AMS Full Show 8.10.mp3: Audio automatically transcribed by Sonix

AMS Full Show 8.10.mp3: this mp3 audio file was automatically transcribed by Sonix with the best speech-to-text algorithms. This transcript may contain errors.

J.R. Rotchford:
Any examples used are for illustrative purposes only, and do not take into account your particular investment objectives, financial situation or needs, and may not be suitable for all investors. It is not intended to predict the performance of any specific investment and is not a solicitation or recommendation of any investment strategy. This is another money show. Get set for another hour of the latest financial information and economic news affecting your bottom line. J.r. and Anthony are committed to helping more Americans like you optimize their income, reduce their tax risk and reach financial freedom. So let's start the show. Here are your hosts, Anthony Correa and J.R. Rochford.

J.R. Rotchford:
Good afternoon. Welcome to Another Money Show. Just what the Valley Needs, another money show. You know, every week when I hear the name, another money show, I think about that. I listen to a lot of radio on the weekend. I listen to some radio every morning when I'm getting ready for work. I listen to some radio in the afternoon when I'm getting home. So and I think about another money show. A lot of what I hear is somewhat cookie cutter this morning. I'm today today today's a furious day. We as usual we have a lot to get to. But I'm hearing different stations talking about one thing and one thing only. And then I get to Phoenix has a very big 15:10 a.m.. I think I can mention that it's a strictly financial channel and it's it's amazing. I mean, it just it's like so financial and we are so not financial. So the contrast is staggering. You know, I.

Anthony Carrao:
Turn another money so.

J.R. Rotchford:
Well, you know, we do say that tongue in cheek. We say that somewhat sarcastically, we are anything but another money show. So when I listen this morning, you know, today, today, by the way, we do record on Tuesdays. Today is Tuesday, August 9th. And it's it's actually kind of a difficult day for us to record this because we realize the show is going to air on Saturday. And between now and Saturdays, so much can happen. I don't know if what we're going to be talking about is going to be old news. I don't know if if the country is going to look different. I mean, you know, being a Tuesday today, actually, we got this news that Donald Trump's home at Mar a Lago near Palm Beach, Florida, was raided. There was an overnight raid. And apparently the the FBI that raided, they were very heavily armed. Very highly armed. And when I first got a text alert, you know, the first thing I do because, Anthony, you and I are always watching for black swan events. We're always watching for something that nobody else is watching. So when I get text alerts, you know, the first thing I do, if I'm in a position to do so as I start researching, I start looking to see what's going on. And this thing, it went from 0 to 100. You know, I started hearing all of the normal political division. Well, they're going after Trump. They've been going after Trump for six years, but they don't go after any other families.

J.R. Rotchford:
Biden, Clinton, they don't go after Hunter. They don't they don't go after things that seem, you know, fairly in-your-face. So, yeah, there's the political side to this. But, you know, Anthony, you always want me to tie into everything financially. You know, I'm going to tie three things together. I'm going to tie politics. That's one of our ten pillars. I mean, one of the ten pillars, you know, we talk about politics and geopolitics. If this story grows legs by Saturday, we could have a country that that is unsettled. You know, the part of what I heard this morning was remain calm. You know, we're still talking about January 6th, obviously, that that leads into politics. There's people saying, well, Black Lives Matter and Antifa, you know, they had an entire summer of setting fires and doing things and nobody got in trouble. You know, we saw it in Phoenix, you know, Scottsdale, you know, painfully boring middle class Scottsdale, the Mercedes-Benz dealership had, you know, $500 million of damage. You know, I knew people that actually went to that side of town, you know, to help protect business owners. I mean, it was a bizarre time. So all of this political division, you know, how does it tie in to finances? We're going to get to a little more of that today. It ties into the changing landscape of the country. You know, pillar number ten is civil war.

J.R. Rotchford:
When I heard this morning, when I heard people say, stay calm, you know, we can't we can't do anything about this until we get to the midterms. We can't do anything about this until 2024. It's like for me to hear those sentiments, you know, on the different radio stations, it's like, well, you know, because they know the country is divided, the country is waking up, more and more people are getting less and less civil, more and more angry. So this could be a dangerous direction. You know, how will that affect my finances? I've said over and over everything in life. The bottom line is time and money and how things are going to affect your finances when we get to it today. There's a lot of political changes, you know. Today is an interesting day. I'm very I sound very mellow. I'm not very ranty just because I'm somewhat overwhelmed. You know, I worked on the outline yesterday for today's show, and it's funny because I only have one topic for today. Last week my thing was articles we wanted to talk about us bank. We want to talk about are we going to a recession or are we okay? Today I had one topic on the outline and that's to talk about the Inflation Reduction Act. We are going to get to that. We are going to spend a lot of time on that. It is extremely important. It is extremely timely. But then all of a sudden.

Anthony Carrao:
But also, how does it affect inflation?

J.R. Rotchford:
Well, we're going to get we're going to get to.

Anthony Carrao:
Get into spoilers. Is it too soon for that?

J.R. Rotchford:
Did you kind of took all the air out of my sails? You popped my balloon, you rain on my parade. The the Inflation Reduction Act is anything but. But when you get politicians involved, I mean, generally speaking, when they say one thing, look the other way because that's what they're doing.

Anthony Carrao:
So they really how dumb do they think you are? Like, we're going to name this after inflation that's affecting everybody listening to this show. Yet we're not going to do a single thing about inflation in all. 755 pages of this bill.

J.R. Rotchford:
I think we are we're going to make it way worse. We're going to do what we do. We're going to double down on ridiculousness. That's what we're going to do. And I mean, yesterday, as I'm thinking, we have one topic. So this is going to be great. You know, two weeks ago, we pretty much spent the entire hour on the potential of modern day bank runs, bail ins, the lead into digital currency. It was a very important episode. Today is going to be another very important episode. We are going to we're going to dig into this Inflation Reduction Act a bit. You know, we need to call it the IRA, but that's hard to do because I keep thinking of my wrath. So yesterday, as I'm working on the very one item that's needed for today's show, I started thinking, well, Anthony is going to say tie it to finances, which I will be able to do on this one. But I also thought, well, here's a couple other things today. On August 9th, the president of the United States is also going to be signing the CHIP Act. Have you heard of the CHIP Act?

Anthony Carrao:
Tell me more.

J.R. Rotchford:
You can't wait to hear about the Chip Chip act. Well, it's it's an it's another bill that is going to be spending $280 billion. You know, we throw the word billion around anymore. Like, it's it's just, you know, it's nothing. A billion is nothing anymore. You know, what is what is a billion? It's a thousand millions. What is a trillion? It's a thousand billions. So 280 billion. I look at that. That's another third of $1,000,000,000,000. And whenever they come up with another number to spend, it usually seem like there's other things behind it that seem to make their way into it. So another sort of trillion. Correct me if I'm wrong and we haven't checked on it for a while, but if you look at national, what is it, the debt clock dot org. We're at about I think we're at. What are we at, Sam? I know Sam's furiously pulling it up. How about you guys guess while I pull it up? I think we're at 30.7 trillion.

Anthony Carrao:
Ooh, that was going to be my guess.

J.R. Rotchford:
I know. We tipped over 30.5 trillion. We are at 30.6.

Anthony Carrao:
So close.

J.R. Rotchford:
Oh, so we're not in bad shape at all?

Anthony Carrao:
Yeah. No, you're fine.

J.R. Rotchford:
30,636,255,686,343. As I read, this is.

Anthony Carrao:
143,000 per taxpayer and the IRS is coming for that 243,000.

J.R. Rotchford:
By the way, when we talk about the Reduction Act today, that 243 per taxpayer, if you look at the column next to that, it is 92,000 per citizen. So how do we all owe 92 grand but taxpayers owe 243,000. Another little magic. There's a bunch of people in this country that don't pay taxes. We do realize that, right?

Anthony Carrao:
Yeah. Like children. Yeah, that's what we need.

J.R. Rotchford:
Children to make. Nike shoes. We need more sweat. I know where we're going with this. We need more sweat.

Anthony Carrao:
Some plants in Alabama get just get in trouble for that, for hiring like 14 year olds.

J.R. Rotchford:
I hope so.

Anthony Carrao:
Like a car manufacturer or something. Sam, you're the research guy. Let me know if I'm just full of crap, but I'm pretty sure somewhere in Alabama I'm on it.

J.R. Rotchford:
Sam, I got you on that one. Yes, he's full of crap, but maybe not about that. Maybe this is so back to the CHIP Act. Basically what's going on is, you know, the country shut down for a virus and we started realizing how heavily dependent we are with other countries, mostly China, India, certain countries for medicines, for chips, for everything. You know, the big what got to the news was the cars. You know, there was thousands of Ford F-150s sitting on, unable to sell because they needed a microchip. So our country and you know, Anthony, the theme of our show is proactive, not reactive. We want to get to where things are coming from. So the country, the way that the country is run is always the opposite. We are always reactive instead of proactive, you know, when did we tighten up their airports? Well, not until the plane hit the building. You know, other countries, Israel, for example, they had armed guards in their airports long before we did. You know, they were re they were proactive. So this chip bill, part of the thing with this is we're broke. The country is broke, and yet we keep spending money that we don't have. How does that play out? I would say inflation is going to rise. Taxes are going to rise. We are going to have a problem with Medicare, Medicaid, Social Security.

J.R. Rotchford:
There are going to be things that come our way that are not going to be pleasant. And if you're me, if you're almost 60, you're going to feel it. You're going to see it. It's going to be in my lifetime. But Anthony and the one and only Sam Davis, you are going to have a lot more time to deal with it and wrestle with it. And you know what makes me sad? You two are really, really smart. You two are really you're hard working. You're going to be collateral damage to what's coming. You know how I really look at this and this this IRA we're going to talk about today? You know, the people that that are in trouble are, you know, the ultra wealthy. And I guess I would say the flaw in my opinion for ultra wealthy, if you have $5 million or more, I think you're going to be okay. You know, part of why you're going to be okay, buy a book, go to Jim Rickards, go to Porter Stansberry, they'll sell you a book. You can buy gold, so you're going to be okay. You can move to Aruba or Belize. You can find a new home in Canada or wherever. So you'll be okay if you have 5 million, if you have nothing, which.

Anthony Carrao:
I'm going to tell you what happens if you have nothing when we get back from this next commercial break. Until then, you can find us at another money show dot com.

J.R. Rotchford:
Remember all of JR and Anthony's listeners receive a free financial consultation just for listening to the show. Visit another money show to learn more and schedule an appointment. Thanks for listening to another Money Show and subscribing wherever you listen to podcasts. She said so.

With an appeal by.

J.R. Rotchford:
Are you concerned about market volatility, rising taxes from the Biden administration and how it could affect your retirement? Then listen to another Money Show with J.R. Rochford and Anthony Corio. Learn how you can reduce the taxes you pay before and during retirement. Another Money Show every Saturday at 4:00 pm on 960. The Patriot Schedule Your free no obligation consultation now by calling 6235230444, that's 6235230444. Another weekend, another money show visit. Another Money Show.

Anthony Carrao:
You are back listening to another Money Show with J.R. Rochford, Anthony Creole. And J.R. is telling us about if you have over $5 million, how you might be able to weather this. Massive financial mess of a storm that we're going to be seeing in probably near future.

J.R. Rotchford:
Well, yeah, let's continue that. And you mentioned that people are with Anthony Corio and Joe Rochford, but what about the one and only Sam Davis? Sam Davis, he is low key, noted Sam Davis is bus and Sam Davis is lit. Whatever the kids are saying today, I want to I want to put that on.

Anthony Carrao:
Sam Davis, you learn two terms today and let's see what we can throw out there. You're finally going to be relate to your kids.

J.R. Rotchford:
It sucks, huh? Yeah. No, I need to stop that. There is nothing worse than an old, fat, short, bald man like me trying to sound hip or cool or groovy. Are the kids still saying groovy or is that one over?

Anthony Carrao:
I think it's coming back. I think bellbottoms came back for a while. Mom, jeans, the denim.

J.R. Rotchford:
You know, over the years, a lot of times I thought about throwing away my parachute pants. There's stuff that I've thought about doing that now. I'm just like, Oh, see.

Anthony Carrao:
Vintage. Now it's where something that was a good investment.

J.R. Rotchford:
Correct? So back to the 5 million. I believe if you have $5 million or more, you have options. If you have nothing or not much, you're probably going to be okay. You know who's going to be in trouble? Oh, hey, one of our pillars, the shrinking middle class, you know, I mean, I read something just about a week ago. There's a new program called the Affordable Connectivity Program, the ACP. It's a new federal benefit to help households pay for high speed Internet and devices. In the fine print I read a little further, some of this is pretty good free or $30 per month off internet service. Depending on the plan. You choose $75 per month off internet service. First household on tribal lands. I'm not sure how that works. $100 off to purchase a laptop, desktop, computer or tablet. There's all these benefits. You get to the smaller print and it says here, you do not need to be a citizen or have a Social Security number to qualify. So jot that down. Look into the ACP program. When you're resting, it kind.

Anthony Carrao:
Of shows because you've got poor people Internet service at your house. I've tried.

J.R. Rotchford:
I do. I do fine. Well, and I also I did. And I thought about that. I thought, well, I am not seeing my benefits. But apparently there I did look at the it says here and more of the fine print. You also qualify if your household's annual income is below 36,620 for a family of two 46,000 for a family of three 55,000 for a family of four. So that is not a lot of money. You know, it actually it could be I mean, you know, 55,000 for a family of four. It doesn't sound too bad until you think about $4 gas when you think about how much cheese is, you know, and there have always been programs. There's always been programs. There used to be government cheese and now there's government wi fi. Is that okay to say I don't know if that has a negative connotation. It's my my problem. I tie this all into we brought up the debt clock. We're 32. There were 30, what, 30.30 point 6 trillion in debt. And yet we keep spending money. It's going to tip to finish up the CHIP Act.

Anthony Carrao:
It spends money to fight inflation, J.R. That's how it works.

J.R. Rotchford:
Yeah, and that's I'm kind of easing my way into that. That's our number one topic for the.

Anthony Carrao:
Day, except the chip.

J.R. Rotchford:
And so the CHIP Act, it's being signed today. We're also giving billions more dollars to Ukraine for weaponry and also for maintenance. And, you know, everything is hitting us at once. So over the weekend, this past weekend, we had Manchin and Sinema, two of the politicians decided to support this Inflation Reduction Act. And it the part of the problem and you already hit on it. It will not reduce inflation. It's saying that eventually it will they're going to bring down drug prices. You know, when we.

Anthony Carrao:
Have to deal with inflation, though, literally nothing in this bill has anything to do with inflation. That is not a single thing.

J.R. Rotchford:
They're saying that years to come, it will because, for example, if we can lower the drug costs, you know, I mean, why do we have high drug costs? Why do people go to Canada to get their erectile dysfunction pills? I mean I mean other people, not me. Why why do people take trips to Mexico to get antibiotics, xypex, whatever they're getting down there? You know, we do have a pretty messed up health system. And by the way, I mean, what's the big gorilla in the room behind everything we sound alarms on? You know, number one is probably health care. You know, the debt and deficits tipping. You asked four years ago, well, why can't this just keep going forever? Well, it can until it can't. You know what? What is likely to bring us down health care? You know, I mean, there's still people behind the scenes talking about Medicare for All. You know, that that's a game changer. So but with this with this IRA, with this Inflation Reduction Act, you are correct. I mean, long term, could it could it help with inflation by bringing down costs for people in this country? Again, middle America, you know, the people that. Need help are getting help. The people that have a lot of money are going to be okay. Everybody in the middle is who this affects some of the some of the problems with the Inflation Reduction Act.

J.R. Rotchford:
Believe it or not, they're going to as part of this package, I'm getting right to the to the most powerful thing. To me, they're going to be hiring up to 87,000 new IRS agents. So think about that for a second. You know, and a lot of people, I would say more low information, low informed people, they're thinking that this is still it's going to go after the evil rich. And Anthony. I do. I want to make sure you you bring up what we talk about this morning. These these companies doing their stock buybacks. I mean, they're making insane profits while people are suffering with inflation and with problems. So but a lot of people think that this this is going to target the the 1%. It, quite frankly, is not. Know, first of all, there's roughly 650 billionaires. So let's say we hire 650 new IRS agents, leave leave the other roughly 78,000 current IRS agents to keep doing their audits of small business owners and hairstylists and realtors. And so with with 650 billionaires, let's hire 650 new IRS agents. That's one on one. That's a pretty good start to do an audit. What how do you get the number? 87,000 and think there's not something bigger than what we're being told. So, you know, where.

Anthony Carrao:
Did did you actually see that number in there? Because I had a really hard time. You know, I read through these articles in the summary and there talk about these the corporate alternative minimum tax. But I don't really see anything in there on it.

J.R. Rotchford:
Well, and how I yeah, I downloaded it yesterday, too. I mean, you know, 755 pages worth. You know, one question about that, the Affordable Care Act. I mean, when when you look at these bills, these legislation pieces, what on earth could take 755 pages to articulate what they're trying to get done? You know, when I when I think about how to get through this and no, I haven't found it yet, I'm going to do my best. You know, let's do this. Let's let's take a break. This is a good stopping point, because I want to continue there with what I did and what I didn't find as I skimmed the 750 pages. So let's take a break. Make sure you reach out to us. You know, as always, you can find us at WW w dot another money show. You know, we'd love to sit down with you one on one and go through how this will affect or not affect you and your personal situation. So thanks for being with us. We'll be right back.

J.R. Rotchford:
You're listening to Another Money Show. To learn more and contact J.R. and Anthony visit another Money Show dot com. You bet. You're listening to another Money Show.

J.R. Rotchford:
Welcome back to Another Money Show. Thank you again for taking time out of your weekend to be with us or if you're listening to us on a podcast or on one of our websites. Thank you for taking time. You know, we any topic inflation, taxes, banks, any topic you want, reach out to us and we will find which episode it was in and we'll kind of guide you to it. So and as always, I mean, you know, Anthony, I know it's a fine line between using the show to generate appointments and sales. And, you know, we committed to this show to sound alarms. We know by default this is going to you know, people are going to they're going to be people that are scared. You know, we've always said we want you prepared, not scared. We still think there's time to be proactive, overreactive. So if anything we're saying bothers you if if you think it's going to affect you, you know, don't forget, we only have enough time on here to tell you things are uncertain. Things are unchartered territory. If we sit down with you one on one, we're going to figure out what to do about it for you. So we are always here to help you also. So back to the the Inflation Reduction Act. When we talk about hiring up to 87,000 IRS agents, oddly enough, when I when I downloaded the 755 pages, I go into the keyword search and I plugged in the number 87,000. Nothing I plugged in 86,000, nothing. I plugged in hiring nothing.

J.R. Rotchford:
I plugged in IRS agents. I plugged in every key word I could think of to take me to a page because I just downloaded it yesterday. I didn't have time to read. You know, I always feel that the best thing to do with new legislation, we have to pass the bill to see what's in the bill. So I didn't have time yet to read the entire thing. You know, this bad boy should be signed right away. There's a lot of people very excited about this. You know, Chuck Schumer wore his lucky blue suit when he said that the House passed this. I actually read that his lucky blue suit. So half the country should be cheering this like half the country should be cheering, you know, raiding a former president's home. The other half of the country is probably none too happy about this. When we look at everything through a financial lens, we should be none too happy. But here nor there. Back to the 80,080 7000 IRS agents, pretty much every article I printed yesterday. So because I had so much I had to read later. So I had to kill a lot of trees. I had to print a lot of paper yesterday. All of them are referencing the same number. I've also heard it on the radio shows. I have to vet and verify and get it in that act to be 100% positive. But I'll tell you what, I'm 99.9% positive. I think how we're going to find that number, Anthony, is through what they're going to spend.

Anthony Carrao:
Because I don't think the number itself really matters as much as what do you think it means?

J.R. Rotchford:
Okay. So you're taking me right to the bottom. Bottom line. All right. Go back. I'm going to take you back about three or four weeks ago, one of the articles that we discussed, let me read the title of it. House Lawmaker Introduces Bill to Ban IRS From Buying Ammunition. Did you know if you haven't heard that show yet? Did you know that the IRS has been buying guns and ammunition? If you're sitting with me as a small business owner to do an audit, I'd rather you didn't have a weapon with you just personally. You'd probably also rather I didn't have a weapon with me. Oh, you got me ranting on this one. So did you realize the Social Security Administration has billions of rounds of ammo? Do you realize that? Noah. Noah, the whether people are armed, the entire government is getting very, very well armed. If that doesn't scare you, I'm not sure why. You know what? Let me read something to you. Why does most of the country have trouble? Sam typed in weather weapons. I agree with that. We are going to fight climate change if we have to. We're going to do it with.

Anthony Carrao:
Acres and those clouds. We're going to get them. We're going to get that weather.

J.R. Rotchford:
It's funny, we're doing that to put on my tinfoil hat and we're talking about the weather, too.

Anthony Carrao:
I mean, we have made countries for oil. Can we invade a clouds for rain?

J.R. Rotchford:
Is that how we got the droughts when they put up the FEMA camps? That nation can't you are you are one of the front. You know when people go on a roller coaster as a kid, they're either the kid that wants to be in the back of the front row. You are in the front row on that train, that bus. So you know why I think a lot of the country is having trouble putting together the kind of stuff that I'm putting together for you? Normalcy bias. I haven't I haven't read that in a while. This is just a simple Wikipedia version. Normalcy bias is a cognitive bias which leads people to disbelieve or minimize threat warnings. Oh, my gosh. Do we have threat warnings right now? Consequently, individuals underestimate the likelihood of a disaster when it might affect them and its potential adverse effects. The normalcy bias causes many people to not adequately, adequately prepare for natural disasters. Market crashes and calamities caused by human error. The whole reason we're doing this show to sound alarms is because we feel a whole bunch of this country is sound asleep. They would rather watch Dancing with the Stars. They would rather do anything but face what's going on in this country on so many fronts. So I think even if we get to one person a week through this show and we help them, we're doing the right thing here. So that's our plan.

Anthony Carrao:
Go to another commercial break real quick. And when we come back, you can tell us about what's in this bill and how it will affect the listeners wallets.

J.R. Rotchford:
Thanks for listening to another Money Show. If you like what you're hearing, be sure to leave us a rating and subscribe to the show wherever you listen to podcasts. This is another money show. Except this one's different. This one will actually keep you awake.

Anthony Carrao:
All right. You're back to another Money Show talking about the Inflation Reduction Act of 2022, which has nothing to do with inflation. But what it does have to do is tax reform. And we're talking about the IRS coming in and hiring a bunch of agents to try to close loopholes. And I see a lot of the summaries I'm seeing in these articles, close loopholes. I'm not seeing any of that in the actual the actual 755 pages. What I am seeing is them mentioning a 15% minimum tax, but even that I'm having a hard time seeing how they plan on enforcing that outside of 87,000 IRS agents with guns. Where do you see?

J.R. Rotchford:
Yeah, 87,000 new agents. Let's let's let's remember, we're about doubling our workforce, you know. And by the way, that does take another 87,000 people out of the general workforce. You know, we do have to hire and train these people.

Anthony Carrao:
So what do they expect all these people to come from if nobody wants to go back to work right now?

J.R. Rotchford:
Well, yeah. And these should be highly skilled people. If somebody is coming to my office to audit me or to my home to audit me, I want them to have skills. I want them to be knowledgeable. You know, the tax code in this country, it's a little bit thick. I mean, there's a reason there's so many CPAs and enrolled agents and brilliant minds out there. It is not an easy thing to maneuver. You know, I mean, years ago, I was very young and optimistic. I thought, why doesn't somebody call me and ask me how to fix all this stuff? Here's the here's the tax code fix flat tax plus a consumption tax. And yes, I'm oversimplifying flat tax because everybody across the board, I used to say 10% years ago, now I would say 15% because we are 30 trillion in debt. So 15% across the board. If you're getting the free phone and Internet and you're getting Wick and you're getting SNAP and you're getting assistance, whatever money you're getting, if you're getting Section eight or whatever, if you're getting money, give back 15% of it. That puts skin in the game from you. If you're a billionaire, if you're a huge, huge money guy, you Elon, I know you're listening. You give 15% of all your revenue. I don't care if it's through stock repurchases, give 15% of that back. Let's all be in the same boat. We ought to say, you know, we're all in the same boat together. No, we're not. We're in totally different boats and then a consumption tax.

Anthony Carrao:
I wish I could afford a boat. You can. You don't even think I'm in that boat. I might have, like, a floating loft kind of thing.

J.R. Rotchford:
You just need to come to Rochford and Associates, conveniently located in Sunset, Arizona, and sit with me and I'll show you how to afford a boat.

Anthony Carrao:
So one thing I do want to talk about. Whoa, whoa, whoa. No, you're not talking about what's in the bill. I want to talk about something in the bill.

J.R. Rotchford:
Yes, but let me finish the consumption tax. If you buy a pack of gum and you have to pay tax on it because you don't have a lot of money, you just paid your fair share. If I buy a helicopter or a yacht or whatever, I'm going to pay a lot more in taxes. So flat tax combined with consumption tax boom, it's fair, but there'd be a lot of CPAs enrolled agents that would lose their job because we could all do our own version of TurboTax because it's this, this and this. But guess where they can all go? They could become IRS agents. You know, I want to get to the really heavy the really negative stuff because, you know, we do have so much to talk about. I don't know how to cram it in. So when I bring up the ammunition, when I bring up 87,000 IRS agents, put two and two together, I mean, you have to start thinking, is this is this just nothing to worry about or is it something to worry about? There was a leak to memo from the FBI a couple of weeks ago. You know, the timeliness of all this is staggering, too. So here's another current event for you. If you haven't heard, there was a memo leaked that the FBI is looking at right wing extremism, domestic terrorism. They talked about if you have a Gadsden flag, if you if you portray certain verbiage, if you are a in a conservative group, they're watching you.

J.R. Rotchford:
So and I'm not trying to go too far with my tinfoil hat, but, you know, how do you come after people go back a few years? Anthony, you might have to do some research on this. Look at how the IRS under Lois Lerner, look how they treated something called the Tea Party. Do you know what Tea Party stands for? Taxed Enough Already? That's that's the acronym they used years ago. They said we've had enough. So you know what the IRS did? They came down on these people and they said, Oh, you're applying for a 500 1c3. Well, but you're conservative. You ain't going to get it. They audited people. They really did take sides. So sorry. I mean, it is history. You can find out that I'm telling the truth. That could be child's play compared to what's coming. I mean, I just you know, when you think half the country is a threat to you, it depends which half you're on, whether that's good or bad. I'm sure when the news came out to people last night or this morning that Trump's home was raided, half the country jump for joy. You got a whole bunch of people that are extremely happy. Orange man, bad. Let's get them. But you've got half the country that's saying he was the first president that I know of in the history of the country. Maybe Reagan, you know, he was the first president said, I'm going to do this, this and this.

J.R. Rotchford:
And guess what? He did this, this and this. You know, we just got through the primary season. Look at all these. Commercials. It's just mudslinging. This is what they're not going to do. They're a rhino now. You know what? All I want to know is what you're going to do. I don't want to know what they're not going to do. I don't I don't I want to know what you're going to do and then I want you to do it. So tell me if name me ten politicians that said this is what I'm going to do and then they did it. So like him or hate him, at least you can't say he's full of crap. So back to why I think you have to start putting two and two together. Two weeks ago we did an entire show on bail in bank run, the thought of of social scores and how our money could change digitally. Doesn't it seem like all these things are kind of coming down at the same time to prove that we've been right once again just early? Can you make that leap with me, Anthony, or I mean, I just you know, when I read this bill, some of the stuff, about 87,000 IRS agents. Tell me why. I mean, tell me why. You know, when people that are kind of low information a little bit, they're like, well, it's about time we have to go after the evil 1%. Well, the evil 1%, there's not that many of them.

J.R. Rotchford:
It should be easy to do. So. The second thing is, we were told the president told us in the the fireside chat, whatever you call it, the State of the Union, he just told us where you're safe if you make under 400 or 400,000. Well, according to what I'm hearing, which, again, I got the 750 pages yesterday. So I need a little more time to get a little more, you know, actually vetted in the bill itself. A lot of what I'm reading and hearing is saying, hey, that's not true. B, if they go after small business owners that earn $400,000 or more, how does that get to people making under 400,000? If you raise my taxes, I'm a small business owner by 15%. If and that's, I think, the tip of the iceberg, I think taxes are going to keep going up. This is just the first this is just the first strike. If you raise my taxes and I'm a franchisee of a Jimmy John's or whatever I'm sorry. You know, the sandwich I sold you for $7 tomorrow, you know, it's going to have to go to nine. You know, I'm going to pass the cost along. That's going to hit every person in this country. Well, when we're sitting here in 40 year high inflation period, you got a bunch of people that are scared. You're telling us, you know, a recession is no longer a recession. You know, it used to be two negative quarters in a row.

J.R. Rotchford:
Now it's not true because we have 3.6% unemployment. You're telling me that everything's going to be okay? I don't see it. I mean, I see this Inflation Reduction Act as being really bad timing. So we're giving more billions to Ukraine. We're going to pass another third of a trillion on a chip act to help people make chips in, I guess, Chandler at the Intel plan and all this stuff and take it away from China and Taiwan and different places. It's not really good timing, it's not good optics, it's not good logistical timing. So we are broke and getting broker. I've been saying for years, you know, instead of raising taxes, stop spending, take the checkbook away from these people that keep spending. We can't fathom $1,000,000,000,000. We can't fathom 30 trillion. We you know how we're going to fathom it when they lower Social Security for middle class again, 5 million up. Don't worry about it. You'll be all right. Even if they lower your Social Security, you'll be okay. You got nothing. Don't worry. You know, we're always a compassionate nation. Or are we just afraid you're going to rise up? But we are going to feed you. We are going to clothe you. We are going to home. You, you know we home. You sound so weird. We are going to give you a home. We're going to make you move in with Anthony. This is going to be like Germany in the old days taking a roommate.

Anthony Carrao:
Anthony So that was that isn't that amendment? No, no more courting or quartering. What do they call it?

J.R. Rotchford:
Yeah. Okay. And do you think we are honoring our amendments away? We should be. You know, as a veteran, don't get me started on this. But the Second Amendment says shall not be infringed. You know, I'm an.

Anthony Carrao:
Irs agent and then they'll give you guns. You went wrong with being such a private.

J.R. Rotchford:
I can't believe you're making jokes about arming the IRS, you know, shall not be infringed. You know, you do realize with all of this other news, currently we are pushing through an assault bill. We are talking about red flag laws. We are talking about changing the Second Amendment. It said shall not be infringed for a reason. It wasn't because people are out hunting deers. It was because the government could get too powerful one day and people need to stand up for themselves. Sorry to bring that up, you know? But you know and I know we're a financial show.

Anthony Carrao:
Not don't disagree, but are we going to talk about this bill? We got 5 minutes left.

J.R. Rotchford:
Yes, yes. Let me let me. So I don't get off track. Let me read something for did. Oh, good for me. That's what I do. J.r. rant. That's my thing. J.r. Rants We should do a podcast. So let me just read a couple of little snippets, and this will give you an idea what I'm reading. And then, you know, if you're listening to this, either call us and ask us if we can talk to you about it or do some reading like I am, do some research. Let me read a couple of sentences. Among the changes, cinema one. She won like a big victory here. By the way, this is all games saw gamesmanship among the changes cinema one were the eliminations of tax provisions targeting wealthy hedge fund managers and private equity executives. You do realize she used to work for private equity people? She used to be she used to work for hedge funds. The Senate rules official, the parliamentarian, also scrapped a provision intended to reprimand drug companies that raise the prices of some prescription. Prescription easy me for me to say when I'm on drugs, prescription drugs faster than inflation for patients with private insurance.

J.R. Rotchford:
Let's go on that hedge fund thing for just a quick second. Let me think about that for a second. The whole thing, you know, the people that are cheering it are saying it's going to finally make the wealthy pay their fair share. No, it completely carved them out. It took the wealthy out of the picture. So what did they call the billionaires? The billionaires aren't all creating spaceships like Elon. The billionaires aren't all at Microsoft. Most of the billionaires are hedge fund managers and private equity managers, people that manage massive wealth. So Inflation Reduction Act would make IRS among the largest government agencies tucked away in the hilariously named Inflation Reduction Act that Joe Manchin has been working on with Chuck Schumer is one significant bit of spending that has been mostly flying under the radar. The measure would fund a massive expansion of the Internet and the Internal Revenue Service to the tune of $80 billion. I think that's where you're going to kind of find your answer to the 80,000. You take the average wage earned by an IRS agent and you take that amount of money. I think we'll start finding it.

Anthony Carrao:
Over ten years. They're allocating 45 billion for enforcement, 3 billion for taxpayer services, because they're going to try to do it a free E file, a 25 billion for operations support and 4 billion for business systems. Modernization, modernization, modernization. Yeah, whatever.

J.R. Rotchford:
That on that, who's going to make sure that money goes into modernization? Who's going to make sure that money doesn't go towards people coming to small businesses? And by the way, what what you're saying, do you trust these people? Do you trust everything they're saying? You know, I wrote down some notes, too. I found on page 43, there's going to be no tax increase on taxpayers or business with income under 400,000. Okay. Well, I also found that there's no increase on people in the top 1%. There's the hedge fund managers on page 647. Here's an odd one. We're talking about IRS and we're talking about hedge funds. Here's something out of the box. Page 647 $500 million. To hire National Park Service workers. Anthony. Don't you have a friend who's a National Park Service worker? So that is important. So. So what does that.

Anthony Carrao:
Have to do with inflation, though?

J.R. Rotchford:
That's my question. 200. And this in addition to that, this is also on page 647, 200,000 I'm sorry, 200 million thousands. That's in their pocket. $200 Million for deferred maintenance. These bills, you know how you fill up 750 pages of a bill. You put in all kinds of crap that has nothing to do with what you're saying. Once again, you start out the right way. I mean, you know, inflation reduction. My you know what? So, yeah, it's funny. I need one more hour. Sam, is there any way we can extend this by an hour? Oh. Sam shaking his head. Sam actually is implying that we need to close out the show. So I hate to do this because I have so much more to say. I only just looked at two of the articles out of about the 13 or 14 I printed, but we are going to have to continue this next week. Anthony's angry at me. Sam shaking his head. Everybody's mad because Jared likes to rant and rave, but he doesn't ever get anywhere. That's why. That's why you have to tune in again next week. That's why you have to check us out wherever you find your favorite podcast. Thank you so much for being here. I'll do my best to Anthony next week to keep it on track, but that's never going to happen. Thanks again for being with us.

Anthony Carrao:
Cheers.

J.R. Rotchford:
Thanks for listening to another Money Show. You deserve to work with a private wealth management firm that will strategically work to protect your hard earned assets, to schedule your free no obligation consultation. Visit another Money Show dot com Investment Advisory Services offered through Brookstone Capital Management LLC. Bcm, a registered investment advisor, BCM and Rochford Financial are independent of each other. Insurance products and services are not offered through BCM, but are offered and sold through individually licensed and appointed agents. Investment involve risk and unless otherwise stated, are not guaranteed. Past performance cannot be used as an indicator to determine future results.

Sonix is the world’s most advanced automated transcription, translation, and subtitling platform. Fast, accurate, and affordable.

Automatically convert your mp3 files to text (txt file), Microsoft Word (docx file), and SubRip Subtitle (srt file) in minutes.

Sonix has many features that you'd love including automated translation, collaboration tools, secure transcription and file storage, upload many different filetypes, and easily transcribe your Zoom meetings. Try Sonix for free today.