 00:10:25,720 Speaker 1: handle the average plant worker. I wouldn't tell you to 172 00:10:25,760 --> 00:10:27,760 Speaker 1: do that, but we have a lot of folks out 173 00:10:27,760 --> 00:10:30,280 Speaker 1: there that run businesses that are growing or that they're 174 00:10:30,280 --> 00:10:33,520 Speaker 1: looking to sell, and Deroch Partners is for that. I 175 00:10:33,600 --> 00:10:37,600 Speaker 1: say all that just so you understand where I am 176 00:10:37,720 --> 00:10:40,040 Speaker 1: in all this. Aaron McPhee is our guest to Roch 177 00:10:40,120 --> 00:10:42,079 Speaker 1: Partners erin. I'm just going to read you a couple 178 00:10:42,120 --> 00:10:46,120 Speaker 1: of headlines. When you google small business owner and small business, 179 00:10:46,679 --> 00:10:49,160 Speaker 1: you know it's one of those things like the middle class. 180 00:10:49,400 --> 00:10:50,920 Speaker 1: There are a lot of people who consider themselves a 181 00:10:50,920 --> 00:10:53,760 Speaker 1: small business owner, and they're way bigger than a small 182 00:10:53,800 --> 00:10:57,520 Speaker 1: business owner. The SBA makes loans to folks that aren't 183 00:10:57,520 --> 00:11:00,520 Speaker 1: really a small business owner. But how businesses and manufacturers 184 00:11:00,559 --> 00:11:04,040 Speaker 1: will benefit from OBB here's who stands to gain. Let 185 00:11:04,120 --> 00:11:07,040 Speaker 1: me see, Senate's Big Beautiful bill is a disaster for 186 00:11:07,120 --> 00:11:11,720 Speaker 1: small business. One big beautiful Bill simplified permanent relief for 187 00:11:11,760 --> 00:11:15,760 Speaker 1: small businesses. When you are kind of passing judgment on 188 00:11:15,840 --> 00:11:19,640 Speaker 1: the one big Beautiful Bill as relates to small business owners, 189 00:11:19,920 --> 00:11:22,680 Speaker 1: let's forget what it does to the deficit. Let's forget 190 00:11:22,679 --> 00:11:26,760 Speaker 1: what it does to everything else, even the individual taxpayer. 191 00:11:27,400 --> 00:11:30,280 Speaker 1: Let's talk about the small business owner and does he 192 00:11:30,360 --> 00:11:32,000 Speaker 1: win or lose from this? And how. 193 00:11:34,360 --> 00:11:37,440 Speaker 2: I think he wins. There's several key aspects in the 194 00:11:37,440 --> 00:11:43,280 Speaker 2: bill that are very promising for small business owners. A 195 00:11:43,280 --> 00:11:45,160 Speaker 2: lot of these things are phased out once you get 196 00:11:45,160 --> 00:11:49,280 Speaker 2: into the larger revenue thresholds. But some of the big 197 00:11:49,280 --> 00:11:52,880 Speaker 2: ones is the qualified business income pass through deduction. They 198 00:11:52,920 --> 00:11:56,679 Speaker 2: increase that to twenty three percent to kind of help 199 00:11:57,400 --> 00:12:00,240 Speaker 2: level the playing field with C corporations, which are are 200 00:12:00,280 --> 00:12:05,040 Speaker 2: your big corporations. And they also allowed for the immediate 201 00:12:05,080 --> 00:12:11,920 Speaker 2: expensing of research and I guess design costs, which you 202 00:12:12,000 --> 00:12:15,000 Speaker 2: had to capitalize and spread those costs over five years. 203 00:12:16,320 --> 00:12:18,520 Speaker 2: You know, I think they would want to I guess 204 00:12:19,320 --> 00:12:24,520 Speaker 2: reward any I guess innovation that's out there. And so 205 00:12:25,040 --> 00:12:28,920 Speaker 2: by allowing this full expensing whenever you incur the cost 206 00:12:29,080 --> 00:12:30,480 Speaker 2: really helps that. I think. 207 00:12:33,320 --> 00:12:36,680 Speaker 1: There is also a lot of reference to R and 208 00:12:36,760 --> 00:12:40,360 Speaker 1: D search and development. How does this affect that. 209 00:12:43,160 --> 00:12:48,600 Speaker 2: So as part of the original twenty seventeen tax law 210 00:12:50,080 --> 00:12:54,400 Speaker 2: in twenty twenty two, companies that were doing research and 211 00:12:54,440 --> 00:12:59,280 Speaker 2: development had to capitalize or they had to basically not 212 00:12:59,440 --> 00:13:03,080 Speaker 2: deduct those costs, and they had to spread that cost 213 00:13:03,320 --> 00:13:08,559 Speaker 2: over five years. And so by changing this piece of 214 00:13:08,600 --> 00:13:13,360 Speaker 2: the bill, they were able to allow immediate deduction for 215 00:13:13,520 --> 00:13:16,720 Speaker 2: any costs that are incurred for research and development purposes, 216 00:13:18,080 --> 00:13:21,880 Speaker 2: and those have to be domestic research and development costs. 217 00:13:22,000 --> 00:13:25,400 Speaker 2: Any foreign R and D that's performed has to be 218 00:13:25,440 --> 00:13:26,800 Speaker 2: spread over fifteen years. 219 00:13:29,440 --> 00:13:32,120 Speaker 1: Oh sorry, I had my Michael that Again, that's consistent 220 00:13:32,200 --> 00:13:35,080 Speaker 1: with Trump's approach that the tariffs and a lot of 221 00:13:35,080 --> 00:13:39,240 Speaker 1: these things are to encourage American manufacturing and to encourage 222 00:13:39,240 --> 00:13:44,000 Speaker 1: things on American soil, and that's now baked into the 223 00:13:44,440 --> 00:13:47,640 Speaker 1: tax policy. Is there anything about the one big Beautiful 224 00:13:47,679 --> 00:13:52,760 Speaker 1: bill that you know tax policy tends to encourage and 225 00:13:52,840 --> 00:13:57,240 Speaker 1: discourage behaviors. Are there things you expect to see start 226 00:13:57,400 --> 00:14:01,880 Speaker 1: or stop as behaviors by businesses as a result of 227 00:14:01,920 --> 00:14:02,400 Speaker 1: this bill. 228 00:14:05,040 --> 00:14:08,040 Speaker 2: I think one of the surprising things was the new 229 00:14:08,200 --> 00:14:12,320 Speaker 2: floor that's on charitable contributions for itemized Yeah, doctor, I 230 00:14:12,360 --> 00:14:16,640 Speaker 2: saw that. That's that was I think a revenue raiser 231 00:14:16,960 --> 00:14:18,480 Speaker 2: that they had to put in there to kind of 232 00:14:18,520 --> 00:14:23,520 Speaker 2: balance things out. So essentially, half a percent of your 233 00:14:23,680 --> 00:14:26,720 Speaker 2: income is your is your threshold. Once you get above 234 00:14:26,800 --> 00:14:32,000 Speaker 2: that you can deduct your charity, and anything below that 235 00:14:32,120 --> 00:14:35,920 Speaker 2: carries forward. But I thought that was kind of an 236 00:14:36,000 --> 00:14:37,320 Speaker 2: interesting thing in there. 237 00:14:37,480 --> 00:14:41,000 Speaker 1: I did too, and I was following the bill as 238 00:14:41,000 --> 00:14:43,880 Speaker 1: it was going through and I was in d C. 239 00:14:44,080 --> 00:14:45,840 Speaker 1: So I was meeting with DC folks and we were 240 00:14:45,920 --> 00:14:47,800 Speaker 1: talking about what was in the bill and what's being 241 00:14:47,920 --> 00:14:50,080 Speaker 1: battled over and what may or may not pass, and 242 00:14:50,240 --> 00:14:54,800 Speaker 1: what I didn't see coming. And to state that again, folks, 243 00:14:55,920 --> 00:15:00,200 Speaker 1: one half of one percent of your income, if you 244 00:15:00,200 --> 00:15:03,680 Speaker 1: make one hundred thousand dollars, five hundred dollars would be 245 00:15:03,960 --> 00:15:07,200 Speaker 1: the floor. If you give less than that, correct me 246 00:15:07,240 --> 00:15:10,320 Speaker 1: if I'm wrong, Aaron. If you give less than that, 247 00:15:10,520 --> 00:15:16,080 Speaker 1: you cannot deduct your charitable contribution. Right, that's correct. 248 00:15:16,120 --> 00:15:19,240 Speaker 2: If you're an itemizer, there is an above the line 249 00:15:19,360 --> 00:15:22,960 Speaker 2: deduction for charity, which I think leaves is around two 250 00:15:23,040 --> 00:15:27,320 Speaker 2: thousand dollars. So but yeah, anything on your itemized deductions, 251 00:15:28,280 --> 00:15:30,560 Speaker 2: if you're below that threshold, you can't deduct it. You 252 00:15:30,600 --> 00:15:32,520 Speaker 2: have to carry it forward to a future year. 253 00:15:33,120 --> 00:15:34,560 Speaker 1: I want to talk about that in a moment, Aaron. 254 00:15:34,720 --> 00:15:40,040 Speaker 1: I read on the itemizers that with this standard deduction, 255 00:15:40,880 --> 00:15:43,040 Speaker 1: they have reduced and I'm going to get the number wrong, 256 00:15:43,080 --> 00:15:46,240 Speaker 1: but I want to say, from forty down to thirty 257 00:15:46,320 --> 00:15:50,680 Speaker 1: and now only ten percent of filers itemized. Does that 258 00:15:50,720 --> 00:15:53,640 Speaker 1: sound right? People have really gotten away from that. 259 00:15:53,920 --> 00:15:58,000 Speaker 2: Yeah, that definitely could be because the standard deduction is 260 00:15:58,040 --> 00:16:02,920 Speaker 2: so high, especially for married couples. Is filing jointly? All right? 261 00:16:02,920 --> 00:16:04,480 Speaker 1: Hold with me for just a moment erin mcphe is 262 00:16:04,520 --> 00:16:08,800 Speaker 1: our guest partner CPA strategy that our country is failing 263 00:16:08,840 --> 00:16:14,080 Speaker 1: you today, invest in Kleenics, ladies and gentlemen. And this 264 00:16:14,360 --> 00:16:23,200 Speaker 1: is the Michael Berry Show. Aaron mc is our guest. 265 00:16:23,280 --> 00:16:26,760 Speaker 1: He is a partner at Droch Partners, a tax strategy 266 00:16:27,280 --> 00:16:32,960 Speaker 1: firm which is sort of like CPA's on steroids for 267 00:16:33,400 --> 00:16:38,040 Speaker 1: businesses and high net worth individuals. Unlike the average person 268 00:16:38,040 --> 00:16:41,640 Speaker 1: who simply files a tax return. There are a lot 269 00:16:41,680 --> 00:16:45,320 Speaker 1: of implications to profitability. There are a lot of implications 270 00:16:45,360 --> 00:16:49,680 Speaker 1: to whether to hire people, how to classify those folks, 271 00:16:50,080 --> 00:16:53,200 Speaker 1: where to spend your money, when to spend your money, 272 00:16:53,680 --> 00:16:58,680 Speaker 1: to maximize the tax advantages or reduce the overall tax consequences, 273 00:16:59,160 --> 00:17:03,160 Speaker 1: and run your business wisely. And every business should do that, 274 00:17:03,480 --> 00:17:06,919 Speaker 1: you know. Donald Trump made that statement and Dave Chappelle, 275 00:17:07,240 --> 00:17:09,320 Speaker 1: one of my favorite Dave Chappelle bits is he said 276 00:17:09,359 --> 00:17:12,520 Speaker 1: I knew Trump was going to win when Hillary Clinton 277 00:17:12,640 --> 00:17:17,480 Speaker 1: said Donald Trump hasn't been paying taxes and he is 278 00:17:17,520 --> 00:17:21,320 Speaker 1: there for evil and he said, that's true. And you 279 00:17:21,440 --> 00:17:24,320 Speaker 1: wrote those laws and you chose not to change those 280 00:17:24,400 --> 00:17:28,359 Speaker 1: laws because all your rich friends wouldn't let you, So 281 00:17:28,480 --> 00:17:30,960 Speaker 1: you're disingenuous. And I think that was one of those moments, 282 00:17:31,000 --> 00:17:34,080 Speaker 1: as Chappelle said, where people began to understand you have 283 00:17:34,160 --> 00:17:37,719 Speaker 1: to be very wise about the law on the books, 284 00:17:37,760 --> 00:17:40,879 Speaker 1: and you need strategists behind you to help you do 285 00:17:40,960 --> 00:17:44,600 Speaker 1: that because you're not reading this boring language, I assure you. 286 00:17:45,080 --> 00:17:47,760 Speaker 1: Aaron mcpeeder Roach Partners is our guests eron. One of 287 00:17:47,760 --> 00:17:52,240 Speaker 1: the things I read was one hundred percent deduction for 288 00:17:52,440 --> 00:17:56,639 Speaker 1: private school vouchers. And again, it's unfair to ask you 289 00:17:56,640 --> 00:17:59,840 Speaker 1: about this little little tedious stuff. Is that something that's 290 00:18:00,400 --> 00:18:01,000 Speaker 1: on your screen. 291 00:18:03,600 --> 00:18:06,000 Speaker 2: I haven't dug that far into the bill yet. 292 00:18:06,160 --> 00:18:08,919 Speaker 1: Yeah, that happened to be a private don't worry. I 293 00:18:08,960 --> 00:18:13,560 Speaker 1: also saw that the five twenty nine expenditure restrictions have 294 00:18:13,640 --> 00:18:18,040 Speaker 1: been loosened so that it's not just for your kid's education, 295 00:18:19,080 --> 00:18:22,800 Speaker 1: but it's also things related to education, private tuition and 296 00:18:22,840 --> 00:18:27,040 Speaker 1: things like that. That expands the use of that fund. 297 00:18:27,119 --> 00:18:28,680 Speaker 1: And I don't know if that's made it on your 298 00:18:28,880 --> 00:18:31,520 Speaker 1: it's not a small business advisory. 299 00:18:31,600 --> 00:18:35,240 Speaker 2: Yeah, yeah, yeah, they they've expanded the coverage to include 300 00:18:36,080 --> 00:18:40,280 Speaker 2: K through twelve and some post secondary expenses, and there 301 00:18:40,280 --> 00:18:46,120 Speaker 2: are higher annual contribution limits. So that's definitely I think 302 00:18:46,160 --> 00:18:50,640 Speaker 2: a benefit to you know, parents trying to figure out 303 00:18:50,640 --> 00:18:54,200 Speaker 2: how they're going to pay for the high cost of education. 304 00:18:54,920 --> 00:19:00,800 Speaker 1: Your value added in partner partner's value it is that 305 00:19:00,880 --> 00:19:05,639 Speaker 1: what most people who run a business on a larger 306 00:19:05,680 --> 00:19:09,639 Speaker 1: scale are reading in the news is how does the 307 00:19:09,680 --> 00:19:15,800 Speaker 1: tax affect the average taxpayer? Because the reporters don't understand 308 00:19:16,640 --> 00:19:21,240 Speaker 1: the more sophisticated and complicated levels of what the tax 309 00:19:21,280 --> 00:19:24,400 Speaker 1: needs of your clients are. For those folks, what would 310 00:19:24,480 --> 00:19:26,960 Speaker 1: you say generally when they're asking you, Hey, how's that? 311 00:19:27,040 --> 00:19:31,240 Speaker 1: How does this affect my business? Are high net worth individuals, 312 00:19:31,280 --> 00:19:36,280 Speaker 1: my estate, my family fund? What do you say to 313 00:19:36,320 --> 00:19:37,800 Speaker 1: those people? What are the highlights? 314 00:19:40,920 --> 00:19:43,320 Speaker 2: I tell them? You know, there's a lot of things 315 00:19:43,359 --> 00:19:47,600 Speaker 2: in this bill that are beneficial, especially for your business, 316 00:19:48,119 --> 00:19:51,359 Speaker 2: you know, with the most appreciation and R and D 317 00:19:51,520 --> 00:19:56,159 Speaker 2: expenditures and other things. And there's also a new qualified 318 00:19:56,200 --> 00:19:59,760 Speaker 2: small business stock exclusion out there. So if you're a 319 00:19:59,760 --> 00:20:04,239 Speaker 2: small all business owner C corporation, you can sell that 320 00:20:04,600 --> 00:20:07,160 Speaker 2: at a gain and not pay tax on the sale 321 00:20:07,200 --> 00:20:09,760 Speaker 2: of that stock. So there's a lot of really good 322 00:20:09,880 --> 00:20:12,879 Speaker 2: things out there for business owners, and so I just 323 00:20:12,960 --> 00:20:15,400 Speaker 2: encourage them to reach out to us as soon as 324 00:20:15,440 --> 00:20:19,040 Speaker 2: they can. A lot of times you'll have somebody that's 325 00:20:19,080 --> 00:20:22,400 Speaker 2: running their business. They're in the details of the day 326 00:20:22,440 --> 00:20:26,919 Speaker 2: to day, and then they come across this big transaction, 327 00:20:27,000 --> 00:20:29,520 Speaker 2: maybe they're going to sell their business, and they go 328 00:20:29,760 --> 00:20:33,919 Speaker 2: a certain bit down the road and then they finally 329 00:20:33,960 --> 00:20:36,240 Speaker 2: call us. But you know, the sooner they can get 330 00:20:36,320 --> 00:20:39,000 Speaker 2: us involved in the transaction, you know, even if they're 331 00:20:39,040 --> 00:20:41,399 Speaker 2: just thinking about it, if they can call us and 332 00:20:41,480 --> 00:20:46,320 Speaker 2: get us involved in that, we can actually optimize the 333 00:20:46,400 --> 00:20:50,040 Speaker 2: planning for them. So, you know, the sooner we can 334 00:20:50,040 --> 00:20:52,320 Speaker 2: get in there and help them, you know, the more 335 00:20:52,359 --> 00:20:54,520 Speaker 2: we can do. If you get too far down the road, 336 00:20:54,680 --> 00:20:56,960 Speaker 2: there's a lot of things that are off the table 337 00:20:56,960 --> 00:20:58,440 Speaker 2: as far as options. 338 00:20:59,280 --> 00:21:02,120 Speaker 1: When both come to you and it is too late 339 00:21:02,280 --> 00:21:04,080 Speaker 1: in the process for you to be able to help 340 00:21:04,160 --> 00:21:06,440 Speaker 1: the way you would want to. Are there a couple 341 00:21:06,520 --> 00:21:09,639 Speaker 1: of things that always pop up. You go, gosh, I 342 00:21:09,680 --> 00:21:12,960 Speaker 1: wish I'd been helping you five years or even two 343 00:21:13,119 --> 00:21:15,440 Speaker 1: years ago, that we could have done differently the way 344 00:21:15,480 --> 00:21:18,359 Speaker 1: we structured your business, the way you fund this, or 345 00:21:18,440 --> 00:21:20,399 Speaker 1: where you fund or how much you fund. 346 00:21:23,320 --> 00:21:27,640 Speaker 2: Yeah, i'd say, you know, with the growth of the business. 347 00:21:27,720 --> 00:21:30,520 Speaker 2: A lot of times it's from us an a state perspective. 348 00:21:31,080 --> 00:21:33,600 Speaker 2: You want to have a lot of that appreciation, pull 349 00:21:33,680 --> 00:21:36,320 Speaker 2: out of your estate and in some sort of a 350 00:21:36,400 --> 00:21:40,240 Speaker 2: planning vehicle, like a trust or a family partnership or 351 00:21:40,280 --> 00:21:43,560 Speaker 2: things like that, so that when you do sell, you 352 00:21:43,680 --> 00:21:47,119 Speaker 2: keep more of the money that you make off the 353 00:21:47,160 --> 00:21:50,080 Speaker 2: sale and don't have to pay it to the US government. 354 00:21:51,680 --> 00:21:55,840 Speaker 1: I read a lot of newsletters and bulletins and these 355 00:21:56,119 --> 00:21:59,960 Speaker 1: advisories and wellness and finance and a number of other things. 356 00:22:00,040 --> 00:22:04,080 Speaker 1: And one of the things that is constant throughout is 357 00:22:04,160 --> 00:22:07,240 Speaker 1: the disposition of your estate prior to the point that 358 00:22:07,280 --> 00:22:14,639 Speaker 1: you retire or die. So beginning to shed your assets 359 00:22:14,920 --> 00:22:19,440 Speaker 1: and your estate earlier and earlier to minimize the task consequences. 360 00:22:19,560 --> 00:22:21,040 Speaker 1: And it's one of those things that I don't think 361 00:22:21,080 --> 00:22:24,520 Speaker 1: most people, the average person, the average business owner, I 362 00:22:24,520 --> 00:22:26,320 Speaker 1: don't think they think on those terms. I think they 363 00:22:26,880 --> 00:22:29,600 Speaker 1: rush to the finish line of getting the business up 364 00:22:29,640 --> 00:22:32,680 Speaker 1: and selling it and maximizing the money. But you don't 365 00:22:32,680 --> 00:22:35,199 Speaker 1: realize how much you lost in the process by not 366 00:22:35,320 --> 00:22:38,160 Speaker 1: beginning the shedding process earlier. 367 00:22:40,440 --> 00:22:42,840 Speaker 2: Right, And you don't have to wait till you sell 368 00:22:42,960 --> 00:22:46,840 Speaker 2: to get rid of you that extra value out of 369 00:22:46,840 --> 00:22:49,760 Speaker 2: your estate. And you don't have to give up control either. 370 00:22:49,840 --> 00:22:54,040 Speaker 2: There's ways that we can structure things so that you 371 00:22:54,040 --> 00:22:57,720 Speaker 2: know you've made the planning and you've passed along a 372 00:22:57,720 --> 00:23:01,520 Speaker 2: lot of the value to your errors, but you still 373 00:23:01,560 --> 00:23:05,880 Speaker 2: retain control over the operations of the business. And that's 374 00:23:05,920 --> 00:23:09,080 Speaker 2: just one of the things that we can help out with. 375 00:23:09,680 --> 00:23:12,600 Speaker 1: Leif Nixon, who's one of your partners who I work 376 00:23:12,640 --> 00:23:16,440 Speaker 1: with a lot. When I ask him for show prep, 377 00:23:16,440 --> 00:23:19,399 Speaker 1: he'll send me ideas and things. And I've asked him, 378 00:23:19,720 --> 00:23:23,280 Speaker 1: people don't want to be audited, and if you don't 379 00:23:23,280 --> 00:23:26,680 Speaker 1: want to be audited, what are some and he says, well, 380 00:23:26,880 --> 00:23:30,640 Speaker 1: the things that they're looking at hard is and top 381 00:23:30,680 --> 00:23:32,800 Speaker 1: tax defenders, which is one of our show sponsors, which 382 00:23:32,960 --> 00:23:35,320 Speaker 1: you know, this is all they do is dealing with 383 00:23:35,359 --> 00:23:40,240 Speaker 1: the irs when people are under attack. Is there the 384 00:23:40,280 --> 00:23:42,520 Speaker 1: more ten ninety nine you have, they're going to look 385 00:23:42,560 --> 00:23:45,000 Speaker 1: hard at you. And the number of people that you 386 00:23:45,080 --> 00:23:47,760 Speaker 1: have as ten ninety Nine's that frankly should be employees 387 00:23:47,760 --> 00:23:50,400 Speaker 1: because now they're getting not getting their taxes. That's where 388 00:23:50,400 --> 00:23:52,080 Speaker 1: they're going to go after you, whether you're the ten 389 00:23:52,160 --> 00:23:54,800 Speaker 1: ninety nine employee or the employee or you see a 390 00:23:54,800 --> 00:23:55,159 Speaker 1: lot of that. 391 00:23:57,320 --> 00:24:00,760 Speaker 2: Yeah, we do, actually, and that's one of the key 392 00:24:00,800 --> 00:24:04,280 Speaker 2: points that the IRIS tries to look look for. Uh, 393 00:24:04,359 --> 00:24:07,960 Speaker 2: you know, every business has to submit W two's ten 394 00:24:08,040 --> 00:24:10,080 Speaker 2: ninety nine s. The IRIS guts a copy of that, 395 00:24:10,720 --> 00:24:15,280 Speaker 2: and there's software crunches the numbers and looks at things. 396 00:24:15,600 --> 00:24:18,160 Speaker 2: If they see a number that's out of whack compared 397 00:24:18,160 --> 00:24:22,680 Speaker 2: to other businesses of your size or in the same industry, 398 00:24:23,359 --> 00:24:25,639 Speaker 2: then they're going to pull that and they're going to 399 00:24:25,680 --> 00:24:27,399 Speaker 2: take a look at a closer look at that. 400 00:24:28,359 --> 00:24:30,679 Speaker 1: It's interesting in the old days you talk about a 401 00:24:30,720 --> 00:24:33,399 Speaker 1: red flag that this or that was. I have friends 402 00:24:33,440 --> 00:24:36,520 Speaker 1: that they won't buy a private jet because that's the 403 00:24:36,560 --> 00:24:39,560 Speaker 1: red flag. But but in the old days of red flag, 404 00:24:39,600 --> 00:24:42,280 Speaker 1: a human being had to catch it with AI. Today 405 00:24:42,960 --> 00:24:45,359 Speaker 1: they send this thing through the system and they say, 406 00:24:45,920 --> 00:24:48,239 Speaker 1: our algorithm tells us that if you're doing this, this, 407 00:24:48,320 --> 00:24:52,280 Speaker 1: and this, you're likely cheating. Boy. They it is easy 408 00:24:52,400 --> 00:24:55,159 Speaker 1: to flag you and narrow that down Aaron McPhee De 409 00:24:55,280 --> 00:24:57,160 Speaker 1: Roche Partners. Thank you for being with us, my man. 410 00:24:58,880 --> 00:25:00,560 Speaker 2: You bet enjoy treasure. 411 00:25:00,960 --> 00:25:06,760 Speaker 1: Don't messing around with old. This is the Michael Barry 412 00:25:06,840 --> 00:25:12,359 Speaker 1: Show Community Foundation of Kurrville. Is, I am told, the 413 00:25:12,400 --> 00:25:21,280 Speaker 1: most reputable place to donate in for the for the floods. 414 00:25:21,640 --> 00:25:25,000 Speaker 1: There are a number of other causes out there. That 415 00:25:25,119 --> 00:25:26,720 Speaker 1: is not to say they're not good. There are a 416 00:25:26,800 --> 00:25:30,159 Speaker 1: number of people. I got contacted by a woman whose 417 00:25:30,240 --> 00:25:34,679 Speaker 1: husband is a Navy seal, and they have gathered up 418 00:25:34,680 --> 00:25:36,879 Speaker 1: some Navy seals. I think they raised about seventy thousand 419 00:25:36,880 --> 00:25:40,159 Speaker 1: dollars and they're going in there and they're getting after it. 420 00:25:40,200 --> 00:25:44,400 Speaker 1: They're cutting down limbs and hauling trees. And there are 421 00:25:44,480 --> 00:25:47,520 Speaker 1: good people doing good things. Dave Alexander's a friend of 422 00:25:47,960 --> 00:25:51,480 Speaker 1: some friends. There are good people doing really good things. 423 00:25:51,600 --> 00:25:56,520 Speaker 1: Pinkerton's dropped off loads of food and in many of you, 424 00:25:56,600 --> 00:25:59,199 Speaker 1: in your own way, are doing I can't put them 425 00:25:59,200 --> 00:26:01,879 Speaker 1: all in the air. There are lots of charities that 426 00:26:01,920 --> 00:26:05,439 Speaker 1: have sprung up. I'm sure they're all great, and I 427 00:26:05,480 --> 00:26:09,960 Speaker 1: mean that I just can't mention all of them. I 428 00:26:10,040 --> 00:26:14,399 Speaker 1: just can't so anyway, but you folks are great the 429 00:26:16,119 --> 00:26:20,399 Speaker 1: Navy Seal Guy. The group is called three hundred Justice 430 00:26:20,720 --> 00:26:25,000 Speaker 1: and the Seal Future Foundation. They're in desperate need of chainsaws, 431 00:26:25,040 --> 00:26:28,400 Speaker 1: flotation devices, tarp's body bags, and cadaver dogs. They've raised 432 00:26:28,400 --> 00:26:30,080 Speaker 1: seventy thousand dollars in two days. One hundred percent of 433 00:26:30,160 --> 00:26:33,680 Speaker 1: donations go directly in aiding degrade to aid the rescue team, 434 00:26:34,280 --> 00:26:36,359 Speaker 1: and that group is called three hundred Justice. That's just 435 00:26:36,400 --> 00:26:40,280 Speaker 1: one that popped up on my screen. I try to 436 00:26:40,960 --> 00:26:44,919 Speaker 1: weave our show sponsors into the content of the show 437 00:26:46,080 --> 00:26:49,720 Speaker 1: because these are people that I rely on personally for 438 00:26:49,840 --> 00:26:55,800 Speaker 1: the goods and services they provide. I find that to 439 00:26:55,840 --> 00:26:59,320 Speaker 1: be a useful part of the presentation of what we're doing, 440 00:26:59,359 --> 00:27:01,960 Speaker 1: and I hope you do as well when you do 441 00:27:02,160 --> 00:27:05,639 Speaker 1: look for a service provider. I appreciate it when you 442 00:27:05,680 --> 00:27:08,400 Speaker 1: reach out to me directly through our website Michael Barryshow 443 00:27:08,440 --> 00:27:12,040 Speaker 1: dot com and say, hey, I need your Foundation guy, 444 00:27:13,160 --> 00:27:16,439 Speaker 1: I need your Gold guy, I need your person that 445 00:27:16,520 --> 00:27:22,240 Speaker 1: helps with medicare to walk me through that or any 446 00:27:22,320 --> 00:27:26,080 Speaker 1: number of other things. I thoroughly enjoy that. It makes 447 00:27:26,119 --> 00:27:29,960 Speaker 1: me feel like a badass. Somebody over here has a problem. 448 00:27:30,560 --> 00:27:34,879 Speaker 1: They reach out to me because they trust me, and 449 00:27:35,480 --> 00:27:38,600 Speaker 1: we commute. We have a connection every day on the air, 450 00:27:39,240 --> 00:27:41,800 Speaker 1: and then I reach out to my show sponsor and say, hey, 451 00:27:42,600 --> 00:27:46,159 Speaker 1: give this person a great experience, and I hope they 452 00:27:46,200 --> 00:27:49,239 Speaker 1: give everybody a great experience, but I know you're going 453 00:27:49,280 --> 00:27:52,240 Speaker 1: to get a great experience now because I'm watching, and 454 00:27:52,359 --> 00:27:54,200 Speaker 1: they know that, and so they want to show out 455 00:27:54,200 --> 00:27:58,120 Speaker 1: to me. For most of our show sponsors, we are 456 00:27:58,200 --> 00:28:02,280 Speaker 1: responsible for a sizable portion of their business. They don't 457 00:28:02,320 --> 00:28:05,679 Speaker 1: want us unhappy. So we're like our own better Business Bureau, 458 00:28:06,080 --> 00:28:08,720 Speaker 1: and I do crack down and we have fired clients 459 00:28:09,240 --> 00:28:12,760 Speaker 1: and it's a very unpleasant process, but we have done 460 00:28:12,800 --> 00:28:15,920 Speaker 1: it when we get too many complaints. And if there 461 00:28:16,000 --> 00:28:19,359 Speaker 1: is a complaint, and you ever trust my judgment, I 462 00:28:19,520 --> 00:28:21,600 Speaker 1: forward that to the owner. Now I will tell you 463 00:28:21,680 --> 00:28:24,000 Speaker 1: I've had some listeners who are nuts and it was 464 00:28:24,119 --> 00:28:25,879 Speaker 1: clear to me they were nuts from the email, or 465 00:28:25,880 --> 00:28:28,520 Speaker 1: it's clear based on other emails they've sent, but I 466 00:28:28,600 --> 00:28:32,560 Speaker 1: forward it and the person will send the response. And 467 00:28:32,600 --> 00:28:36,520 Speaker 1: the way that usually works is, hey, Michael, you connected 468 00:28:36,560 --> 00:28:40,200 Speaker 1: me with so and so, but or they'll go to 469 00:28:40,240 --> 00:28:42,840 Speaker 1: them without asking me. You told me to go to 470 00:28:42,880 --> 00:28:46,040 Speaker 1: so and so. I called them and they've never responded. 471 00:28:46,960 --> 00:28:49,920 Speaker 1: So I'll call this happened with Top Tax Defenders. They've 472 00:28:49,960 --> 00:28:53,880 Speaker 1: never responded. It's been ten days. Call Top Tax Defenders 473 00:28:54,080 --> 00:28:56,600 Speaker 1: got the owner of the company on there and he said, Michael, 474 00:28:57,480 --> 00:29:01,040 Speaker 1: if that person, well, I can send you the record 475 00:29:01,880 --> 00:29:04,560 Speaker 1: of how many times we called. Well, that's one of 476 00:29:04,600 --> 00:29:07,400 Speaker 1: the few companies that does something nobody. They actually enter 477 00:29:07,760 --> 00:29:11,480 Speaker 1: through their phone system every day, log every call that 478 00:29:11,600 --> 00:29:15,160 Speaker 1: was made. So I sent back miss Jones or Miss Smith. Hey, 479 00:29:15,840 --> 00:29:20,200 Speaker 1: here's the log of them responding to you. Oh my god, 480 00:29:20,760 --> 00:29:23,720 Speaker 1: I gave the number to the shop out back. We 481 00:29:23,760 --> 00:29:26,000 Speaker 1: live in the house. We haven't been out. My fault. 482 00:29:26,120 --> 00:29:28,440 Speaker 1: We'll get on this. So the long and short of 483 00:29:28,440 --> 00:29:33,040 Speaker 1: that was you're gonna get great attention. That's the business 484 00:29:33,080 --> 00:29:37,040 Speaker 1: model I built. I am unashamed to talk about business. 485 00:29:37,520 --> 00:29:40,040 Speaker 1: Business doesn't have to be a dirty word. You do 486 00:29:40,120 --> 00:29:42,320 Speaker 1: business with people you like to do business with. And 487 00:29:42,400 --> 00:29:44,640 Speaker 1: I have built a community of folks that I like 488 00:29:45,120 --> 00:29:48,160 Speaker 1: that share our values. That's why when for Eddie and 489 00:29:48,200 --> 00:29:51,160 Speaker 1: he makes me do the damn Saint Jude golf tournament 490 00:29:51,520 --> 00:29:54,440 Speaker 1: every Christmas, I have to beg y'all for money. And 491 00:29:54,520 --> 00:29:56,680 Speaker 1: he can't believe every year, how much money we raise. 492 00:29:57,120 --> 00:29:59,520 Speaker 1: That's why our family Foundation, that's why we're selling out 493 00:29:59,560 --> 00:30:03,240 Speaker 1: the poem be each the PB three event. Our folks 494 00:30:03,280 --> 00:30:07,040 Speaker 1: want to do business with people that share our values, 495 00:30:07,080 --> 00:30:08,680 Speaker 1: with whom they're going to have a good experience and 496 00:30:08,720 --> 00:30:11,840 Speaker 1: in many cases make friends. And that's the model. And 497 00:30:11,920 --> 00:30:14,360 Speaker 1: we worked, we built the model. We worked the model 498 00:30:14,480 --> 00:30:17,760 Speaker 1: and it works. Now. Ramone and his lazy ass is 499 00:30:17,800 --> 00:30:20,560 Speaker 1: on vacation, which is why Jim Mudd is having to 500 00:30:20,600 --> 00:30:23,479 Speaker 1: come in and do Jim's job and Ramone's job today. 501 00:30:23,840 --> 00:30:27,360 Speaker 1: See Chad is on vacation quote unquote, he's in Hawaii 502 00:30:27,440 --> 00:30:30,280 Speaker 1: visiting his family, but on a five hour time difference, 503 00:30:30,560 --> 00:30:33,720 Speaker 1: he's still doing his job. Ramone, He's got his two 504 00:30:33,760 --> 00:30:35,800 Speaker 1: boys in the back seat and they are catting around. 505 00:30:36,080 --> 00:30:39,640 Speaker 1: Although Karma, I didn't tell you this yet. Jim Ramone 506 00:30:39,720 --> 00:30:41,880 Speaker 1: leaves his gun in the hotel room. I just called 507 00:30:41,960 --> 00:30:44,000 Speaker 1: him during the break said, hey, Budd, just check it 508 00:30:44,040 --> 00:30:48,160 Speaker 1: on you. I'm all right, you're on vacation. What's wrong? 509 00:30:48,320 --> 00:30:52,200 Speaker 1: He goes the interview sounds good, okay, but what's the problem. Well, 510 00:30:53,360 --> 00:30:55,680 Speaker 1: we headed out this morning from Fort Worth. We got up, 511 00:30:55,760 --> 00:30:57,680 Speaker 1: we made good time. We're on the road. We're having 512 00:30:57,720 --> 00:31:01,040 Speaker 1: a great time, and two hours of way, I get 513 00:31:01,080 --> 00:31:04,640 Speaker 1: a call from the hotel, Sir, you left your gun 514 00:31:04,680 --> 00:31:08,080 Speaker 1: in the room. Ah, he said, I'm not proud of 515 00:31:08,120 --> 00:31:11,640 Speaker 1: the fit. I pitched in my truck driving along. So 516 00:31:11,720 --> 00:31:13,680 Speaker 1: he is on his way back. So that's four hours 517 00:31:13,680 --> 00:31:16,600 Speaker 1: of driving he will do today for absolutely no good. 518 00:31:16,720 --> 00:31:20,680 Speaker 1: Now that's aggravating. So in the last couple of days, 519 00:31:21,840 --> 00:31:27,280 Speaker 1: the President over the weekend said that our deportation efforts 520 00:31:27,320 --> 00:31:31,640 Speaker 1: will not include farms and manufacturing facilities. We will leave 521 00:31:31,680 --> 00:31:35,240 Speaker 1: that to the owners of those shops because they know 522 00:31:36,560 --> 00:31:40,600 Speaker 1: they have their own ability to know which illegals they need, 523 00:31:40,720 --> 00:31:44,120 Speaker 1: and they don't. Don't send me hate email. I'll play 524 00:31:44,160 --> 00:31:47,440 Speaker 1: the audio if you want. He said it. I understand 525 00:31:47,480 --> 00:31:50,320 Speaker 1: Trump can do no wrong ever, no matter what he does. 526 00:31:51,320 --> 00:31:54,239 Speaker 1: I just I'm saying what he said. No, that's going 527 00:31:54,280 --> 00:31:55,760 Speaker 1: to make some of you anger. I'm not supposed to 528 00:31:55,760 --> 00:31:58,200 Speaker 1: say it. He didn't mean it or whatever the thing. 529 00:31:58,320 --> 00:32:03,680 Speaker 1: But okay, fine, that's fine. We also have learned as 530 00:32:03,720 --> 00:32:07,160 Speaker 1: of last night, there is no Epstein list. So Dan 531 00:32:07,200 --> 00:32:09,560 Speaker 1: Bongino on his show for years has said there was 532 00:32:10,080 --> 00:32:14,760 Speaker 1: an Epstein list. Now he says there's no Epstein list. 533 00:32:16,040 --> 00:32:20,640 Speaker 1: I don't think Dan Bongino lied for the last five years. 534 00:32:22,480 --> 00:32:25,240 Speaker 1: I don't know what happened to the Epstein list, but 535 00:32:25,320 --> 00:32:28,720 Speaker 1: I don't think Cash or Dan Bongino believe that there's 536 00:32:28,760 --> 00:32:31,240 Speaker 1: no Epstein list, because if there's no Epstein list, then 537 00:32:31,280 --> 00:32:34,080 Speaker 1: why is giland Maxwell in prison in the first place. 538 00:32:35,560 --> 00:32:41,720 Speaker 1: And now today we're sending weapons to Ukraine. And again, 539 00:32:41,960 --> 00:32:44,320 Speaker 1: I'm not here to question things that obsess people. If 540 00:32:44,320 --> 00:32:48,920 Speaker 1: I question things, I'll be primaried. But it does seem 541 00:32:48,960 --> 00:32:56,360 Speaker 1: odd particularly when all these people Pam Bondi has now 542 00:32:56,480 --> 00:32:59,600 Speaker 1: answered the when she said that they were releasing the 543 00:32:59,600 --> 00:33:02,400 Speaker 1: Epstein list, and then they brought all the influencers in 544 00:33:02,440 --> 00:33:03,920 Speaker 1: and then oh, they give them the binder of all 545 00:33:03,920 --> 00:33:08,120 Speaker 1: the epsteinas all it was all blacked out. I think 546 00:33:08,160 --> 00:33:11,600 Speaker 1: they think this thing is going away. My guess is 547 00:33:11,680 --> 00:33:15,040 Speaker 1: you've got some powerful people outside the United States driving 548 00:33:15,080 --> 00:33:17,680 Speaker 1: this list. And yes, there are people more influential in 549 00:33:17,760 --> 00:33:22,920 Speaker 1: the administration than Donald Trump. Unfortunately, when we're saying that 550 00:33:23,000 --> 00:33:26,280 Speaker 1: you can be in the country illegally and not be 551 00:33:26,400 --> 00:33:32,400 Speaker 1: deported because of the industry you're in farm workers, that 552 00:33:32,560 --> 00:33:37,200 Speaker 1: seems to me to be a very odd message. The 553 00:33:37,240 --> 00:33:41,200 Speaker 1: President said, there will be some right wing crazies or 554 00:33:41,240 --> 00:33:43,360 Speaker 1: right wing I forget what he called right wing wackos 555 00:33:43,440 --> 00:33:49,959 Speaker 1: or whatever who won't like it, but they'll get over it. Okay, 556 00:33:50,760 --> 00:33:54,400 Speaker 1: Who am I to question? Turns out not all illegal 557 00:33:54,440 --> 00:33:57,160 Speaker 1: aliens are bad, just the ones that don't work on farms.