Pirate Money Radio welcomes Mike Carter to discuss President Trump's big bill
Kevin Freeman: Hey. Over the past few weeks, we've heard very little from Washington other than the one big beautiful bill. It's designed to hold all the key Trump promises and priorities. But do you know what's in it? do you know how it's going to impact you? I asked AI for a summary of the big beautiful bill and here's what I got back. It's a 940 page piece of legislation. It passed the Senate after a record breaking voterama. That's how they described it. The bill is a comprehensive piece of legislation that includes tax cuts, immigration enforcement, national defense, and significant changes to health insurance programs. It is considered a major policy policy shift by Republicans. The bill has been the subject of intense debate negotiation, with some calling it a transformative piece of legislation with broad implications across various sectors of the economy. The bill's large size and the speed with which it was assembled have raised concerns about the details and potential unintended consequences, with some experts suggesting that there are many details left to sift through. Look, whenever you pull together 940 pages of something and you don't know what's in it, you have to pass it so you can find out what's in it. It's a little scary. We've been down that road before. I've seen that movie. It sometimes doesn't turn out so well. but your thoughts of whether or not you like it are dependent on whether you consider yourself a Democrat or Republican. but there are a number of small government people with specific opinions as well. I thought we could walk through it today, acknowledging the good, the, the ugly and what we as believers could consider doing to help our family and community based on this bill. And joining me today is one of my dear friends and the co host of Pirate Money Radio, the great Mike Carter, also known as the Voice.
Mike Carter: the Voice. does that mean I have to read the big beautiful bill today? All 940 pages?
Kevin Freeman: Yep, yep. You got to talk fast.
Mike Carter: If only Schumer had me, I think they would have enjoyed it more.
Kevin Freeman: Yeah. Well, welcome Mike, to back to Pirate Money Radio. It's been a couple of weeks since President Trump signed the one big beautiful bill into law. I thought we could walk through some of those 400940 pages and see what's interesting, what could impact our lives. Are you ready to nerd out in politics?
Mike Carter: I am. And what I did see is it's kind of cool. There's a lot of these executive orders that have been kind of codified into law in this budget. And I don't know, I think it's a little bit refreshing. We heard Nancy Pelosi, you know, you have to, have to pass it to understand what's there. I guess this is bipartisan approach to some of that. Although I think they did read it. To their credit, they did read it before they passed it. So, looks like there's some good things here. I'm kind of excited about it. Although as we continue to talk about that debt and it continues to climb, I'm afraid that our chart just jumped up a couple trillion more.
Kevin Freeman: Well, we'll talk about that.
First off, there's no bill that's 940 pages without problems
so where do we start? Maybe we should start with, an overview and we'll do that and then get into some specifics that impact the day to day lives of our listeners. Then we'll wrap with whether or not this bill kept the President's promises. First off, there's no bill that's 940 pages that doesn't have some problems in it because you have to make these horse trade deals. And sometimes, you know, it's like, oh, yeah, I'll let you do that, but I want this, and compromises and those things happen.
Mike Carter: We see it at the state level, transactional gold. I mean, not always about that. It's like, you do this, then we'll help you with that.
Kevin Freeman: We walk in pure and then they, well, we want to throw this on it and so forth. this did get settled along party lines primarily and the President applied enormous pressure to see it pass. And the Senate, I think it was an exact tie. And then the Vice President had to vote to make it happen.
Rod Martin says Elon Musk is wrong about the big beautiful tax bill
All right, let's start with the scoring. You know, one of the things that they do in Washington is they score a bill. Is this going to make it, the debt go up or go down and you know, what does the scoring look like? And there is a Congressional Budget Office that does that. But here's the Committee for a Responsible Federal Budget and they scored. And what they said, let's see. House of Representative fiscal year reconciliation bill. Reconciliation, that's important because to get it through the Senate without a filibuster, you have to stick it in this package at the end, which is, makes it expand and bit bigger. The one big beautiful bill would add 2.4 trillion to primary deficits over the coming decade, adding 3 trillion to the debt, including interest, if its temporary provisions are extended without Offsets. We estimate it would add 5 trillion to the debt, including interest. Now, that doesn't sound very good to me.
Mike Carter: Not on top of the 37 we're at now. That's a little bit scary. Well, what are the cbo? I'm always curious. The cbo, they're never accurate on anything. What do they have?
Kevin Freeman: The CBO is even worse. and they tell, us that it's going to add dramatically to the deficit. But our friend Rod Martin has written in his substack the Unreported Economic Boom and why Elon is wrong about the Big Beautiful bill. Whoa. Rod Martin just said Elon Musk was wrong about something.
Mike Carter: He used to work with him.
Kevin Freeman: He did.
Mike Carter: Elon's had a few things where it's a little more obvious he's wrong on some things.
Kevin Freeman: It does seem questionable at times, but on this, you think he's pure of heart because, you know, we don't want to add to the debt. He was in Doge. He was pan picked by the President to lead Doge to get rid of all this excessive spending. And he complains that we're not doing it. But he also bases his, opinions on the Congressional Budget's office, Congressional Budget Office's partisan analysis. And here's what, Newt Gingrich said, always asserts that tax cuts will not create economic growth on which higher tax revenues would be collected. Yet this is always proved wrong. In fact, in the 1990s, budgets the CBO promised us would balloon the deficit, actually produced budget surpluses, and briefly a paying down of the national debt. Now that's important. Gingrich led that Republican, Contract With America.
Mike Carter: We saw that there a little bit of that during the Reagan era. so history has proven that could be true.
Kevin Freeman: Yeah. And so Rod's, assertion is that the big beautiful bill is going to actually lower the debt and deficit because it's going to spark so much economic growth. In fact, he quotes The Atlanta Fed's GDP now model projecting second quarter growth at 4.6%. Annualized capital investment jump from 5.1% to 8.8%. A massive spike in business confidence. If this thing passes and the American people embrace it, and there are a lot of provisions for them to embrace. we could actually see an economic boom that would more than pay for the spending and tax cuts and everything else.
Mike Carter: That would be one big beautiful bill.
Kevin Freeman: That would be one big. Yeah, absolutely. And so Rod goes on, says, even at a lower pace, Kevan Hassett projects 3% growth. the, White House budget's going to project, at least 2.7% growth even at the lower pace, which is a big improvement over Biden.
Mike Carter: You know, Kevan, he's a pretty credible guy. That's encouraging to hear.
Kevin Freeman: Kevan Asset might be our next head of the Fed. And he did, yes, shameless plug. He did endorse my book Secret Weapon. Wrote a nice note. And I've seen him in recent years and he remembers.
Mike Carter: Yeah, he does. I mean, I've seen him before and he's talked about you and Great, to hear that he might be in that Fed position. That would probably be good for the economy as well.
Kevin Freeman: You know, somebody else that's being considered is Judy Shelton.
Mike Carter: Judy Shelton. I've been reaching out and some of.
Kevin Freeman: The stuff we're working on, talking to her yesterday. We'll have her on our economic forum show coming up. Bottom line is we ought to be able to pay down the debt. budget surpluses. Rod Martin says between 1 to 2 trillion dollars. Completely eliminating the deficit and beginning to pay down the debt. That's every time we put in tax cuts. And don't be fooled. They're saying tax cuts for billionaires and we're firing all these people. No, we're closing loopholes, cutting out waste and the tax cuts. How many billionaires get tips waiting tables?
Mike Carter: Yeah, I was at a restaurant the other day and, you could either pay up with my credit card or I could pay for and might leave my tips in cash. And I was kind of like, sometimes I like to leave the tips in cash. I was like, I think that law is coming into effect sometime where it won't matter. And, the gal's like, yes, I think it happens in September. I think she said September, but she was like, tracking it.
Increase the child tax credit to $2,500 per family
It's going to make a difference to her.
Kevin Freeman: Yep. Well, there are some other things in here. There's $5,000 tax cut for American families. Increase the child tax credit to $2,500 per family. Exempt tips and overtime from taxation. Increased take home pay up to $1,313,300 per worker. Expands small, business deduction to 23%. Helping millions of Main street employers. lets Americans fully deduct car loan interest of if the vehicle is American made. Ah. Thus incentivizing the purchase of a car.
Mike Carter: I like that. I think that's easier for me to pull off than convincing my wife to have another kid for the $2,500 credit.
Kevin Freeman: Yeah. There's a point at which the car seems more appropriate to Bring into the household grandkids, though.
Mike Carter: There you are.
Kevin Freeman: We could take the grandkids. All right, that's just on the tax side. We have a lot more to cover on the big beautiful bill. But don't be misled. This is not a gift to billionaires. There's a lot of kept promises from President Trump. We'll be right back with more.
The claim is that billionaires are benefiting from it and they love it
Mike Carter: Welcome back to Pirate Money Radio with your host, Kevan Freeman.
Kevin Freeman: Yeah, we're talking, Mike Carter here. We're talking about the one big beautiful bill. And the claim is that billionaires are benefiting from it and they love it. And the average working person is not getting any benefits. Well, we've talked about no taxes on tips. We talked about child, care deductions, increasing the take home pay per worker. We're talking about interest, for lower. At some point you lose this interest deduction if you buy American car. But, you know, if you can afford to pay cash, you probably don't need.
Mike Carter: Right. Which sounds fair.
Kevin Freeman: It is. and then yet it's also. And this is what President Trump says Elon Musk is complaining about. It removes green New Deal subsidies, mandates and so forth from. Wait a minute. So we have a billionaire complaining about it, Elon Musk, because he's presumably. And I'm going to give Elon more credit than that. Maybe it's m. You know, he seems to care about this country and I really appreciate a lot of things that he's done. But in the end, these subsidies for these green new scams, are being pulled away.
Mike Carter: I never felt like that was fair. I mean, we were subsidizing those with our tax dollars, with our money while we drive older cars. And people are like, oh, I'm going to get all these discounts on the green stuff. And I understand Elon. I mean, a pocketbook issue for him. and he's got a big company and he wants to get what he can get and his fair share of that. but, that again, sounds kind of fair and balanced to me. We stepped way too far and we had all this inflation because of this green New Deal which extended all those things. This is getting us back on course.
Kevin Freeman: I remember the original oil baron himself, T. Boone Pickens. If you wanted Dallas and you wanted, J.R. ewing, it would be T. Boom Pickens. Right? And yet, because there were all these subsidies for wind, he went out and put an enormous amount of money into West Texas wind and benefited from it. Did he think that would provide safe, ongoing, reliable energy? I don't think so.
Mike Carter: I think he's trying to increase his oil consumption because we talked about that in one of our previous episodes. There. The amount of oil just to keep.
Kevin Freeman: Those windmills running, just to keep them living.
Mike Carter: I know that wasn't it, but a little oil consumption here and a little profit over here and I, got to look at these windmills across the west.
Kevin Freeman: And so that, that would be benefiting billionaires. When you have those big, when they have the green New Deal mandates, what does that include? That includes you have to go in your house and change all your light bulbs out and put in a different kind of light bulb. Oh, you can't buy a gas powered appliance. It's got to be an electric power. All of those things President Trump got rid of, which is going to lower the cost of appliances.
Mike Carter: I like it. That sounds like freedom. You need that Danny Grego song. Freedom. There. That's happening.
Kevin Freeman: Yeah, exactly. Melissa Merrily we love freedom here and we love Danny Grego. But ah, so what, what this is not doing is benefiting billionaires. Billionaires will have to reshuffle and they'll make new investments based on the one big beautiful bill and they'll find a way to make money. But it is bringing freedom to average Americans. It is letting them keep more of their money. It's ending taxpayer funded sex changes. It's modernizing air traffic control. It funds the president's golden dome missile and drone defense. and it includes the largest mandatory spending cuts in history, almost 1.7 trillion. So don't buy all of the things that you're being told in the media that this is just to benefit billionaires and people are getting fired. Our government has become over bloated and it's at our expense. And every time you hire a regulator, you lose about 100 private sector jobs.
Mike Carter: And there was a big risk if this didn't pass. Just what the tax, increase that we'd all be paying. They were going to repeal that. And I think I heard that was anywhere from 4,500 to $6,000. A family, that's a lot of money.
Kevin Freeman: Yeah, no, if they let those expire. So it had to get passed. we couldn't have. And so the hard thing for the opposition, those who are Trump derangement syndrome types, to understand is that his first tax cut did not go primarily to the rich like they claimed. And it did not increase the deficit. It actually increased the revenues. That wasn't the problem. Spending was the problem. Covid was the Problem Covid was huge. And if you want to attack President Trump on anything, don't attack him on tax cuts. You ought to attack him on too much spending. That might be the issue, but not on tax cuts. So I think the Congressional Budget Office, and look, here's some examples of where they've been wrong. they said on Obamacare, 25 million people will enroll in Obamacare plans. That was their projection. And guess what? Enrollment of roughly 12 million or less than 50% was the reality. They said in 2023 spending and revenues. They projected relatively stable deficit for 2023. They underestimated the deficit that one year alone by over $1 trillion. And they planned, they claimed the Inflation Reduction act would lower inflation and that it would be $58.1 billion in savings through their dying, their static scoring. The reality was they added $428 billion in new debt. So the bottom.
Mike Carter: How many accounting businesses would still. Accounting practices would still be in business if they were that far off in their projections in the private sector?
Art Laffer says you cannot grow the economy by tax cuts
Impossible.
Kevin Freeman: Well, unless you wanted to hire one to support your beliefs, which is what the Democrats have done in the Congressional Budget Office. It's controlled by Democrats and they use static scoring. So they say, here's static scoring. I'm the government and I'm taxing you. And I'm taxing you, $10,000 a year, Mike. And if I were to give you a thousand dollar tax cut, then I will only have $9,000 to spend. What they don't take into account is what you're going to do with that tax cut. If you're going to go when you get that savings or you're going to go buy something, you're going to pay down debt, it's going to have an impact throughout the economy. That's dynamic scoring. If you grow the economy by tax cuts, and this is Art Laffer. I mean I met Art LAFFER in the 70s. There's a point at which if you tax 100% of income, 100%, nobody's going to produce any income. But if you tax 0%, you're not going to get any income because there's 0% tax. So you have 0% income, of revenue on both 0 tax and 100% each in and then there's a curve and there's a point at which taxes below a certain level actually increases your revenues.
Kevin Freeman: So that it's pretty simple.
Mike Carter: And it's about that velocity of money. And if we get the velocity of money, that's the key to the economy, closing wealth gaps and everything else.
Kevin Freeman: And you know what? We need to. We need to have less spending and more saving and investment. And this big beautiful bill is geared towards more saving and investment and less consumer spending. We've been sold as suckers. Remember President Bush? Let's be bipartisan here. President Bush comes out and says we're in a war on terror. We just had, you know, 9, 11 happen and we got to get a good strategiary and fight this war on terror. And he comes out and says, so what do we do, Mr. President? Go out and spend some money, go shopping. And what does that led us to? It's led us to China being a dominant world power because what goods and services are you buying? You're buying cheap Chinese imports because they're taking advantage of us. They're far a trade war against us and we're not fighting back.
Mike Carter: Well, I just hope that, within this bill they've got. I didn't see anything about, transactional gold and capital gains tax yet. But is that going to be the next legislation, the next bill?
Kevin Freeman: You know, we're going to get to that. Absolutely. That is on our agenda. And you can help us with this. We're going to have a whole plan. We're going to go to get. You should not cannot tax money that's immoral to tax money simply to maintain its purchasing power. You're just stealing from people by inflation. So we need to address that which.
Mike Carter: Is happening even if we're at 2, they're happy now that we're kind of at 2% inflation, 2.5% inflation. But you realize that's 2% less money I'm making this year, every year, next year another 2%. And under the last administration over the last four years, was it like 30%?
Kevin Freeman: We lost 25%, I think, during the Biden years. All right, sometimes it all comes down to money. There, are only three things you can do with your money. You can give it, you can spend it, you can invest it. Here at Pirate Money Radio, we work to explain solutions that support all three areas in a way that promotes liberty, security and values. Patriot Mobile mobile phone company supports the Pirate Money radio program. Patriot Mobile uses US carriers including AT&T, Verizon and T Mobile, and operates on both Apple and Android phones. More information about the economic war room and Patriot Mobile is [email protected] afr that's pirate.
Kevin Martin: The one big beautiful bill is for the average American
Now, the big beautiful bill, a lot of that's about money. It's going to impact the economy. We know how it's going to impact Elon Musk, but how will it impact you? How will it impact your family? Will it bring new inflation? Will you benefit from any of the tax breaks? Or are these only for billionaires as you've been told? House Ways and Means committee did an analysis that I got through Heritage foundation actually, and it looks pretty good. Have you looked at any of that analysis? The background of the one big beautiful bill.
Mike Carter: I'm a little behind on, my analysis work. Kevan.
Kevin Freeman: All right, well, I put it in.
Mike Carter: There's some beautiful things though.
Kevin Freeman: I put it in the show notes. If you look at it, background on the one big beautiful bill, the typical family will get up to $10,900 in additional take home pay. Workers will see increased wages up to $7,200. That's pretty good.
Mike Carter: That's significant. I think what the average income is out there, 7200 is a big number. It's a big percent of that.
Kevin Freeman: It is. Household earning less than $100,000 get a 12% tax cut compared to today. That's an additional tax cut if you're earning less than $100,000. Oh, wait, how many billionaires are earning less than. Because this is only for billionaires. Remember that.
Mike Carter: What does make this beautiful? I mean, you see a lot of these things and it's for the average working American out there. And that's encouraging.
Kevin Freeman: They say it has up to 7.2 million jobs protected and created and 1 million new jobs annually by big company. No, small business. Wow, you've been a small businessman.
Mike Carter: I've been a small business guy and big corporations for probably half of my career. But not anymore. I'm getting a little older. It's getting to be a smaller percent. But, I would much rather have the small business, the entrepreneurialism, the productivity versus the big corporation.
Kevin Freeman: Which values do you think small business or big business most reflect? The America we'd love to see.
Mike Carter: It's definitely the American dream. And the entrepreneur that says, hey, I want to make a difference out there. I want to build something and I want to. It encourages teamwork and productivity and hiring other people, those are exciting things.
Kevin Freeman: And creativity. What's the difference between an entrepreneur and a corporate guy? Creativity is a good thing or a bad thing?
Mike Carter: Creativity, well, it depends on the corporate side, not necessarily as much. It's, I've been told at times in my corporate days, you know, you're a little too entrepreneurial. That's a little bit too out There I'm like, no, no, this would be the opportunity we could do. No, no, no. This is the way we always do it. and that's where you see big companies get taken over by smaller big ideas coming up.
Kevin Freeman: Well, we're both old enough to remember when Amazon was a tiny startup where you could go buy books.
Mike Carter: Yeah. They kept losing money and had no business plan.
Kevin Freeman: Yeah. And now Amazon, you know, Walmart couldn't enter that business. Barnes and Noble couldn't enter that business. and then Amazon has become a behemoth company, as a result. You know, now, now you even get your entertainment from Amazon. You get your books, you get groceries, you get. I mean, they just about have everything. But guess what? Now they're big business. And there are smart entrepreneurs out there, small business that it's going to take their market share as long as we allow that by lowering regulations and giving economic opportunities, tax incentives and so forth. Forth.
Mike Carter: Big ideas. Big beautiful bill. I think that's what I hear you saying.
Kevin Freeman: Yep.
America's children at birth with the creation of new Trump savings accounts
All right, so I'll just cover a couple of other things. No tax on tips, no tax on overtime pay, car loan interest and so forth. It starts building financial security. And here's an exciting one we'll talk about after the break. America's children at birth with the creation of new Trump savings accounts. Imagine if the government gave every child born $1,000 and what that will do to the economy. We'll talk about this and more right after this break.
Mike Carter: Pirate Money Radio helping you give, spend and invest in ways that align with liberty, security and values.
Kevin Freeman talks with Mike Carter about President Trump's big tax bill
Welcome back with your host, Kevan Freeman.
Kevin Freeman: I'm talking with the great Mike Carter, the voice, the voice of Pirate Money Radio. Mike, hey. We're looking through the one big beautiful bill, all 940 pages, trying to dissect what's in here. I saw that. It locks in and further boosts the doubled child tax credit to $2,200 for more than 40 million American families. What does that do if you get that much tax? That's tax credit. Right? That's, that's not just a deduction. That's tax credit. So you're, an American family. You're on a, you know, modest income. Does that make a difference?
Mike Carter: It makes a significant difference and to a significant amount of the population. That's, that's, that's, that's big. Yeah.
Kevin Freeman: you know what I've been, I've been thinking through? We, we talk about the importance of immigration because we don't have enough people to do all the Jobs. Well, if we had more babies, we would probably have less need to import people. Or if we bring people in. What better way to bring them in than to help families adopt and bring people in and then raise them in a family so they get assimilated as opposed to just opening the board and letting people come across.
Mike Carter: You know, I'm just reading here the fine print of this big beautiful bill. It's $1,000, for each child born in a Trump account. So I'm having like a Trump account baby. And I think it's down here, I think within the thousand dollars. I think for high performing kids. They're also going to get Trump tennis shoes and a Trump watch. Is that right?
Kevin Freeman: No, that's not, no, not a Trump phone. None of those.
Mike Carter: That might be next. I don't know where some of that stuff comes from, but, but $1,000.
Kevin Freeman: Yeah, we give them little gold baby shoes. Hi, I'm President Trump and I've got gold baby shoes with my signature on. No. And Trump shoelaces. No.
Mike Carter: He is, to Trump's credit, I'm obviously kidding around about that. He is the, I heard the other day he's the first president that's an influencer. And so it's natural for him to do these things. It comes off sometimes a little corny, but you gotta admit, he's got his make America great hat on at the right time. He's got his promotion going on over here, on something else going over here. And he's been underestimated until even now. Van Jones says, you know what, we all just got to admit this guy's smarter than all of us. And he's working his plan. And people thought the big beautiful bill would never pass. It's passed.
Kevin Freeman: It is passed and it codified into law all of these promises, one of which which you, you open with $1,000. You have a baby in 25, 26, 27, and you get $1,000 given to that child and there's restrictions on it. It has to be invested in US Stocks, probably stock index. It's got to be held there until they reach certain age. It can be used only for certain purposes until later on in life where they can take it out as income. Well, that's amazing. And it's placed there by the government, the rich Uncle Sam, who by the way, doesn't have tons and tons of riches. But if I'm going to make an investment in America's future, that's a way to do it. To have Americans have Babies. It will stimulate the economy. It will help low income families, be able to afford children. It will return us to a lot of the roots of America.
Mike Carter: It's kind of cool in that it's a starter account and it might even inspire parents to say, I got this thousand dollars for my child, this credit here for my kid. M. maybe next year I think I'm going to put another thousand in or if I have money, I'll put another 500 in.
Kevin Freeman: Contributions are capped at $5,000 per year, including up to $2,500 tax free from a parent's employer. The money grows tax free until it's withdrawn and must be invested in a broad stock index. Bottom line is it's a way to invest in the future of America. He also expanded health savings accounts and is working hand in glove with education reforms. 529 Education savings accounts mean educational freedom to empower American families and students to choose the education that best fits their needs, whether it's K through 12 materials or obtaining a post secondary trades credential. All of these things are really good. They will promote a lot of things.
The Affordable Care Act ends government subsidies for green home improvements and solar projects
Now who loses in this one big beautiful bill? You know there's an old farm saying, when you throw an apple, into the pigsty, ah, how do you know which one you hit? The one that squeals. Who's squealing about this?
Mike Carter: They're not only squealing, I've seen tears. I mean the derangement syndrome is at an all time on the Democrat side right now. I talked in a friend that was in D.C. the other day and he said, he saw Elizabeth Warren, walking down the halls and getting in the elevator and she just looked like a deer in the headlights. Just almost like what's happening here? and it just kind of made me laugh a little bit.
Kevin Freeman: Open up your social media feed and you will see Adam Schiff at the top every Chuck Schumer, Elizabeth Warren all complaining. You know, this is hurting. Well who's it hurting again? It's hurting corporate, welfare subsidies from the Democrats inflation Act. It is hurting foreign control and foreign interests that have purchased a lot of stuff in America and bought a lot of influence. It increases the university endowment tax. These big universities like Harvard and Yale that have these $50 billion endowments and then they charge everyday Americans, if you are allowed to get in enormous amounts and then they subsidize really non Americans. In a lot of cases it puts new restrictions on radical left wing organizations in the tax exempt sector, for example, Planned Parenthood being defunded, which did you see the judge just ruled. The president tries to defund Planned Parenthood, he gets voted on by Congress. The money comes through the Congress, it's our money, they get to determine where to spend it. But they can't stop the flow of funds to Planned Parenthood, even if it's passed under democratic means.
Mike Carter: Well, we have a Supreme Court justice now that doesn't really base anything on law. It's just based on feelings. So I see where all these judges that are out there. It's no longer based on law. It's what I want, what my mandate and agenda is.
Kevin Freeman: All right, here's some other things it does. It puts America first. It fights fraud and Obamacare ends abuse by China to circumvent duties. it ends the taxation of suppressors, short barrel rifles and short barrel shotguns, which means it's pro second amendment. It ends the corporate welfare. It immediately eliminates tax credits for, luxury electric vehicles. They say they're saving the planet and yet they're creating cars that none of us could afford. And then they're giving tax breaks. And then they claim by canceling that you're benefiting billionaires. Wait a minute. isn't the billionaires taking the tax credit for the high end electric vehicles? It immediately terminates government subsidies for green home improvement projects and rooftop solar. It ends taxpayer subsidies for new luxury. Green luxury home developers. What does that mean, the green luxury home M developer. You've been in the home building business.
Mike Carter: You know, I'm not quite sure what it is today. but you know, they usually have herd analysis and air tightness restrictions and things like that. So. So, I was not aware of incentives, on that, but there might be something. So if you build a tight home or you start to add solar panels and all that kind of stuff, all those have been subsidized now and we're seeing. You know, it's crazy. Look at the subsidies they were offering on those solar panels for what you get back. it would never pay out on a free market basis.
Kevin Freeman: The average guy walks into the showroom, I want to buy a new home. As an average American worker, are they looking for the high. What is that? The high end green.
Mike Carter: the ultra, wealthy probably are. But the average one's like, how much home can I afford? And I, want to get these right, the amenities that I appreciate every day. And they're not going to be saying, I'm going to take 20% of my budget and put it on saving utility bills that will pay off in 35 years, which I won't even live in that house for more than probably five or six years and then move on.
Kevin Freeman: So basically these benefited the wealthy, not the average working person. They made houses less m. Affordable, not more affordable. The more restrictions you put on the homes. And by the way, some of these have, for example, if your home is too airtight, it retains moisture, you can have mold problems. Or if you mandate that the appliances are of a certain level, they've got more computers in them, they break down, can't be repaired, have to be replaced. So they're really not green, they're just manufacturing benefits. Right? To people making. So, ah, all of these things that they claim, this is only to help the, help billionaires. It's absolutely not true. It's absolutely not the case. And the average American people, shouldn't the free market determine I want a home that's safe? Don't get me wrong, but they're talking about far beyond making sure it's engineered properly.
Mike Carter: Wouldn't it be great if these type of topics, or maybe not, because then we wouldn't have an audience. But you don't hear about this in most media out there, all the details that we're breaking out here and what it really means and what's really in it. Instead you just hear the talking points, the sound bites that, the narratives want out there. But I'm excited as we get more and more into this, there's some legitimate claims within the big beautiful bill that probably give it that beautiful bill piece, other than that debt that I don't like, but hopefully we can grow out of that.
Kevin Freeman: Oh, yeah, no, this is benefiting the average person. And nobody's talking about it. We don't hear it. for example, the one big beautiful Bill is saving 1,378,000 manufacturing jobs. Does that benefit the big company that's been offshoring or does actually make them hire American workers and stay in America?
Mike Carter: And we're seeing that American workers are getting hired now. Foreign workers have been dropping. American workers are picking up. That's Trump's plan. And that's the beautiful part of this.
Going into 1971, the vast majority of people living here were born here
Kevin Freeman: You know Dave Brat, Congressman Dave, Brat. Dr. David Brat, we had him on the program, really recently talking about everything changed in 1971 when we got off the gold standard. You know, one of the things that changed is going into 1971, the vast majority of people living here were born here. It Reached a peak like 96% of the people that were born, that lived here were born here. that was up from 85% in the 1940s. And so we'd seen a, ah, trend towards more people born in America in 1971, when we financialized our economy, started shipping jobs overseas. What we found though was an influx of people coming into the United States because we also expanded social welfare programs. And Milton Friedman said it best. He said you can have an open border and you can have social welfare programs. You can never afford both because people just move here for the free money. Right. Based on projections, it started rising again. The foreigners born elsewhere moving to America. It projected by 2000 and 40s that something like 22, 23% of the entire population of our country in that year would have been born in a foreign country. How do you maintain the culture?
Mike Carter: Springsteen would have to change this song. Born in the USA would be extinct.
Kevin Freeman: That's right. Well, Springsteen probably ready to change his song. He's politically a little.
Mike Carter: He's not too happy lately, is he?
Kevin Freeman: He's not.
Mike Carter: He's in that crying side right now.
Kevin Freeman: But by doing this, we're promoting Americans. I believe in legal and immigration. I believe we need people. I love it when they come into American families, through adoption. I think that's fantastic. And I love it when they come here because they want to be part of the American dream. I don't so much like people who say, wait, you're giving free stuff, I'm coming for the free stuff.
Mike Carter: Yeah, I want that five star hotel that I can stay in for free in New York. That'd be nice.
Kevin Freeman: Yep.
Mike: Pirate Money is fantastic, but it's not the ultimate solution
So we're talking all of this, this one big beautiful bill. It is fantastic. in a lot of provisions. It's big and there's some ugly in there too. and we're worried about inflation. I think this will help stop inflation a little bit, but it's not the ultimate solution. The ultimate solution is what we talk about all the time on this program. and that is Pirate Money. How you can, save your money in gold, spend your money in gold and not invest. Use gold and silver as money. And ah, Mike, you've been leading the charge on that. We're going to take a break. When we come back, we'll talk about some of the developments there and how pirate money can help your budget. Budget.
Mike Carter: Pirate Money Radio helping you give, spend, ah, and invest in ways that align with liberty, security and values.
Kevin Friedman: House bill permanently extends key Trump economic tax policies
Welcome back with your host, Kevan Friedman.
Kevin Freeman: Yeah, and just before the break we were talking about pirate money. This is pirate money radio and the ability to own, hold and spend gold or silver is money. That's something we passed as legislation in five states this session and something we've been working on for two years since the release of my book Pirate Money. Mike, you've been leading a lot of that charge. You can explain how this can benefit American workers once it's fully implemented. Like if you get a portion of your paycheck at the option in gold or silver vaulted for you, protected and spendable with a debit card. Totally optional. Working with employers in those five states could make it possible and might be in 25 states.
Mike Carter: yeah, it's exciting. You know, support for this program comes from Glint, a financial technology service offering debit card mobile app that enable users to access their gold holdings for everyday purchases. with Glint, users maintain ownership of allocated physical gold, which is stored in a managed vault. At the time of transaction, gold is sold in real time to cover the purchase amount in local currency. Glint offers an alternative way to store and use the value, combining gold and silver with modern payment infrastructure. Gold clients can monitor their gold balance, view transaction history and manage their account through the Glint app available on major mobile platforms. More details about how vaulted physical gold can be used as money are [email protected] Gold247 Again, that's glintpay.com Gold247 Glint providing access to gold for modern spending.
Kevin Freeman: You know, and that's just one of the ways that, you can utilize. I'm sure other providers will come along. but I think pirate money is one real way to help real American families. And I'm really pleased to see the one big, beautiful bill pass and then read it and see all these provisions that will help American families. And one of the provisions, it's going to fuel America's economic growth. I just looking down here on the summary from the, House Ways and Means Committee permanently extends key Trump economic tax policies. You know, the Trump economy was doing really well until Covid hit.
Mike Carter: Yes, it was.
Kevin Freeman: Did you feel it? Everybody's like, there's a boom. It seems as if the president's enemies were like, oh, my gosh, if we don't stop it right now, we're going to have an economic boom and we'll never be able to stop it. Well, this puts us back to where we were. Permanent 100% immediate expensing. If you're a business. Currently, businesses can only use 40% expensing for 20, 25 and 20% for 20, 26. That was before this passed. It puts it back to where if you expense something, you can write it off right then, which is going to.
Mike Carter: Encourage capital expenses and larger capital expenses, which should be good for the economy.
Kevin Freeman: Yep. Permanent immediate expenses for research and development in the U.S. now, for years, bipartisan economists would say we need more R and D in America. So Trump says, look, if you're going to spend money on R and D and the one big beautiful bill, you, get to write it off. You get to expense it. Well, shouldn't that increase R and D?
Mike Carter: Yeah, yeah. And I love the idea of being able to increase, R and D, not only in the universities, but in the different sectors out there.
Kevin Freeman: Yep. Companies doing it. Permanent deduction for interest expenses. Medium sized manufacturers cannot, raise capital from equity markets and often must borrow. If you have to borrow, you ought to be able to deduct that interest. permanent small business deduction makes permanent the 20% small business deduction for 30 million American small businesses. That's important because a lot of people have gotten laid off from their job. They take their package and what do they do? They start a small business and then they run into regulations and taxes and everything else. We've got to simplify that. We need more entrepreneurs in America, not fewer entrepreneurs. and at permanent key international tax reforms, which is fabulous. We need that incentives for Made in America rewards. New factories built in the usa. Doubles immediately small business expensive renew successful Opportunity zone programs. You know, we've had Dr. Carson here in the economic war room. He helped build that Opportunity Zone program as part of when he was at hud.
Mike Carter: Yeah. And again, what a good thing for all of America. You're talking about areas with potential blight. No economic development and bringing opportunity to the people that live there. That's exactly the type of economic policies we need.
Kevin Freeman: Yeah.
Mike Carter: You help things that will help close the wealth gap, things that will give people hope. That's exciting. Exciting.
Kevin Freeman: So if you're in an opportunity zone and maybe you've been struggling, there'll be new money, fresh money coming in and the infrastructure will be built up so you'll benefit. If you're wealthy and you want to look for a place to invest, instead of putting in a foreign factory, you could put it in development in the US Building up these opportunity zones, it literally solves a lot of that wealth gap problem and gives everyone a chance to participate and benefit. So that's fantastic. it also reduces reporting burdens for small businesses and entrepreneurs.
Mike Carter: Oh, now we're talking.
Kevin Freeman: When the tax day rolls around for you, whether you extend or whether you do it, it is so painful to think of all the reporting and then you multiply that. If you're a small business owner, not only do you have to report for you personally, but you have to report all of your business. It's just. It's evil is what it is. And big companies, they'll hire somebody as an accountant, they'll maybe have huge departments of accounting. But you as a small businessman, that comes on your time. it's not during the workday when you have to serve customers. That comes late at night. And you're sitting there struggling. And you know if you mess up, you go to jail.
Mike Carter: Yeah. And it's the last thing you want to do. So you put it off till it's late at night and just like, oh, I just got to get it done.
Kevin Freeman: And then you're too tired to do it properly, and then you go to jail. No, no, we don't need to go to jail.
Mike Carter: And then you wait till the next day and the next day and they say, well, maybe I'll do an extension because I'm too busy right now. And then the extension time comes up and you're still too busy because you have your own business, but you got to get it done.
The one big beautiful bill reduces taxes on farmers by over 10 billion
Kevin Freeman: And let's talk about what that owned business is. The Democrats wanted to turn it into the gig economy to where you actually, if you're an Uber driver. Oh, my goodness, you're actually an employee of the Uber Corporation. No, no, I'm driving Uber so I can be an independent businessman. I bought my own car. I choose when I drive and when I don't drive. No, no, you're an employee and you should have health care benefits. I don't want the health care benefits. I can go get a job somewhere. I want the independence. And once you know, it really is, it's a sea change. here's economic benefits. Adds $950 billion on average to the gross domestic product every year. And that's the impact of the one big beautiful bill. Our gdp, is going to rise substantially about a trillion dollars a year. That means our economy is going to grow remarkably. And here's an important one for our listeners here. It helps rural America, and a lot of our AFR listeners live in rural America, with immediate tax relief to farmers, ranchers and small business. It puts flyover states first, not last. This is different than anything I've ever seen in Washington.
Mike Carter: it's unprecedented and it takes advantage of all that red, that flyover country that we saw there that was saying, hey, nobody hears our voice anymore. It's all controlled by the east and the west coast, but nobody cares about us. All of a sudden now we see a policy change coming from D.C. that's going to take over, that's going to move across America.
Kevin Freeman: He wants to keep promises. That's the bottom line. The one big beautiful bill reduces taxes on farmers by over 10 billion income taxes, small business deduction, childcare credit, small business expensing, estate tax exemption, and alternative minimum tax exemption. When you add that all up, we're Talking about a $10 billion a year.
Mike Carter: Savings for American farmers and, debt tax relief for those that, maybe are inheriting a farm so they can stay in the farming business. And that's a good thing because there's not a whole lot of people trying to get into farming right now. But the ones that are in it, that understand it and know the business, if they can take the farm over and continue that, you know, we talk all the time. Food security is national security. And to have farmers, productive farmers that are making this happen still, I think it's, exciting.
Kevin Freeman: Well, and you go the opposite direction if you get big corporations running everything. What you get is what, Secretary Kennedy is fighting with. Make America healthy again. Maha is coming out against these big massive corporations. And what they'll do is they'll use farm techniques that aren't necessarily healthy, they'll use excessive pesticides and all of those things, everything that our wives have told us, Senator Kennedy or not, Secretary Kennedy has documented. So if you're a woman listening to this, we heard you, our wives tell us that's probably not healthy for us. And now you are right, dear Marnie, if you're listening, Jane, if you're listening, we'll just say it together. You were right. It's not necessarily healthy. All those chemicals and everything else. But that's what big food does.
Mike Carter: Oh, it does. I don't want the steroid fed beef. I want the beef that the farmer down the road did that I know is healthy and natural and tastes great.
Kevin Freeman: So this is what we're talking about, one big beautiful bill. We've all been lied to by the media repeatedly that this only benefits billionaires. We've just gone through just a handful of the provisions on how it helps families, it helps farmers, it helps fly over country. it benefits, wages, workers wages. I mean, no tax on tips. Have you been to a restaurant Lately, which you can't go to often because we've got Biden inflation that's caused the. You know, it used to cost, what, $50 for a decent meal out for a family, and now it's $150. When they say 20% inflation. Oh, come on. Go to a restaurant.
Mike Carter: I eat a little lighter. I'm like, then at 40. Normally, if it's light, if we're eating, like, okay, split meals. But if not, then it's $70.
Kevin Freeman: Easy, easy. Well, I took.
Mike Carter: And if I go to a really nice meal, I haven't had the $150 meal for a while.
Kevin Freeman: But, we did. We took the family out to celebrate. And, actually, it busted. We had, one daughter's boyfriend was there. Busted. 200 bucks. And then you had two.
Mike Carter: I can see that. And I got a smaller family. There's three of us right now, so a little smaller. My other daughter's married and gone. But, yeah, the multiplication factor, it's significant.
Kevin Freeman: My brother took his son, and, his wife and his other son and his wife, and they went out and celebrated. We were just recently together, at a restaurant in Tulsa, Oklahoma. And for the six of them, $500m, it's because steaks will run 80 to $100 apiece. So bottom line is, it's gotten really expensive. The big beautiful bill has a chance to roll some of that back or at least increase our income. And we really need to be supportive. Look at the bill. Don't just take what the media tells you. Look at the bill and see how it actually can be big and big.
Mike Carter: There's so much here. We can't get it all covered. The bill is so big. we're going to run out of time today.
Just talking benefits. That's what we're talking, just benefits
Kevin Freeman: Just talking benefits. That's what we're talking, just benefits. All right, if you've got questions or comments, email [email protected] and pray for America. Pray for our return to God's principles. And don't forget pirate money. It'll help level the playing field. Listen, wherever you get your podcasts, Apple, Spotify, and so forth. This is Kevan Freeman, joined by Mike Carter for Pirate Money Radio.
Pirate Money Radio welcomes Mike Carter to discuss President Trump's big bill
Kevin Freeman: Hey. Over the past few weeks, we've heard very little from Washington other than the one big beautiful bill. It's designed to hold all the key Trump promises and priorities. But do you know what's in it? do you know how it's going to impact you? I asked AI for a summary of the big beautiful bill and here's what I got back. It's a 940 page piece of legislation. It passed the Senate after a record breaking voterama. That's how they described it. The bill is a comprehensive piece of legislation that includes tax cuts, immigration enforcement, national defense, and significant changes to health insurance programs. It is considered a major policy policy shift by Republicans. The bill has been the subject of intense debate negotiation, with some calling it a transformative piece of legislation with broad implications across various sectors of the economy. The bill's large size and the speed with which it was assembled have raised concerns about the details and potential unintended consequences, with some experts suggesting that there are many details left to sift through. Look, whenever you pull together 940 pages of something and you don't know what's in it, you have to pass it so you can find out what's in it. It's a little scary. We've been down that road before. I've seen that movie. It sometimes doesn't turn out so well. but your thoughts of whether or not you like it are dependent on whether you consider yourself a Democrat or Republican. but there are a number of small government people with specific opinions as well. I thought we could walk through it today, acknowledging the good, the, the ugly and what we as believers could consider doing to help our family and community based on this bill. And joining me today is one of my dear friends and the co host of Pirate Money Radio, the great Mike Carter, also known as the Voice.
Mike Carter: the Voice. does that mean I have to read the big beautiful bill today? All 940 pages?
Kevin Freeman: Yep, yep. You got to talk fast.
Mike Carter: If only Schumer had me, I think they would have enjoyed it more.
Kevin Freeman: Yeah. Well, welcome Mike, to back to Pirate Money Radio. It's been a couple of weeks since President Trump signed the one big beautiful bill into law. I thought we could walk through some of those 400940 pages and see what's interesting, what could impact our lives. Are you ready to nerd out in politics?
Mike Carter: I am. And what I did see is it's kind of cool. There's a lot of these executive orders that have been kind of codified into law in this budget. And I don't know, I think it's a little bit refreshing. We heard Nancy Pelosi, you know, you have to, have to pass it to understand what's there. I guess this is bipartisan approach to some of that. Although I think they did read it. To their credit, they did read it before they passed it. So, looks like there's some good things here. I'm kind of excited about it. Although as we continue to talk about that debt and it continues to climb, I'm afraid that our chart just jumped up a couple trillion more.
Kevin Freeman: Well, we'll talk about that.
First off, there's no bill that's 940 pages without problems
so where do we start? Maybe we should start with, an overview and we'll do that and then get into some specifics that impact the day to day lives of our listeners. Then we'll wrap with whether or not this bill kept the President's promises. First off, there's no bill that's 940 pages that doesn't have some problems in it because you have to make these horse trade deals. And sometimes, you know, it's like, oh, yeah, I'll let you do that, but I want this, and compromises and those things happen.
Mike Carter: We see it at the state level, transactional gold. I mean, not always about that. It's like, you do this, then we'll help you with that.
Kevin Freeman: We walk in pure and then they, well, we want to throw this on it and so forth. this did get settled along party lines primarily and the President applied enormous pressure to see it pass. And the Senate, I think it was an exact tie. And then the Vice President had to vote to make it happen.
Rod Martin says Elon Musk is wrong about the big beautiful tax bill
All right, let's start with the scoring. You know, one of the things that they do in Washington is they score a bill. Is this going to make it, the debt go up or go down and you know, what does the scoring look like? And there is a Congressional Budget Office that does that. But here's the Committee for a Responsible Federal Budget and they scored. And what they said, let's see. House of Representative fiscal year reconciliation bill. Reconciliation, that's important because to get it through the Senate without a filibuster, you have to stick it in this package at the end, which is, makes it expand and bit bigger. The one big beautiful bill would add 2.4 trillion to primary deficits over the coming decade, adding 3 trillion to the debt, including interest, if its temporary provisions are extended without Offsets. We estimate it would add 5 trillion to the debt, including interest. Now, that doesn't sound very good to me.
Mike Carter: Not on top of the 37 we're at now. That's a little bit scary. Well, what are the cbo? I'm always curious. The cbo, they're never accurate on anything. What do they have?
Kevin Freeman: The CBO is even worse. and they tell, us that it's going to add dramatically to the deficit. But our friend Rod Martin has written in his substack the Unreported Economic Boom and why Elon is wrong about the Big Beautiful bill. Whoa. Rod Martin just said Elon Musk was wrong about something.
Mike Carter: He used to work with him.
Kevin Freeman: He did.
Mike Carter: Elon's had a few things where it's a little more obvious he's wrong on some things.
Kevin Freeman: It does seem questionable at times, but on this, you think he's pure of heart because, you know, we don't want to add to the debt. He was in Doge. He was pan picked by the President to lead Doge to get rid of all this excessive spending. And he complains that we're not doing it. But he also bases his, opinions on the Congressional Budget's office, Congressional Budget Office's partisan analysis. And here's what, Newt Gingrich said, always asserts that tax cuts will not create economic growth on which higher tax revenues would be collected. Yet this is always proved wrong. In fact, in the 1990s, budgets the CBO promised us would balloon the deficit, actually produced budget surpluses, and briefly a paying down of the national debt. Now that's important. Gingrich led that Republican, Contract With America.
Mike Carter: We saw that there a little bit of that during the Reagan era. so history has proven that could be true.
Kevin Freeman: Yeah. And so Rod's, assertion is that the big beautiful bill is going to actually lower the debt and deficit because it's going to spark so much economic growth. In fact, he quotes The Atlanta Fed's GDP now model projecting second quarter growth at 4.6%. Annualized capital investment jump from 5.1% to 8.8%. A massive spike in business confidence. If this thing passes and the American people embrace it, and there are a lot of provisions for them to embrace. we could actually see an economic boom that would more than pay for the spending and tax cuts and everything else.
Mike Carter: That would be one big beautiful bill.
Kevin Freeman: That would be one big. Yeah, absolutely. And so Rod goes on, says, even at a lower pace, Kevan Hassett projects 3% growth. the, White House budget's going to project, at least 2.7% growth even at the lower pace, which is a big improvement over Biden.
Mike Carter: You know, Kevan, he's a pretty credible guy. That's encouraging to hear.
Kevin Freeman: Kevan Asset might be our next head of the Fed. And he did, yes, shameless plug. He did endorse my book Secret Weapon. Wrote a nice note. And I've seen him in recent years and he remembers.
Mike Carter: Yeah, he does. I mean, I've seen him before and he's talked about you and Great, to hear that he might be in that Fed position. That would probably be good for the economy as well.
Kevin Freeman: You know, somebody else that's being considered is Judy Shelton.
Mike Carter: Judy Shelton. I've been reaching out and some of.
Kevin Freeman: The stuff we're working on, talking to her yesterday. We'll have her on our economic forum show coming up. Bottom line is we ought to be able to pay down the debt. budget surpluses. Rod Martin says between 1 to 2 trillion dollars. Completely eliminating the deficit and beginning to pay down the debt. That's every time we put in tax cuts. And don't be fooled. They're saying tax cuts for billionaires and we're firing all these people. No, we're closing loopholes, cutting out waste and the tax cuts. How many billionaires get tips waiting tables?
Mike Carter: Yeah, I was at a restaurant the other day and, you could either pay up with my credit card or I could pay for and might leave my tips in cash. And I was kind of like, sometimes I like to leave the tips in cash. I was like, I think that law is coming into effect sometime where it won't matter. And, the gal's like, yes, I think it happens in September. I think she said September, but she was like, tracking it.
Increase the child tax credit to $2,500 per family
It's going to make a difference to her.
Kevin Freeman: Yep. Well, there are some other things in here. There's $5,000 tax cut for American families. Increase the child tax credit to $2,500 per family. Exempt tips and overtime from taxation. Increased take home pay up to $1,313,300 per worker. Expands small, business deduction to 23%. Helping millions of Main street employers. lets Americans fully deduct car loan interest of if the vehicle is American made. Ah. Thus incentivizing the purchase of a car.
Mike Carter: I like that. I think that's easier for me to pull off than convincing my wife to have another kid for the $2,500 credit.
Kevin Freeman: Yeah. There's a point at which the car seems more appropriate to Bring into the household grandkids, though.
Mike Carter: There you are.
Kevin Freeman: We could take the grandkids. All right, that's just on the tax side. We have a lot more to cover on the big beautiful bill. But don't be misled. This is not a gift to billionaires. There's a lot of kept promises from President Trump. We'll be right back with more.
The claim is that billionaires are benefiting from it and they love it
Mike Carter: Welcome back to Pirate Money Radio with your host, Kevan Freeman.
Kevin Freeman: Yeah, we're talking, Mike Carter here. We're talking about the one big beautiful bill. And the claim is that billionaires are benefiting from it and they love it. And the average working person is not getting any benefits. Well, we've talked about no taxes on tips. We talked about child, care deductions, increasing the take home pay per worker. We're talking about interest, for lower. At some point you lose this interest deduction if you buy American car. But, you know, if you can afford to pay cash, you probably don't need.
Mike Carter: Right. Which sounds fair.
Kevin Freeman: It is. and then yet it's also. And this is what President Trump says Elon Musk is complaining about. It removes green New Deal subsidies, mandates and so forth from. Wait a minute. So we have a billionaire complaining about it, Elon Musk, because he's presumably. And I'm going to give Elon more credit than that. Maybe it's m. You know, he seems to care about this country and I really appreciate a lot of things that he's done. But in the end, these subsidies for these green new scams, are being pulled away.
Mike Carter: I never felt like that was fair. I mean, we were subsidizing those with our tax dollars, with our money while we drive older cars. And people are like, oh, I'm going to get all these discounts on the green stuff. And I understand Elon. I mean, a pocketbook issue for him. and he's got a big company and he wants to get what he can get and his fair share of that. but, that again, sounds kind of fair and balanced to me. We stepped way too far and we had all this inflation because of this green New Deal which extended all those things. This is getting us back on course.
Kevin Freeman: I remember the original oil baron himself, T. Boone Pickens. If you wanted Dallas and you wanted, J.R. ewing, it would be T. Boom Pickens. Right? And yet, because there were all these subsidies for wind, he went out and put an enormous amount of money into West Texas wind and benefited from it. Did he think that would provide safe, ongoing, reliable energy? I don't think so.
Mike Carter: I think he's trying to increase his oil consumption because we talked about that in one of our previous episodes. There. The amount of oil just to keep.
Kevin Freeman: Those windmills running, just to keep them living.
Mike Carter: I know that wasn't it, but a little oil consumption here and a little profit over here and I, got to look at these windmills across the west.
Kevin Freeman: And so that, that would be benefiting billionaires. When you have those big, when they have the green New Deal mandates, what does that include? That includes you have to go in your house and change all your light bulbs out and put in a different kind of light bulb. Oh, you can't buy a gas powered appliance. It's got to be an electric power. All of those things President Trump got rid of, which is going to lower the cost of appliances.
Mike Carter: I like it. That sounds like freedom. You need that Danny Grego song. Freedom. There. That's happening.
Kevin Freeman: Yeah, exactly. Melissa Merrily we love freedom here and we love Danny Grego. But ah, so what, what this is not doing is benefiting billionaires. Billionaires will have to reshuffle and they'll make new investments based on the one big beautiful bill and they'll find a way to make money. But it is bringing freedom to average Americans. It is letting them keep more of their money. It's ending taxpayer funded sex changes. It's modernizing air traffic control. It funds the president's golden dome missile and drone defense. and it includes the largest mandatory spending cuts in history, almost 1.7 trillion. So don't buy all of the things that you're being told in the media that this is just to benefit billionaires and people are getting fired. Our government has become over bloated and it's at our expense. And every time you hire a regulator, you lose about 100 private sector jobs.
Mike Carter: And there was a big risk if this didn't pass. Just what the tax, increase that we'd all be paying. They were going to repeal that. And I think I heard that was anywhere from 4,500 to $6,000. A family, that's a lot of money.
Kevin Freeman: Yeah, no, if they let those expire. So it had to get passed. we couldn't have. And so the hard thing for the opposition, those who are Trump derangement syndrome types, to understand is that his first tax cut did not go primarily to the rich like they claimed. And it did not increase the deficit. It actually increased the revenues. That wasn't the problem. Spending was the problem. Covid was the Problem Covid was huge. And if you want to attack President Trump on anything, don't attack him on tax cuts. You ought to attack him on too much spending. That might be the issue, but not on tax cuts. So I think the Congressional Budget Office, and look, here's some examples of where they've been wrong. they said on Obamacare, 25 million people will enroll in Obamacare plans. That was their projection. And guess what? Enrollment of roughly 12 million or less than 50% was the reality. They said in 2023 spending and revenues. They projected relatively stable deficit for 2023. They underestimated the deficit that one year alone by over $1 trillion. And they planned, they claimed the Inflation Reduction act would lower inflation and that it would be $58.1 billion in savings through their dying, their static scoring. The reality was they added $428 billion in new debt. So the bottom.
Mike Carter: How many accounting businesses would still. Accounting practices would still be in business if they were that far off in their projections in the private sector?
Art Laffer says you cannot grow the economy by tax cuts
Impossible.
Kevin Freeman: Well, unless you wanted to hire one to support your beliefs, which is what the Democrats have done in the Congressional Budget Office. It's controlled by Democrats and they use static scoring. So they say, here's static scoring. I'm the government and I'm taxing you. And I'm taxing you, $10,000 a year, Mike. And if I were to give you a thousand dollar tax cut, then I will only have $9,000 to spend. What they don't take into account is what you're going to do with that tax cut. If you're going to go when you get that savings or you're going to go buy something, you're going to pay down debt, it's going to have an impact throughout the economy. That's dynamic scoring. If you grow the economy by tax cuts, and this is Art Laffer. I mean I met Art LAFFER in the 70s. There's a point at which if you tax 100% of income, 100%, nobody's going to produce any income. But if you tax 0%, you're not going to get any income because there's 0% tax. So you have 0% income, of revenue on both 0 tax and 100% each in and then there's a curve and there's a point at which taxes below a certain level actually increases your revenues.
Kevin Freeman: So that it's pretty simple.
Mike Carter: And it's about that velocity of money. And if we get the velocity of money, that's the key to the economy, closing wealth gaps and everything else.
Kevin Freeman: And you know what? We need to. We need to have less spending and more saving and investment. And this big beautiful bill is geared towards more saving and investment and less consumer spending. We've been sold as suckers. Remember President Bush? Let's be bipartisan here. President Bush comes out and says we're in a war on terror. We just had, you know, 9, 11 happen and we got to get a good strategiary and fight this war on terror. And he comes out and says, so what do we do, Mr. President? Go out and spend some money, go shopping. And what does that led us to? It's led us to China being a dominant world power because what goods and services are you buying? You're buying cheap Chinese imports because they're taking advantage of us. They're far a trade war against us and we're not fighting back.
Mike Carter: Well, I just hope that, within this bill they've got. I didn't see anything about, transactional gold and capital gains tax yet. But is that going to be the next legislation, the next bill?
Kevin Freeman: You know, we're going to get to that. Absolutely. That is on our agenda. And you can help us with this. We're going to have a whole plan. We're going to go to get. You should not cannot tax money that's immoral to tax money simply to maintain its purchasing power. You're just stealing from people by inflation. So we need to address that which.
Mike Carter: Is happening even if we're at 2, they're happy now that we're kind of at 2% inflation, 2.5% inflation. But you realize that's 2% less money I'm making this year, every year, next year another 2%. And under the last administration over the last four years, was it like 30%?
Kevin Freeman: We lost 25%, I think, during the Biden years. All right, sometimes it all comes down to money. There, are only three things you can do with your money. You can give it, you can spend it, you can invest it. Here at Pirate Money Radio, we work to explain solutions that support all three areas in a way that promotes liberty, security and values. Patriot Mobile mobile phone company supports the Pirate Money radio program. Patriot Mobile uses US carriers including AT&T, Verizon and T Mobile, and operates on both Apple and Android phones. More information about the economic war room and Patriot Mobile is [email protected] afr that's pirate.
Kevin Martin: The one big beautiful bill is for the average American
Now, the big beautiful bill, a lot of that's about money. It's going to impact the economy. We know how it's going to impact Elon Musk, but how will it impact you? How will it impact your family? Will it bring new inflation? Will you benefit from any of the tax breaks? Or are these only for billionaires as you've been told? House Ways and Means committee did an analysis that I got through Heritage foundation actually, and it looks pretty good. Have you looked at any of that analysis? The background of the one big beautiful bill.
Mike Carter: I'm a little behind on, my analysis work. Kevan.
Kevin Freeman: All right, well, I put it in.
Mike Carter: There's some beautiful things though.
Kevin Freeman: I put it in the show notes. If you look at it, background on the one big beautiful bill, the typical family will get up to $10,900 in additional take home pay. Workers will see increased wages up to $7,200. That's pretty good.
Mike Carter: That's significant. I think what the average income is out there, 7200 is a big number. It's a big percent of that.
Kevin Freeman: It is. Household earning less than $100,000 get a 12% tax cut compared to today. That's an additional tax cut if you're earning less than $100,000. Oh, wait, how many billionaires are earning less than. Because this is only for billionaires. Remember that.
Mike Carter: What does make this beautiful? I mean, you see a lot of these things and it's for the average working American out there. And that's encouraging.
Kevin Freeman: They say it has up to 7.2 million jobs protected and created and 1 million new jobs annually by big company. No, small business. Wow, you've been a small businessman.
Mike Carter: I've been a small business guy and big corporations for probably half of my career. But not anymore. I'm getting a little older. It's getting to be a smaller percent. But, I would much rather have the small business, the entrepreneurialism, the productivity versus the big corporation.
Kevin Freeman: Which values do you think small business or big business most reflect? The America we'd love to see.
Mike Carter: It's definitely the American dream. And the entrepreneur that says, hey, I want to make a difference out there. I want to build something and I want to. It encourages teamwork and productivity and hiring other people, those are exciting things.
Kevin Freeman: And creativity. What's the difference between an entrepreneur and a corporate guy? Creativity is a good thing or a bad thing?
Mike Carter: Creativity, well, it depends on the corporate side, not necessarily as much. It's, I've been told at times in my corporate days, you know, you're a little too entrepreneurial. That's a little bit too out There I'm like, no, no, this would be the opportunity we could do. No, no, no. This is the way we always do it. and that's where you see big companies get taken over by smaller big ideas coming up.
Kevin Freeman: Well, we're both old enough to remember when Amazon was a tiny startup where you could go buy books.
Mike Carter: Yeah. They kept losing money and had no business plan.
Kevin Freeman: Yeah. And now Amazon, you know, Walmart couldn't enter that business. Barnes and Noble couldn't enter that business. and then Amazon has become a behemoth company, as a result. You know, now, now you even get your entertainment from Amazon. You get your books, you get groceries, you get. I mean, they just about have everything. But guess what? Now they're big business. And there are smart entrepreneurs out there, small business that it's going to take their market share as long as we allow that by lowering regulations and giving economic opportunities, tax incentives and so forth. Forth.
Mike Carter: Big ideas. Big beautiful bill. I think that's what I hear you saying.
Kevin Freeman: Yep.
America's children at birth with the creation of new Trump savings accounts
All right, so I'll just cover a couple of other things. No tax on tips, no tax on overtime pay, car loan interest and so forth. It starts building financial security. And here's an exciting one we'll talk about after the break. America's children at birth with the creation of new Trump savings accounts. Imagine if the government gave every child born $1,000 and what that will do to the economy. We'll talk about this and more right after this break.
Mike Carter: Pirate Money Radio helping you give, spend and invest in ways that align with liberty, security and values.
Kevin Freeman talks with Mike Carter about President Trump's big tax bill
Welcome back with your host, Kevan Freeman.
Kevin Freeman: I'm talking with the great Mike Carter, the voice, the voice of Pirate Money Radio. Mike, hey. We're looking through the one big beautiful bill, all 940 pages, trying to dissect what's in here. I saw that. It locks in and further boosts the doubled child tax credit to $2,200 for more than 40 million American families. What does that do if you get that much tax? That's tax credit. Right? That's, that's not just a deduction. That's tax credit. So you're, an American family. You're on a, you know, modest income. Does that make a difference?
Mike Carter: It makes a significant difference and to a significant amount of the population. That's, that's, that's, that's big. Yeah.
Kevin Freeman: you know what I've been, I've been thinking through? We, we talk about the importance of immigration because we don't have enough people to do all the Jobs. Well, if we had more babies, we would probably have less need to import people. Or if we bring people in. What better way to bring them in than to help families adopt and bring people in and then raise them in a family so they get assimilated as opposed to just opening the board and letting people come across.
Mike Carter: You know, I'm just reading here the fine print of this big beautiful bill. It's $1,000, for each child born in a Trump account. So I'm having like a Trump account baby. And I think it's down here, I think within the thousand dollars. I think for high performing kids. They're also going to get Trump tennis shoes and a Trump watch. Is that right?
Kevin Freeman: No, that's not, no, not a Trump phone. None of those.
Mike Carter: That might be next. I don't know where some of that stuff comes from, but, but $1,000.
Kevin Freeman: Yeah, we give them little gold baby shoes. Hi, I'm President Trump and I've got gold baby shoes with my signature on. No. And Trump shoelaces. No.
Mike Carter: He is, to Trump's credit, I'm obviously kidding around about that. He is the, I heard the other day he's the first president that's an influencer. And so it's natural for him to do these things. It comes off sometimes a little corny, but you gotta admit, he's got his make America great hat on at the right time. He's got his promotion going on over here, on something else going over here. And he's been underestimated until even now. Van Jones says, you know what, we all just got to admit this guy's smarter than all of us. And he's working his plan. And people thought the big beautiful bill would never pass. It's passed.
Kevin Freeman: It is passed and it codified into law all of these promises, one of which which you, you open with $1,000. You have a baby in 25, 26, 27, and you get $1,000 given to that child and there's restrictions on it. It has to be invested in US Stocks, probably stock index. It's got to be held there until they reach certain age. It can be used only for certain purposes until later on in life where they can take it out as income. Well, that's amazing. And it's placed there by the government, the rich Uncle Sam, who by the way, doesn't have tons and tons of riches. But if I'm going to make an investment in America's future, that's a way to do it. To have Americans have Babies. It will stimulate the economy. It will help low income families, be able to afford children. It will return us to a lot of the roots of America.
Mike Carter: It's kind of cool in that it's a starter account and it might even inspire parents to say, I got this thousand dollars for my child, this credit here for my kid. M. maybe next year I think I'm going to put another thousand in or if I have money, I'll put another 500 in.
Kevin Freeman: Contributions are capped at $5,000 per year, including up to $2,500 tax free from a parent's employer. The money grows tax free until it's withdrawn and must be invested in a broad stock index. Bottom line is it's a way to invest in the future of America. He also expanded health savings accounts and is working hand in glove with education reforms. 529 Education savings accounts mean educational freedom to empower American families and students to choose the education that best fits their needs, whether it's K through 12 materials or obtaining a post secondary trades credential. All of these things are really good. They will promote a lot of things.
The Affordable Care Act ends government subsidies for green home improvements and solar projects
Now who loses in this one big beautiful bill? You know there's an old farm saying, when you throw an apple, into the pigsty, ah, how do you know which one you hit? The one that squeals. Who's squealing about this?
Mike Carter: They're not only squealing, I've seen tears. I mean the derangement syndrome is at an all time on the Democrat side right now. I talked in a friend that was in D.C. the other day and he said, he saw Elizabeth Warren, walking down the halls and getting in the elevator and she just looked like a deer in the headlights. Just almost like what's happening here? and it just kind of made me laugh a little bit.
Kevin Freeman: Open up your social media feed and you will see Adam Schiff at the top every Chuck Schumer, Elizabeth Warren all complaining. You know, this is hurting. Well who's it hurting again? It's hurting corporate, welfare subsidies from the Democrats inflation Act. It is hurting foreign control and foreign interests that have purchased a lot of stuff in America and bought a lot of influence. It increases the university endowment tax. These big universities like Harvard and Yale that have these $50 billion endowments and then they charge everyday Americans, if you are allowed to get in enormous amounts and then they subsidize really non Americans. In a lot of cases it puts new restrictions on radical left wing organizations in the tax exempt sector, for example, Planned Parenthood being defunded, which did you see the judge just ruled. The president tries to defund Planned Parenthood, he gets voted on by Congress. The money comes through the Congress, it's our money, they get to determine where to spend it. But they can't stop the flow of funds to Planned Parenthood, even if it's passed under democratic means.
Mike Carter: Well, we have a Supreme Court justice now that doesn't really base anything on law. It's just based on feelings. So I see where all these judges that are out there. It's no longer based on law. It's what I want, what my mandate and agenda is.
Kevin Freeman: All right, here's some other things it does. It puts America first. It fights fraud and Obamacare ends abuse by China to circumvent duties. it ends the taxation of suppressors, short barrel rifles and short barrel shotguns, which means it's pro second amendment. It ends the corporate welfare. It immediately eliminates tax credits for, luxury electric vehicles. They say they're saving the planet and yet they're creating cars that none of us could afford. And then they're giving tax breaks. And then they claim by canceling that you're benefiting billionaires. Wait a minute. isn't the billionaires taking the tax credit for the high end electric vehicles? It immediately terminates government subsidies for green home improvement projects and rooftop solar. It ends taxpayer subsidies for new luxury. Green luxury home developers. What does that mean, the green luxury home M developer. You've been in the home building business.
Mike Carter: You know, I'm not quite sure what it is today. but you know, they usually have herd analysis and air tightness restrictions and things like that. So. So, I was not aware of incentives, on that, but there might be something. So if you build a tight home or you start to add solar panels and all that kind of stuff, all those have been subsidized now and we're seeing. You know, it's crazy. Look at the subsidies they were offering on those solar panels for what you get back. it would never pay out on a free market basis.
Kevin Freeman: The average guy walks into the showroom, I want to buy a new home. As an average American worker, are they looking for the high. What is that? The high end green.
Mike Carter: the ultra, wealthy probably are. But the average one's like, how much home can I afford? And I, want to get these right, the amenities that I appreciate every day. And they're not going to be saying, I'm going to take 20% of my budget and put it on saving utility bills that will pay off in 35 years, which I won't even live in that house for more than probably five or six years and then move on.
Kevin Freeman: So basically these benefited the wealthy, not the average working person. They made houses less m. Affordable, not more affordable. The more restrictions you put on the homes. And by the way, some of these have, for example, if your home is too airtight, it retains moisture, you can have mold problems. Or if you mandate that the appliances are of a certain level, they've got more computers in them, they break down, can't be repaired, have to be replaced. So they're really not green, they're just manufacturing benefits. Right? To people making. So, ah, all of these things that they claim, this is only to help the, help billionaires. It's absolutely not true. It's absolutely not the case. And the average American people, shouldn't the free market determine I want a home that's safe? Don't get me wrong, but they're talking about far beyond making sure it's engineered properly.
Mike Carter: Wouldn't it be great if these type of topics, or maybe not, because then we wouldn't have an audience. But you don't hear about this in most media out there, all the details that we're breaking out here and what it really means and what's really in it. Instead you just hear the talking points, the sound bites that, the narratives want out there. But I'm excited as we get more and more into this, there's some legitimate claims within the big beautiful bill that probably give it that beautiful bill piece, other than that debt that I don't like, but hopefully we can grow out of that.
Kevin Freeman: Oh, yeah, no, this is benefiting the average person. And nobody's talking about it. We don't hear it. for example, the one big beautiful Bill is saving 1,378,000 manufacturing jobs. Does that benefit the big company that's been offshoring or does actually make them hire American workers and stay in America?
Mike Carter: And we're seeing that American workers are getting hired now. Foreign workers have been dropping. American workers are picking up. That's Trump's plan. And that's the beautiful part of this.
Going into 1971, the vast majority of people living here were born here
Kevin Freeman: You know Dave Brat, Congressman Dave, Brat. Dr. David Brat, we had him on the program, really recently talking about everything changed in 1971 when we got off the gold standard. You know, one of the things that changed is going into 1971, the vast majority of people living here were born here. It Reached a peak like 96% of the people that were born, that lived here were born here. that was up from 85% in the 1940s. And so we'd seen a, ah, trend towards more people born in America in 1971, when we financialized our economy, started shipping jobs overseas. What we found though was an influx of people coming into the United States because we also expanded social welfare programs. And Milton Friedman said it best. He said you can have an open border and you can have social welfare programs. You can never afford both because people just move here for the free money. Right. Based on projections, it started rising again. The foreigners born elsewhere moving to America. It projected by 2000 and 40s that something like 22, 23% of the entire population of our country in that year would have been born in a foreign country. How do you maintain the culture?
Mike Carter: Springsteen would have to change this song. Born in the USA would be extinct.
Kevin Freeman: That's right. Well, Springsteen probably ready to change his song. He's politically a little.
Mike Carter: He's not too happy lately, is he?
Kevin Freeman: He's not.
Mike Carter: He's in that crying side right now.
Kevin Freeman: But by doing this, we're promoting Americans. I believe in legal and immigration. I believe we need people. I love it when they come into American families, through adoption. I think that's fantastic. And I love it when they come here because they want to be part of the American dream. I don't so much like people who say, wait, you're giving free stuff, I'm coming for the free stuff.
Mike Carter: Yeah, I want that five star hotel that I can stay in for free in New York. That'd be nice.
Kevin Freeman: Yep.
Mike: Pirate Money is fantastic, but it's not the ultimate solution
So we're talking all of this, this one big beautiful bill. It is fantastic. in a lot of provisions. It's big and there's some ugly in there too. and we're worried about inflation. I think this will help stop inflation a little bit, but it's not the ultimate solution. The ultimate solution is what we talk about all the time on this program. and that is Pirate Money. How you can, save your money in gold, spend your money in gold and not invest. Use gold and silver as money. And ah, Mike, you've been leading the charge on that. We're going to take a break. When we come back, we'll talk about some of the developments there and how pirate money can help your budget. Budget.
Mike Carter: Pirate Money Radio helping you give, spend, ah, and invest in ways that align with liberty, security and values.
Kevin Friedman: House bill permanently extends key Trump economic tax policies
Welcome back with your host, Kevan Friedman.
Kevin Freeman: Yeah, and just before the break we were talking about pirate money. This is pirate money radio and the ability to own, hold and spend gold or silver is money. That's something we passed as legislation in five states this session and something we've been working on for two years since the release of my book Pirate Money. Mike, you've been leading a lot of that charge. You can explain how this can benefit American workers once it's fully implemented. Like if you get a portion of your paycheck at the option in gold or silver vaulted for you, protected and spendable with a debit card. Totally optional. Working with employers in those five states could make it possible and might be in 25 states.
Mike Carter: yeah, it's exciting. You know, support for this program comes from Glint, a financial technology service offering debit card mobile app that enable users to access their gold holdings for everyday purchases. with Glint, users maintain ownership of allocated physical gold, which is stored in a managed vault. At the time of transaction, gold is sold in real time to cover the purchase amount in local currency. Glint offers an alternative way to store and use the value, combining gold and silver with modern payment infrastructure. Gold clients can monitor their gold balance, view transaction history and manage their account through the Glint app available on major mobile platforms. More details about how vaulted physical gold can be used as money are [email protected] Gold247 Again, that's glintpay.com Gold247 Glint providing access to gold for modern spending.
Kevin Freeman: You know, and that's just one of the ways that, you can utilize. I'm sure other providers will come along. but I think pirate money is one real way to help real American families. And I'm really pleased to see the one big, beautiful bill pass and then read it and see all these provisions that will help American families. And one of the provisions, it's going to fuel America's economic growth. I just looking down here on the summary from the, House Ways and Means Committee permanently extends key Trump economic tax policies. You know, the Trump economy was doing really well until Covid hit.
Mike Carter: Yes, it was.
Kevin Freeman: Did you feel it? Everybody's like, there's a boom. It seems as if the president's enemies were like, oh, my gosh, if we don't stop it right now, we're going to have an economic boom and we'll never be able to stop it. Well, this puts us back to where we were. Permanent 100% immediate expensing. If you're a business. Currently, businesses can only use 40% expensing for 20, 25 and 20% for 20, 26. That was before this passed. It puts it back to where if you expense something, you can write it off right then, which is going to.
Mike Carter: Encourage capital expenses and larger capital expenses, which should be good for the economy.
Kevin Freeman: Yep. Permanent immediate expenses for research and development in the U.S. now, for years, bipartisan economists would say we need more R and D in America. So Trump says, look, if you're going to spend money on R and D and the one big beautiful bill, you, get to write it off. You get to expense it. Well, shouldn't that increase R and D?
Mike Carter: Yeah, yeah. And I love the idea of being able to increase, R and D, not only in the universities, but in the different sectors out there.
Kevin Freeman: Yep. Companies doing it. Permanent deduction for interest expenses. Medium sized manufacturers cannot, raise capital from equity markets and often must borrow. If you have to borrow, you ought to be able to deduct that interest. permanent small business deduction makes permanent the 20% small business deduction for 30 million American small businesses. That's important because a lot of people have gotten laid off from their job. They take their package and what do they do? They start a small business and then they run into regulations and taxes and everything else. We've got to simplify that. We need more entrepreneurs in America, not fewer entrepreneurs. and at permanent key international tax reforms, which is fabulous. We need that incentives for Made in America rewards. New factories built in the usa. Doubles immediately small business expensive renew successful Opportunity zone programs. You know, we've had Dr. Carson here in the economic war room. He helped build that Opportunity Zone program as part of when he was at hud.
Mike Carter: Yeah. And again, what a good thing for all of America. You're talking about areas with potential blight. No economic development and bringing opportunity to the people that live there. That's exactly the type of economic policies we need.
Kevin Freeman: Yeah.
Mike Carter: You help things that will help close the wealth gap, things that will give people hope. That's exciting. Exciting.
Kevin Freeman: So if you're in an opportunity zone and maybe you've been struggling, there'll be new money, fresh money coming in and the infrastructure will be built up so you'll benefit. If you're wealthy and you want to look for a place to invest, instead of putting in a foreign factory, you could put it in development in the US Building up these opportunity zones, it literally solves a lot of that wealth gap problem and gives everyone a chance to participate and benefit. So that's fantastic. it also reduces reporting burdens for small businesses and entrepreneurs.
Mike Carter: Oh, now we're talking.
Kevin Freeman: When the tax day rolls around for you, whether you extend or whether you do it, it is so painful to think of all the reporting and then you multiply that. If you're a small business owner, not only do you have to report for you personally, but you have to report all of your business. It's just. It's evil is what it is. And big companies, they'll hire somebody as an accountant, they'll maybe have huge departments of accounting. But you as a small businessman, that comes on your time. it's not during the workday when you have to serve customers. That comes late at night. And you're sitting there struggling. And you know if you mess up, you go to jail.
Mike Carter: Yeah. And it's the last thing you want to do. So you put it off till it's late at night and just like, oh, I just got to get it done.
Kevin Freeman: And then you're too tired to do it properly, and then you go to jail. No, no, we don't need to go to jail.
Mike Carter: And then you wait till the next day and the next day and they say, well, maybe I'll do an extension because I'm too busy right now. And then the extension time comes up and you're still too busy because you have your own business, but you got to get it done.
The one big beautiful bill reduces taxes on farmers by over 10 billion
Kevin Freeman: And let's talk about what that owned business is. The Democrats wanted to turn it into the gig economy to where you actually, if you're an Uber driver. Oh, my goodness, you're actually an employee of the Uber Corporation. No, no, I'm driving Uber so I can be an independent businessman. I bought my own car. I choose when I drive and when I don't drive. No, no, you're an employee and you should have health care benefits. I don't want the health care benefits. I can go get a job somewhere. I want the independence. And once you know, it really is, it's a sea change. here's economic benefits. Adds $950 billion on average to the gross domestic product every year. And that's the impact of the one big beautiful bill. Our gdp, is going to rise substantially about a trillion dollars a year. That means our economy is going to grow remarkably. And here's an important one for our listeners here. It helps rural America, and a lot of our AFR listeners live in rural America, with immediate tax relief to farmers, ranchers and small business. It puts flyover states first, not last. This is different than anything I've ever seen in Washington.
Mike Carter: it's unprecedented and it takes advantage of all that red, that flyover country that we saw there that was saying, hey, nobody hears our voice anymore. It's all controlled by the east and the west coast, but nobody cares about us. All of a sudden now we see a policy change coming from D.C. that's going to take over, that's going to move across America.
Kevin Freeman: He wants to keep promises. That's the bottom line. The one big beautiful bill reduces taxes on farmers by over 10 billion income taxes, small business deduction, childcare credit, small business expensing, estate tax exemption, and alternative minimum tax exemption. When you add that all up, we're Talking about a $10 billion a year.
Mike Carter: Savings for American farmers and, debt tax relief for those that, maybe are inheriting a farm so they can stay in the farming business. And that's a good thing because there's not a whole lot of people trying to get into farming right now. But the ones that are in it, that understand it and know the business, if they can take the farm over and continue that, you know, we talk all the time. Food security is national security. And to have farmers, productive farmers that are making this happen still, I think it's, exciting.
Kevin Freeman: Well, and you go the opposite direction if you get big corporations running everything. What you get is what, Secretary Kennedy is fighting with. Make America healthy again. Maha is coming out against these big massive corporations. And what they'll do is they'll use farm techniques that aren't necessarily healthy, they'll use excessive pesticides and all of those things, everything that our wives have told us, Senator Kennedy or not, Secretary Kennedy has documented. So if you're a woman listening to this, we heard you, our wives tell us that's probably not healthy for us. And now you are right, dear Marnie, if you're listening, Jane, if you're listening, we'll just say it together. You were right. It's not necessarily healthy. All those chemicals and everything else. But that's what big food does.
Mike Carter: Oh, it does. I don't want the steroid fed beef. I want the beef that the farmer down the road did that I know is healthy and natural and tastes great.
Kevin Freeman: So this is what we're talking about, one big beautiful bill. We've all been lied to by the media repeatedly that this only benefits billionaires. We've just gone through just a handful of the provisions on how it helps families, it helps farmers, it helps fly over country. it benefits, wages, workers wages. I mean, no tax on tips. Have you been to a restaurant Lately, which you can't go to often because we've got Biden inflation that's caused the. You know, it used to cost, what, $50 for a decent meal out for a family, and now it's $150. When they say 20% inflation. Oh, come on. Go to a restaurant.
Mike Carter: I eat a little lighter. I'm like, then at 40. Normally, if it's light, if we're eating, like, okay, split meals. But if not, then it's $70.
Kevin Freeman: Easy, easy. Well, I took.
Mike Carter: And if I go to a really nice meal, I haven't had the $150 meal for a while.
Kevin Freeman: But, we did. We took the family out to celebrate. And, actually, it busted. We had, one daughter's boyfriend was there. Busted. 200 bucks. And then you had two.
Mike Carter: I can see that. And I got a smaller family. There's three of us right now, so a little smaller. My other daughter's married and gone. But, yeah, the multiplication factor, it's significant.
Kevin Freeman: My brother took his son, and, his wife and his other son and his wife, and they went out and celebrated. We were just recently together, at a restaurant in Tulsa, Oklahoma. And for the six of them, $500m, it's because steaks will run 80 to $100 apiece. So bottom line is, it's gotten really expensive. The big beautiful bill has a chance to roll some of that back or at least increase our income. And we really need to be supportive. Look at the bill. Don't just take what the media tells you. Look at the bill and see how it actually can be big and big.
Mike Carter: There's so much here. We can't get it all covered. The bill is so big. we're going to run out of time today.
Just talking benefits. That's what we're talking, just benefits
Kevin Freeman: Just talking benefits. That's what we're talking, just benefits. All right, if you've got questions or comments, email [email protected] and pray for America. Pray for our return to God's principles. And don't forget pirate money. It'll help level the playing field. Listen, wherever you get your podcasts, Apple, Spotify, and so forth. This is Kevan Freeman, joined by Mike Carter for Pirate Money Radio.
Washington just passed a 940-page “Big Beautiful Bill” packed with tax cuts, child benefits, small business breaks, and the end of many “Green New Deal” mandates—Kevin Freeman and Mike Carter break it all down. Find out why billionaires like Elon Musk are complaining, while average Americans could see thousands more in take-home pay and pro-family savings. Plus, the hosts reveal how the bill could spark economic growth, help Main Street businesses, and restore American opportunity. Don’t just listen to the media spin—discover how these changes really impact you, your family, and your wallet!
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