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Speaker 1: Welcome to another edition of the Chicks on the Right

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podcast where we talk to our friend and sponsor of

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the show, Zach Abraham from Bulwark Capital Management.

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Speaker 2: And today we're going to talk some taxes. We're right

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in the thick of tax season and.

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Speaker 1: There's been some chatter and Howard Lutnik has talked about

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a whole bunch of new tax ideas that the Trump

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administration has. But there's one particular policy or idea that's

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going around and then I see a lot of Republicans

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saying yay too, which is to cut income taxes entirely

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for anyone making less than one hundred and fifty grand

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a year. I hate this idea, What say you?

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Speaker 3: Well, oh, hold on, why do you hate it? Yeah?

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Speaker 4: Why why do you hate it?

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Speaker 3: Because?

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Speaker 1: I feel like every American citizen should have skin in

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the game, even if it's a tiny percent, Like everyone

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should be paying taxes. Should I actually, everybody making one hundred

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and fifty one thousand dollars a year pay and like

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the one hundred and fifty thousand doesn't pay anything.

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Speaker 4: That makes no sense. I believe in a flat tax.

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I think everybody should pay like like I remember Herman

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Kane doing Nan Nan Nan, and I really love the

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nan Like. I like, just a flat tax for everybody,

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no matter what you make, you pay like seven percent rate,

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eight percent or whatever. There's a rate and then you're right.

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Everybody has skin in the game, but we all have

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the same skin, you know.

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Speaker 3: Yeah, So let me let me this is a very

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nuanced one for me because I used to be First

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of all, I hate paying taxes, ie you too. Second

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of all, it is the most It is maddening to me,

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and it is insulting to me when those same people

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that pay almost nothing in are sitting there saying I

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don't pay my fair share because I pay a ridiculous

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level of taxes. I think my tax will rate last

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year was forty one percent. Yeah, so now I'm very

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fortunate to be paying that high of rate because it

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means that the income level is there. But yeah, I

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don't enjoy paying taxes, primarily because of how the money's used.

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Right now, Having said that, I think it's really important

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when we have a tax policy discussion right like, to

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come into it going, look, whatever solution we come up

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to or come up with, somebody isn't going to be

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happy because it is taxes, right, so somebody's got to

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pay it. Right. It's like making your kids eat vegetables. Right,

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You're like, hey, I didn't say it was going to

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be fun, right, you got to do it. So the

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question that I've come down to is I think that

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we have to look at our tax policy and look

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at it and say, Okay, what is it that we

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want this to do?

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Speaker 2: Right?

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Speaker 3: What do we want to incentivize with our tax policy?

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What do we want you know, what what do we

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want momentum behind? What do we want to encourage? And

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I think that the number one thing when you're looking

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at our economy, I think the number one thing that

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we want to encourage certainly more of, because we're in

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a place where it's never been worse as far as

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this one aspect goes, and that is economic mobility. Right,

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People being able to change their fate, People being able

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to live a better life than the parent their parents did, right,

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being able to move up in the world. And when

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we look around the world, and this sounds this sounds

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very obvious, but when we look around through the lens

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of economics around the world and we study what are

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what are the things that are the most efficacious in

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bringing up standard of living and wealth levels in economies.

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And the number one thing, more so than social spending

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or anything, is helping through whether it's tax policy or whatever,

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to have policies that incentivize and help and aid people

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building up capital. Okay, so lower tax rates would be

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something like that. So when we're talking about fare, I

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think it's I would love the idea of paying as

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much as everybody else. At the same time, I'm in

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a situation personally where despite the taxes I am paying,

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I am still able to build up capital. Right So,

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personally I would like to pay less taxes. But if

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me paying slightly more enables me to continue to build

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up capital but also helps other people as well, it's

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something I'm open to right now. The issue I have

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with all of this is there's an assumption to be

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made that if we're paying a higher level of tax

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rates so other people can pay lower, that the government

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is using that money wisely and efficiently, and of course

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us know that that isn't the case. Yeah, I don't

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think there is a personal I don't think that there

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is a perfect solution to this, but I and in

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favor of people under a certain level of having a

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lighter tax burden.

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Speaker 2: You may think it's fine, Yeah, it's fine.

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Speaker 3: Can you said something I think is that is key though,

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Like zero taxes, people need to have some skin in

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the game. I would agree with you on that. I

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would agree with you on that.

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Speaker 4: I think it would incentivize people to only make one

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hundred and fifty thousand dollars a year. Well it might,

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it would, like seriously, because I have kids, I have

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millennial kids, and they they if they're around that range.

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If it were me, I would be like, I'm only

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going to make one hundred and fifty thousand dollars a year,

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Why bother to make it anymore? Because then I won't

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get taxed on it? Because why would you go, why

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would you go make two hundred thousand dollars a year

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and then get taxed on it enough where you're just

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going to make one hundred You see what I'm saying, Like, yeah,

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well just go make the bare minimum.

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Speaker 3: You know if they did that, what they'd have to

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do is they'd have to I would think you'd have

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to make the first one hundred and fifty thousand dollars

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tax for everybody, right, Like, that's that's that would be

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the only way to make sense. So then then you

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would sit there and go, okay, let's say the tax

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rate then from one fifty to two hundred thousand is

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twenty five percent, right, so you pay nothing up to

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one hundred and fifty, and then you pay twenty five percent,

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so you pay ten.

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Speaker 2: Yeah, but that's still to her point, that's making me

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want to stay at one fifty and not one fifty one.

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Speaker 4: It's disincentivizing, is what it is to I think it

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makes people lazy. Okay, maybe not lazy. Lazy's probably not

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the right one.

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Speaker 3: Because remember, we do have a progressive tax schedule like

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that right now, and so I, you know, I don't

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I don't know about you guys, but I don't sit

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there and hit a certain mark during the year and go, okay,

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I'm gonna quit making more because that next tax rate

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jumps out here.

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Speaker 4: It's true, it's true, But but you don't want to

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disincentivize them, right, you don't want to disincentivize I just

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think flat tax is the way to go, I really do.

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Speaker 2: I think it's so hard.

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Speaker 4: I don't know, I agree, Mark, I don't know why

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it has to be so freaking hard. Just make it, like,

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just take a percentage, make it go across the board.

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And then you get into the whole social Security issue

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where he's talking about no taxes on Social Security income.

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Why would you tax that anyway? It's already been taxed.

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Speaker 3: Well, let's talk about this. You want to talk about

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waste and spending, Okay, think about think about Social Security

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and let's think of how many billions of dollars a

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year wasted on this? Okay, it is a tax, right,

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So then we send the benefit out to the people

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that paid that tax, and then we ask them, hey,

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send a portion of that back to pay the tax

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on the tax that you just received, right Like, I can't.

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Speaker 4: I can't.

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Speaker 3: Billions are wasted on that process every single year, and

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it's ridiculous. How about you just net the taxes out,

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send one check and call it square. Yeah, a bunch

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of idiots and chasing our tail, right, it's ridiculous. Flipside is, though,

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if you have a system that is based purely on consumption,

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it sounds fair on the face of it, but it's

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not okay. And the reason it's not fair is because

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if you have somebody and I hate using the word

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fair guys, because I'm a big believer there is no

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fair but for the right, for the for the purposes

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of this discussion, when you have somebody that is making

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five million dollars a year, on balance, they are probably

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spending way less than their income per year is a

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percentage than the average family that is making two hundred

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thousand years. Right. So when you people are like, oh,

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that's how we'll get rich people to pay their fair share, No,

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the guy making one hundred million a year, the ultra

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rich guy, he isn't spending that. He's spending a small

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percentage of that in comparison to what the average family's doing.

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Speaker 2: Right, But isn't he isn't he spending it on way

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more expensive stuff? And that's why the consumption tax makes sense,

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because he's being he's buying a yacht or he's buying

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a jet or you know what I mean, Like, yeah,

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something different than your average family.

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Speaker 3: Bigger items. And then so people will go back and

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they will say, okay, so let's just tax those things

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heavily more heavily, And I go, okay, you're talking about

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the uber rich that can move one hundred million off

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shore and go to a Bahamian country and buy that

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yacht tax free. Right. So like the other thing is,

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if you just do consumption taxes, you also incentivize black markets, right,

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So you really it's it's and this is why I

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bring this up where I'm like, I don't have the

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right answer. But one thing I know is when you

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go down the avenue of tax policy, whatever you throw

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out there there again, it's like what we've talked about before,

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there is no perfect tax policy, right, so there is

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you probably need a combination of the two. Like maybe

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you pay a consumption tax up to a certain level,

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and then after that level you pay a combination of

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an income and consumption tax. I'm not saying that's what

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I support or look at, but what I do know

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is that we must make it easier in this country

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for people at the lower end of the income range

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to build up capital, right to be able to have

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more chips in the game. But if we do that,

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we simultaneously also need more of a return on the

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regulatory side of caveat emp tour. We have to start

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returning more responsibility to the individual citizen. One of the

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lessons that I would hope and I doubt we will

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because we don't seem to learn any of the lessons

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that we should. But one of the things that we

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need to do in this country is, you know, right

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along the lines of what we've seen going on with

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social justice and all that other kind of stuff and

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all the woke and all that, there are no perfect

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solutions guys that don't have costs. Okay, So let's be

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adults and recognize the fact that everything has a benefit,

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everything has a cost, and what we should be trying

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to do is find the greatest benefit with the lead cost.

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But there is no costless solution, right. And one of

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the things that we have to do in this country

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is we've got to start returning risk back to the

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hands of the consumer, meaning the government cannot protect people

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from their own stupidity. And all you are doing is

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driving up the cost on everybody and lessening economic efficiency.

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So if we lessen tax burdens on people, we also

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need to return to them more economic risk. Right, Like,

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there has to be a cost benefit a swap. And

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it's like the regular we're sitting there talking about the

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regulatory environment in this country. This is how bad it's gotten.

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I the other day the other week when markets were choppy.

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We're actually having a really nice year and we're up

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on the ear. But the other day when markets were choppy,

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even though our clients were doing good, I wanted to

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send out a quick five to ten minute video explaining

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what was going on in markets, not getting specific, and

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just saying, hey, guys, don't worry about it. We're fine.

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Here's what's going on. It's gonna be it's gonna be

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a bumpy ride, but just you know, sit tight, We're good.

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Did that video had to go through compliance for a

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week and a half before we could send it out.

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Speaker 4: Oh my goshaty.

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Speaker 3: The regulatory environment has gotten so ridiculous that these regulations

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actually impeded your ability to communicate with existing clients, existing clients.

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That's nuts, no, it is. And they're putting regulations and

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government bureaucrats between clients and their advisors. Advisors, not guys

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that are trying to sell them, but existing clients.

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Speaker 2: What would happen if you just had sent the video

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without going through all those hoops, like, what would have

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happened to you?

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Speaker 3: Probably nothing? Probably nothing. But with the way the amorphous

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rules that this Gary Gensler and and to be fair

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to that they were passing these regulations for really since

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the financial crisis, but it just kept getting more ridiculous

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and more ridiculous. And you look at these regulations come

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out and you go, h yeah. The classic case scenario

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of a bunch of non practitioners sitting in a room

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and thinking that sounds good, and you look at them

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and go, if you just talked to one professional, they

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would have looked at me and said, Okay, sounds good

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on paper. Guys, here's going to be the net refort.

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So what the regulation you just passed means that advisors

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will be communicating less with their clients. Period. Good job,

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that's just crazy. Good job. But but that's what they

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don't They don't think.

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Speaker 4: And it's a microcosm for our government and for all

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for all of this, for taxes, for the I R S,

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for everything, for everything that we're talking about. That is

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a microcosm for it. Everything has gotten so convoluted and stupid.

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Speaker 3: Yeah. Well, and then and then the incentives are all

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screwed up, right, So the way you move up in

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so many of these regulatory bodies, like the SEC, is

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by tacking somebody's skin to the wall. And you go, oh,

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did they deserve it? Did they?

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Speaker 2: Right? With?

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Speaker 3: Your job as a regulator is not to tack a

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bunch of guys to the wall. Your job is to

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make the industry more safe and more transparent. Right, Yes,

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So we've got to rethink this anyway. My point is saying,

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whatever we do on the tax level, we also have

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to start looking at things through more of an adult

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lens and realize that if your job is to make

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it impossible for negative outcomes to happen to people, you

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will simultaneously be repressing a lot of positive outcomes at

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the same time, Right, And there's just no way around that.

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And you cannot regulate out the consequences of people's stupidity.

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You just you can't.

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Speaker 2: Right.

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Speaker 3: If you want to be idiots and do stupid stuff

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and blow themselves up financially, there is no regulation you

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can pass to prevent that.

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Speaker 4: Yeah.

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Speaker 2: Well, one thing that we love about you is that

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you do like to communicate with your clients, and you tried,

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despite all the regulations, to do that as often as

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you can. What is a way people can look you

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up and find out more about you.

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Speaker 3: Yeah, well, we've got the twentieth So that's this week

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coming up. Our webinar coming up and great, try to

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keep it to forty forty five minutes, but in that

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forty five minutes, try to explain what it is that

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we do differently. We discuss how we're active managers. We

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don't just stick your money in funds. We're actively managing

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your money on a daily basis risk management, what does

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that mean. And then also dealing specifically with this current

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market because we are looking at there's no other way

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to say it. It's a completely historic situation that we've

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never seen before, and investors need to be aware of

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it because if they want the gains and most importantly,

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if they want the protections, they're gonna have to do

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things differently, and they've done them the last ten years.

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So we're not gonna throw out conjecture. We're just gonna

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show it by facts and charts and data and just

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show them, hey, guys, this is why the market's down,

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this is why we're up, and to win, I think

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we're gonna have keep doing this right, So just walking

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them through and just saying, hey, things are changing and

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this is what you need to be aware of, and

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they can.

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Speaker 1: Do that by going to know your risk Radio dot

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com Yes.

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Speaker 3: And Bowercapitalmanagement dot com and you can sign up for

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the webinar there. It's free of charge, and like I said,

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if you like what you hear, then you can schedule

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an appointment afterwards, talk to me or one of our

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advisors and we'll get you squared away. Awesome, Thank yous, Zach,

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all right, thank you, ladies. Is fun reservices offered through

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Trek financialc and SEC Registered Investment advisor. The opinions expressed

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in this programer for general informational purposes only and are

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not intended to provide specific advice or recommendations for any

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individual or on any specific security.

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Speaker 4: Any references to performance of security so it thought to

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be materially accurate, and actual performance may different.

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Speaker 3: Investments involved risk and are not guaranteed.

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Speaker 2: Past performance doesn't guarantee future results.

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Speaker 3: Trek twenty fourth through Zeroly