Tax Reform Trial Balloons Keep Popping – Ep. 296

Tax Reform Trial Balloons Keep Popping – Ep. 296

Trial Balloon #1: Backpedaling on State and Local Tax Deductions
All this talk about tax cuts is all a fraud, because government is getting more expensive and the taxpayers are going to be stuck paying the bill one way or another. They keep on launching these "trial balloons. I was reading over the weekend that they are backpedaling, talking about the idea of eliminating the deduction for state and local taxes, but not for property taxes. So everybody can deduct their property taxes because everybody pays property taxes, whether you're in a red state or a blue state, whether you have state income tax or not. In fact, some states without state income tax have higher property taxes to compensate. So they still are going to allow the property tax deduction. That's the latest trial balloon that I have heard about.
Housing Lobby Against Tax Reform
But we still a lot of Republicans from high-tax states to allow the deduction for all taxes, including income taxes. The housing industry is still pushing back because they want people to deduct property taxes because that reduces the cost of owning property and makes it easier to sell at a higher price because one of the features of the property is a tax deduction. They also want to preserve the home mortgage deduction. I was reading that the housing lobby is trying to get something in there. Because if you double the standard deduction, that means far fewer people will itemize and they won't need the tax break associated with home ownership and that is a problem for the housing industry, that is really selling tax shelters. They are lobbying to get Congress to put back in a "homeowner's credit". Even if you don't itemize, you could still get some kind of tax benefit for being a home owner, which, if we were really reforming the tax code we would not want to do.
Trial Balloon#2: 20% Corporate Tax Rate "Phased In Over 4 Years"
Another trial balloon that came out over the weekend, obviously the market is not liking it, is that corporate tax cuts, where the plan is to lower the corporate tax rate to 20% from 35% - now they are saying that this would be phased in over a number of years so we wouldn't actually get to a 20% corporate tax rate until the year 2022. Now, why would they be doing this? Well, obviously, to the extent that they can delay the phase-in of the lower rate, then the effect on the deficit, at least during the initial years is not as great because they don't have to immediately calculate the reduction in tax revenue.
Failing to Attract Business to the U.S.
A lot of people are saying, "Well this will still be okay, because at least it's a permanent tax cut, and American businesses with still know that they can look forward to these lower tax rates..." And really what these lower tax rates are designed to do is to make the U.S. a more competitive place to do business. My feeling would be, if they delay the implication of these tax cuts until 2022, they ain't happening!
Getting a Bad Rap
A lot of stuff is going to happen in the economy between now and 2022, including another presidential election in 2020, and I'm already on record as saying that Trump will be a one termer, a placeholder between 2 democratic administrations. All the economic problems that built up during the Obama administration will blow up under Trump. If we get a Bernie Sanders-type as President in 2020, what are the odds that the 2022 corporate tax cuts are ever going to see the light of day?
No Such Thing as Permanent Tax Relief
All these people talking about permanent tax relief, what are these guys smoking? There is no permanent tax relief, especially when you don't have any relief from increased government spending. You know how much bigger the national debt will be by 2022? They will have to raise taxes on somebody, and obviously, corporations will be an easy target, especially if they are vilified. Our Sponsors: * Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD * Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.com Privacy & Opt-Out: https://redcircle.com/privacy

Episoder(1081)

Powell Fiddles While Inflation Burns - 1009

Powell Fiddles While Inflation Burns - 1009

Gold reaches record highs, silver follows. Market reactions, inflation concerns, Fed's policies, and economic predictions.To get $100 towards your first bed purchase, go to https://thuma.co/goldPeter Schiff discusses the adverse day for inflation and the Federal Reserve but an excellent day for gold and gold stocks. Schiff critiques the Fed's premature halting of rate hikes, emphasizing how the latest CPI report exceeded expectations and its implications on future trends. He highlights the underreporting of these significant inflation figures by financial media and critiques Jerome Powell's stance on inflation during a House committee hearing. Additionally, Schiff underscores how the ongoing policies and political dynamics, including misplaced blame between parties, misrepresent the underlying economic issues. He also discusses the market reactions, including the stock and bond markets' movements, and delves deeper into the positive outlook for gold stocks, particularly with Barrick Gold's earnings exceeding expectations. Schiff concludes by encouraging investors to consider gold and gold stocks amidst the current economic trends.🟨 Sign up for Peter's most valuable insights at https://schiffsovereign.com🔔 Free Reports & Market Updates: https://www.europac.com🟡 Schiff Gold News: https://www.schiffgold.com/news📘 Book Store: https://schiffradio.com/books👉 Follow Peter Schiff on Twitter: https://twitter.com/peterschiff👉 Follow Peter Schiff on Instagram: https://instagram.com/peterschiff👉 Follow Peter Schiff on TikTok: https://tiktok.com/@peterschiffofficial👉 Follow Peter Schiff on Facebook: https://facebook.com/peterschiffChapters:00:00 Inflation Woes and Federal Reserve's Missteps02:44 Media's Downplay and Fed's Testimony03:40 Analyzing the Inflation Data09:17 Political Blame Game13:14 Critique of Media and Political Polarization17:42 Market Reactions and Predictions23:08 Gold and Gold Stocks Performance32:14 Market Optimism and Fund Performance33:46 Gold Fund's Promising Future34:13 Investment Advice and Risk Tolerance37:30 Commodity Prices and Inflation Concerns39:39 Tariffs and Economic Impact42:35 Federal Reserve and Congressional Hearings47:37 Debt Crisis and Economic Warnings52:42 Gold Revaluation and Inflation58:03 Final Investment Recommendations59:38 Closing Remarks and Call to Action#inflation #goldstocks #economicforecastOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

13 Feb 56min

Stagflation: The Fed's Worst Nightmare Is Coming True - Ep 1008

Stagflation: The Fed's Worst Nightmare Is Coming True - Ep 1008

Gold reaches record highs amid market reactions, stalled tariffs, inflation concerns, Fed policies, and economic outlook.Download the CFO’s Guide to AI and Machine Learning at https://netsuite.com/goldPeter Schiff dives deep into the latest economic trends and market dynamics. He covers the surge in gold prices, reaching new record highs, and revisits the recently averted trade war involving U.S. tariffs on Mexico, Canada, and China. He criticizes the portrayal of tariffs as a tax on foreign countries, highlighting their impact on American consumers. Peter argues that Trump's strategy on tariffs shows a lack of conviction and discusses the broader implications of these policies on the stock market. Furthermore, Peter delves into the looming threat of stagflation, underscored by weak job growth and rising inflation expectations, while critiquing the Federal Reserve's lack of contingency plans for such a scenario. He also touches upon Japan's financial crisis potential and its possible repercussions for the U.S. economy. Lastly, Peter criticizes the idea of a U.S. sovereign wealth fund and emphasizes the importance of investing in gold amidst these economic uncertainties.🟨 Sign up for Peter's most valuable insights at https://schiffsovereign.com🔔 Free Reports & Market Updates: https://www.europac.com🟡 Schiff Gold News: https://www.schiffgold.com/news📘 Book Store: https://schiffradio.com/books👉 Follow Peter Schiff on Twitter: https://twitter.com/peterschiff👉 Follow Peter Schiff on Instagram: https://instagram.com/peterschiff👉 Follow Peter Schiff on TikTok: https://tiktok.com/@peterschiffofficial👉 Follow Peter Schiff on Facebook: https://facebook.com/peterschiffChapters:00:00 Introduction and Previous Podcast Recap01:29 Trade War Developments and Tariff Implications05:59 China's Retaliation and Economic Impact09:08 Tariffs vs. Income Taxes: A Critical Analysis15:39 Inflation and Economic Data Insights31:15 Inflation Expectations: Democrats vs. Republicans33:17 Gold's Reaction to Inflation News39:03 Consumer Credit and Economic Woes45:59 Japan's Financial Crisis and Global Impact49:47 The Sovereign Wealth Fund Debate57:22 Gold Investment Opportunities58:29 Conclusion and Final Thoughts#tradewar #goldprice #inflationOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

8 Feb 57min

Tariffs Harm Most the Nations That Impose Them - Ep 1007

Tariffs Harm Most the Nations That Impose Them - Ep 1007

Trump imposes tariffs on Mexico, Canada, and China. Market turmoil, stock drops, rising dollar, higher consumer prices, and economic impacts.Upgrade your wardrobe instantly and save 20% off with the code Peter at https://www.publicrec.com/Control Body Odor ANYWHERE with Mando and get $5 off your Starter Pack (that’s over 40% off) with promo GOLD at https://shopmando.comIn this episode, Peter Schiff breaks down the significant impact of Donald Trump's tariffs on the global markets and American consumers. Peter discusses the drastic fall in stock markets, with the Dow down nearly 600 points, and the surge in the dollar index. He explains how the tariffs are fundamentally taxes on Americans rather than on Mexican or Canadian businesses. Highlighting the effects on various sectors, particularly avocados and maple syrup imports, Peter underscores that the burden of these tariffs will ultimately fall on American consumers as prices rise across the board. He also delves into the broader economic implications, arguing that these tariffs could lead to higher consumer costs, weakened economic growth, and a potential recession. Throughout the episode, Peter emphasizes the shortsightedness of the belief that tariffs will benefit the U.S. economy and criticizes the lack of economic understanding among currency traders and the public.🟨 Sign up for Peter's most valuable insights at https://schiffsovereign.com🔔 Free Reports & Market Updates: https://www.europac.com🟡 Schiff Gold News: https://www.schiffgold.com/news📘 Book Store: https://schiffradio.com/books👉 Follow Peter Schiff on Twitter: https://twitter.com/peterschiff👉 Follow Peter Schiff on Instagram: https://instagram.com/peterschiff👉 Follow Peter Schiff on TikTok: https://tiktok.com/@peterschiffofficial👉 Follow Peter Schiff on Facebook: https://facebook.com/peterschiffChapters:00:00 Introduction and Market Impact of Trump's Tariffs02:10 Global Currency Reactions and Economic Misconceptions04:57 The Real Cost of Tariffs on American Consumers08:14 Avocado and Maple Syrup: Case Studies in Tariff Impact11:21 The Flawed Logic of Trade Wars15:11 Comparative Advantage and Trade Basics18:55 The Apple and Orange Farmer Analogy23:05 The Consequences of High Tariffs28:47 Potential Economic Collapse from Import Restrictions33:56 Impact of High Tariffs on America34:45 Global Repercussions of US Tariffs38:44 Economic Data and Consumer Spending40:57 Canadian Gold Mining Boom46:33 Consequences of Tariffs on Goods51:28 Gold and Silver Investment Tips58:44 Bitcoin and Cryptocurrency Insights01:01:32 Final Thoughts and Recommendations#tariffs #tradewar #trumpOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

3 Feb 59min

Fed Ignores Data It Claims to Depend On - Ep 1006

Fed Ignores Data It Claims to Depend On - Ep 1006

Fed pauses rate cuts; market reactions, language tweaks on inflation, Trump's demand for rate cut, and crypto discussion.Download the CFO’s Guide to AI and Machine Learning at https://netsuite.com/goldPeter Schiff discusses the Federal Reserve's decision to pause rate cuts and its implications for the economy. He scrutinizes changes in the Fed's language on inflation and the market's reactions. Peter questions Fed Chairman Jerome Powell's comments and the Fed's accountability on inflation. He addresses President Trump's demands regarding rate cuts tied to oil prices, criticizes the Fed's stance on tariffs and policy impact, and highlights concerning economic data such as the merchandise trade deficit. Peter explores the historical context of tariffs, their impact on economic growth, and the potential consequences of current trade policies. He closes by emphasizing the persistent issues with the Fed's monetary policy and the inflationary pressures facing the economy.🟨 Sign up for Peter's most valuable insights at https://schiffsovereign.com🔔 Free Reports & Market Updates: https://www.europac.com🟡 Schiff Gold News: https://www.schiffgold.com/news📘 Book Store: https://schiffradio.com/books👉 Follow Peter Schiff on Twitter: https://twitter.com/peterschiff👉 Follow Peter Schiff on Instagram: https://instagram.com/peterschiff👉 Follow Peter Schiff on TikTok: https://tiktok.com/@peterschiffofficial👉 Follow Peter Schiff on Facebook: https://facebook.com/peterschiffChapters:00:00 Fed Reserve's Rate Pause Announcement01:59 Market Reactions and Powell's Clarifications05:20 Trump's Influence and Fed's Response07:37 Fed's Stance on Tariffs and Policy Impact11:16 Monetary Policy and Inflation Concerns15:39 Powell's Q&A Session Highlights23:38 Crypto and Banking Regulations28:45 Bitcoin and Wealth Effect30:42 Economic Data and Trade Deficit33:58 Impact of Tariffs on Economy42:18 Historical Perspective on Tariffs54:20 Conclusion and Market UpdatesFederalReserve #InterestRates #StockMarketOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

30 Jan 52min

The Consensus Trades Are About to Unravel - Ep 1005

The Consensus Trades Are About to Unravel - Ep 1005

U.S. markets rise amid AI investments. Dollar drops, gold hits highs. Trump critiques, $500B AI boost, Japan's inflation, Fed's rate policies.📣 SelectQuote: Get the right life insurance for you, for less, at https://selectquote.com/schiff.📣 Fitbod: Get 25% off your subscription or try the app FREE for seven days at https://fitbod.me/gold.Peter Schiff examines the first trading week under President Trump's second term, noting market performance, a joint venture announcement in the tech industry, and a significant decline in the dollar index. He delves into the implications of a $500 billion AI investment, arguing it may strain short-term economic resources. Peter also highlights rising trends in gold and silver prices, advising investment in silver as a potential 'steal.' He provides his perspective on the structural weaknesses in the U.S. economy, emphasizing unsustainable debt levels and imbalances in the global market. Schiff predicts higher future interest rates and critiques Trump’s economic policies, including his stance on tariffs and defense spending. He further discusses the implications of Japan's recent interest rate hike, the unsustainable U.S. trade deficit, and the potential long-term impact of inflated stock market valuations. Schiff concludes with a critical look at Trump's approach to crypto assets and his overall economic strategy.🟨 Sign up for Peter's most valuable insights at https://schiffsovereign.com🔔 Free Reports & Market Updates: https://www.europac.com🟡 Schiff Gold News: https://www.schiffgold.com/news📘 Book Store: https://schiffradio.com/books👉 Follow Peter Schiff on Twitter: https://twitter.com/peterschiff👉 Follow Peter Schiff on Instagram: https://instagram.com/peterschiff👉 Follow Peter Schiff on TikTok: https://tiktok.com/@peterschiffofficial👉 Follow Peter Schiff on Facebook: https://facebook.com/peterschiffChapters:00:00 Introduction and Market Overview01:56 AI Investment and Economic Impact04:49 Gold and Silver Market Analysis11:27 US Stock Market Bubble19:14 Japan's Economic Shift27:02 Trump's Economic Policies and Inflation33:02 Debunking Trump's Trade Deal Claims33:50 The Reality of Tariffs and Negotiation Tactics35:19 Economic Indicators: Bankruptcies and Credit Card Debt38:23 Trump's Misunderstanding of Interest Rates39:58 Oil Prices and Production Dilemmas42:54 Trump's Crypto Strategy: A Political Play48:59 The Illusion of a Productive Economy50:16 The Real Trade Relationship with China53:10 Military Spending and Economic Consequences01:00:37 Conclusion and Investment AdviceEconomicOutlook #AIInvestment #GoldMarketAnalysisOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

25 Jan 59min

Will Trump Be a Meme President? - Ep 1004

Will Trump Be a Meme President? - Ep 1004

Trump's return to office, Biden's preemptive pardons, Trump and Melania meme coins controversy, tech industry investment, drug policy critique, and economic analysis.Sign up for a $1/month trial period at https://shopify.com/goldStart your free online visit today at https://hims.com/goldPeter Schiff provides an in-depth analysis of Donald Trump's return to the Oval Office as the 47th President of the United States. He critiques former President Joe Biden's recent preemptive pardons, which included pardons for his family and members of Congress connected to the January 6th committee, citing it as an abuse of the pardon system. Schiff discusses potential investigations into these pardoned individuals and examines the implications for the Trump presidency, including Trump's recent meme coin launch, executive orders, and immediate actions. He also addresses the broader impact of these political shifts on economic policies, touching on topics like tariffs, federal hiring freezes, and the supposed 'new golden age' of America.🟨 Sign up for Peter's most valuable insights at https://schiffsovereign.com🔔 Free Reports & Market Updates: https://www.europac.com🟡 Schiff Gold News: https://www.schiffgold.com/news📘 Book Store: https://schiffradio.com/books👉 Follow Peter Schiff on Twitter: https://twitter.com/peterschiff👉 Follow Peter Schiff on Instagram: https://instagram.com/peterschiff👉 Follow Peter Schiff on TikTok: https://tiktok.com/@peterschiffofficial👉 Follow Peter Schiff on Facebook: https://facebook.com/peterschiffChapters:00:00 Trump's Return to the Oval Office01:46 Controversial Preemptive Pardons06:39 Trump's Meme Coin Controversy18:06 Trump's Tech Industry Ventures22:12 Trump's Economic Policies and Executive Orders29:52 State and Local Government Hiring31:59 Trump's Executive Orders34:03 The War on Drugs45:11 Tariffs and Economic Policies57:33 Podcast Conclusion#DonaldTrump #ExecutiveOrders #USPoliticsOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

22 Jan 55min

Wall Street Celebrates Low Inflation as Prices Soar - Ep 1003

Wall Street Celebrates Low Inflation as Prices Soar - Ep 1003

** Audio Fixed at 10:00 ** Biden’s farewell, Trump’s policies, market rally, inflation, commodity prices, and economic predictions.Get an extra 4 months free. https://expressvpn.com/goldGet 25% off your subscription or try the app FREE for seven days at https://fitbod.me/goldPeter Schiff returns to his studio in Puerto Rico to cover a range of topics in this podcast. He reacts to Joe Biden's farewell address, discussing the ceasefire between Israel and Hamas and Biden's tenure. Schiff criticizes Biden's long career in government and questions the veracity of his accomplishments. The podcast also delves into recent market reactions to economic news, analyzing inflation reports, job statistics, and commodity price trends. Schiff highlights the challenges facing the U.S. economy under Trump's new term and stresses the importance of investing in gold and foreign stocks as a hedge against impending economic instability.🟨 Sign up for Peter's most valuable insights at https://schiffsovereign.com🔔 Free Reports & Market Updates: https://www.europac.com🟡 Schiff Gold News: https://www.schiffgold.com/news📘 Book Store: https://schiffradio.com/books👉 Follow Peter Schiff on Twitter: https://twitter.com/peterschiff👉 Follow Peter Schiff on Instagram: https://instagram.com/peterschiff👉 Follow Peter Schiff on TikTok: https://tiktok.com/@peterschiffofficial👉 Follow Peter Schiff on Facebook: https://facebook.com/peterschiffChapters:00:00 Back in the Studio: Winter Break is Over01:27 Biden's Farewell Address: Key Takeaways02:37 Critique of Biden's Presidency05:24 The Importance of Term Limits12:03 Inflation and Market Reactions14:05 Market Rally and Inflation Report Analysis22:33 Global Inflation Trends and Commodity Prices28:52 Investment Opportunities in Gold and Mining Stocks33:02 Empire State Manufacturing Index Plummets33:26 Stagflation and Trump's Economic Inheritance33:44 Producer Prices and Inflation Concerns35:05 Fed's Policy and Fiscal Stimulus Critique36:15 Jobs Report and Employment Quality39:07 Janet Yellen's Comments on Deficit Spending42:59 Trump's Tariff Plans and Economic Misconceptions51:00 California Wildfires: Economic Consequences59:49 Podcast Conclusion and Future Content#BidenFarewellAddress #inflation2025 #CaliforniaWildfiresOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

16 Jan 58min

Soaring Commodity Prices Refute Inflation Forecasts - Ep 1002

Soaring Commodity Prices Refute Inflation Forecasts - Ep 1002

Discussing Trump's proposal to annex Canada, trade deficits, Biden's inflation handling, higher commodity prices, and challenges with U.S. economic policies.Download the CFO’s Guide to AI and Machine Learning at https://netsuite.com/goldIn this episode, Peter Schiff addresses the series of statements by Donald Trump regarding potential U.S. annexation of Canada and critiques the adverse impacts of Trump's and Biden's economic policies. Schiff delves into the U.S. trade deficit with Canada and Europe and the underlying economic inefficiencies that necessitate importing goods from these regions. Discussing the recent inflation surge and commodity prices hitting a 14-year high, he analyzes the Federal Reserve's missteps leading to rising consumer prices and the impact of U.S. debt, which has ballooned under successive presidencies. Schiff also covers government spending's role in driving inflation higher and touches on politically charged topics like steel production and trade sanctions. He emphasizes the ongoing structural imbalances, the role of government borrowing, and anticipates future impacts on the economy, urging a focus on precious metals and critical commodities for stability in turbulent times.🟨 Sign up for Peter's most valuable insights at https://schiffsovereign.com🔔 Free Reports & Market Updates: https://www.europac.com🟡 Schiff Gold News: https://www.schiffgold.com/news📘 Book Store: https://schiffradio.com/books👉 Follow Peter Schiff on Twitter: https://twitter.com/peterschiff👉 Follow Peter Schiff on Instagram: https://instagram.com/peterschiff👉 Follow Peter Schiff on TikTok: https://tiktok.com/@peterschiffofficial👉 Follow Peter Schiff on Facebook: https://facebook.com/peterschiffChapters:00:00 Introduction and Canadian Politics02:07 Trump's Trade Deficit Claims04:10 Inflation and Economic Policies07:08 Commodity Prices Surge09:48 Interest Rates and Government Spending19:50 Technical Difficulties and Podcast Continuation21:41 National Debt and Future Predictions26:27 Economic Reality Check: Higher Rates and Recession26:55 Inflation Misconceptions and Market Mispricing27:25 Trump's Interest Rate Dilemma28:17 Commemorating 50 Years of Legal Gold Ownership30:18 Gold and Silver Investment Opportunities31:15 Currency Market Reactions and Tariff Talks33:50 Fannie Mae and Freddie Mac: The Trump Trade41:07 The Steel Industry and Economic Decline45:52 The Future of the U.S. Economy and Inflation50:55 Conclusion and Podcast Updates#Trump #Mexico #CanadaOur Sponsors:* Check out Infinite Epigenetics: https://infiniteepigenetics.com/GOLD* Check out Justin Wine and use my code SCHIFF20 for a great deal: https://www.justinwine.comPrivacy & Opt-Out: https://redcircle.com/privacy

8 Jan 45min

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