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Money Monday with Brian James · Brian Thomas

• 0:00
  Speaker 1: Monday to you. Try and make it, try to make
• 0:01
  Speaker 1: it so anyway. I know there's a allegedly another offer
• 0:04
  Speaker 1: to open the Straight of Horror Moves back up as
• 0:06
  Speaker 1: long as we allow the Iranians to open their ports
• 0:09
  Speaker 1: back up. But since it doesn't involve anything with regard
• 0:11
  Speaker 1: to the disposition of their nuclear future, this doesn't look
• 0:15
  Speaker 1: like it's going to go anywhere. So the straits still close,
• 0:18
  Speaker 1: the ports are still closed, and the world is still
• 0:21
  Speaker 1: dealing with a massive energy crisis because of the closure
• 0:24
  Speaker 1: of the Straight of Horror Moves. Welcome back, Brian James.
• 0:26
  Speaker 1: Thanks for coming on.
• 0:27
  Speaker 2: Man, Well that's just cheery stuff to start my Monday with, sir.
• 0:30
  Speaker 3: I know that.
• 0:31
  Speaker 1: Yeah, okay, President almost gets assassinated a game. We got
• 0:33
  Speaker 1: crap going on in downtown since which makes no sense.
• 0:35
  Speaker 1: It looks like we're in a state of chaos there. Yes,
• 0:38
  Speaker 1: nothing but gloom and doom out of the world. Let's
• 0:40
  Speaker 1: find something that we can be happy about.
• 0:41
  Speaker 3: But the Reds are in first place. Take you a little,
• 0:44
  Speaker 3: let's look at that way.
• 0:45
  Speaker 1: Okay, good, keep this smile on your face over that.
• 0:49
  Speaker 1: Although Brian, I gotta say, man, not a fan of
• 0:52
  Speaker 1: those weird uniforms they were wearing on Saturday. Do not
• 0:55
  Speaker 1: get it, brother, You.
• 0:57
  Speaker 2: Know, I'm gonna be honest. I was at the game
• 0:59
  Speaker 2: yesterday and I never saw them up close. They look different.
• 1:01
  Speaker 2: They have they had them on display there, and they
• 1:03
  Speaker 2: have their jerseys have little pin stripes. I thought they
• 1:06
  Speaker 2: were kind of cool.
• 1:07
  Speaker 1: You and Streker, You and Strekker on that side, and
• 1:10
  Speaker 1: I guess alone on the other side. I thought they
• 1:12
  Speaker 1: look weird anyway.
• 1:14
  Speaker 2: Fact I like the pin stripes. I'm a fan now.
• 1:16
  Speaker 2: I don't miss the the nineteen nineties white hats with
• 1:19
  Speaker 2: the red stripes that those are the worst uniforms they've had.
• 1:22
  Speaker 3: They have not resurfaced.
• 1:23
  Speaker 1: Wasn't a fan of those.
• 1:24
  Speaker 3: I do.
• 1:25
  Speaker 1: I do appreciate the more traditional logo which those red
• 1:27
  Speaker 1: uniforms do not have.
• 1:29
  Speaker 3: That's true, all right, and that's fair. We'll agree there.
• 1:31
  Speaker 1: And they spent money on the new uniforms moving away.
• 1:34
  Speaker 3: So at least get the money, all right.
• 1:36
  Speaker 1: It sucks if you are a net importer of energy,
• 1:38
  Speaker 1: and a lot of net importers dealing with the struggles
• 1:41
  Speaker 1: of the disclosure of the straight of hor moves, which
• 1:42
  Speaker 1: I think everybody and his brother knows now twenty percent
• 1:45
  Speaker 1: of the global supplies of energy go through that very
• 1:47
  Speaker 1: narrow window, and of course it being shut down by
• 1:49
  Speaker 1: the Iranians profound impact globally, and I see a lot
• 1:54
  Speaker 1: of governments who import a lot of their energy are
• 1:57
  Speaker 1: now rationing and dealing with other states of emergency.
• 1:59
  Speaker 3: Bright Yeah, you know, I like that point you just made.
• 2:02
  Speaker 2: I think at some point in the future there's gonna
• 2:04
  Speaker 2: be a trivia question that everybody will know the answer
• 2:06
  Speaker 2: to what percentage of money of oilfulness through the warn't
• 2:10
  Speaker 2: tradear moves twenty six twenty percent burned in my head?
• 2:13
  Speaker 1: Yes, and what vital anti cavity fighting compound goes also
• 2:20
  Speaker 1: through the trade of hoar moves, which we come to
• 2:21
  Speaker 1: learn is also Flora had another shortage out there. But
• 2:24
  Speaker 1: this energy crisis is spreading, and I guess there's another
• 2:28
  Speaker 1: ripple effect that they're obviously paying more for because limited
• 2:32
  Speaker 1: supply means increased price. We're all dealing with that. I
• 2:34
  Speaker 1: paid five bucks a down for gas yesterday, so there
• 2:36
  Speaker 1: we are living with it. But to the extent all
• 2:39
  Speaker 1: of these countries who are rationing, you know, the Philippines,
• 2:42
  Speaker 1: and I mean that could go on for an hour
• 2:43
  Speaker 1: and talk about the limits that have been placed. But they
• 2:46
  Speaker 1: make stuff that we buy. They make things the world buy.
• 2:50
  Speaker 1: So if they're dealing with inflationary pressures because they have
• 2:53
  Speaker 1: to pay more for gas, they have to ration it.
• 2:55
  Speaker 1: Obviously businesses would be struggling too, which suggests to me
• 2:58
  Speaker 1: that whatever Japan makes, or Time Island makes, and the
• 3:00
  Speaker 1: Philippine makes that we buy, those prices are also going
• 3:04
  Speaker 1: to go up.
• 3:04
  Speaker 3: Yeah, that's very true.
• 3:06
  Speaker 2: And everything is connected, right, whether you're supporter of globalism
• 3:09
  Speaker 2: or not. At the end of the day, every country
• 3:12
  Speaker 2: is a customer of somebody else and vice versa.
• 3:14
  Speaker 3: So this stuff, it does it.
• 3:15
  Speaker 2: There's no way to tap dance through it and not
• 3:17
  Speaker 2: be affected at all.
• 3:18
  Speaker 3: You know.
• 3:19
  Speaker 2: One of the good things about being in the United
• 3:21
  Speaker 2: States currently is that the United States is not directly
• 3:25
  Speaker 2: as directly exposed to us because we are one of
• 3:27
  Speaker 2: the larger producers of energy here nowadays, we're less dependent
• 3:32
  Speaker 2: on imports than Europe and Asia, so we do have,
• 3:35
  Speaker 2: as Americans consumers, some insulation compared to the rest of
• 3:38
  Speaker 2: the world, and there still are, despite the current administration's
• 3:42
  Speaker 2: positioning against it. Clean energy is expanding fast, so there
• 3:46
  Speaker 2: is slowly less and less reliance on fossil fuels, but
• 3:50
  Speaker 2: at the same time, that's not happening fast enough to
• 3:53
  Speaker 2: eliminate these short term shocks. And if our customers out
• 3:56
  Speaker 2: there meeting the other countries who are net importers of energy,
• 4:00
  Speaker 2: if they are having trouble paying their electric and oil bills,
• 4:02
  Speaker 2: then they're going to have trouble paying all their other bills,
• 4:04
  Speaker 2: which is going to have an effect on us GDP eventually.
• 4:08
  Speaker 3: Now at this point though, it.
• 4:09
  Speaker 2: Still looks like it still looks like the powers that be,
• 4:14
  Speaker 2: the experts out there, are expecting lower energy prices in
• 4:17
  Speaker 2: the near future over the next several years, not in
• 4:19
  Speaker 2: the short run. Short run is just going to be
• 4:20
  Speaker 2: a bumpy ride. But at this point we don't feel
• 4:23
  Speaker 2: like this is a systemic yet. This is all a
• 4:25
  Speaker 2: lot of this is just self inflicted due to the
• 4:27
  Speaker 2: war that's going on right now, But it's not yet
• 4:31
  Speaker 2: at a point where we feel like it's going to
• 4:32
  Speaker 2: be permanent. When the humans stop interacting with it, the
• 4:34
  Speaker 2: thought is it's going to return to some semblance of normal.
• 4:37
  Speaker 2: So we're still holding ever breath for that.
• 4:39
  Speaker 1: And honestly, Brian my Novice opinion that seems very reasonable.
• 4:43
  Speaker 1: You know, the the fuel, the oil, the potential for
• 4:48
  Speaker 1: the gasoline is still exists, it's just not moving. So
• 4:52
  Speaker 1: this isn't a shortage of actual supply, it's just shorter
• 4:55
  Speaker 1: shortage of the the open delivery mechanism. That's what's the
• 4:59
  Speaker 1: I impeded. So I can see that switch getting turned
• 5:02
  Speaker 1: off and the price fairly quickly going down because again
• 5:06
  Speaker 1: we're going back to whatever we viewed as normalal for.
• 5:09
  Speaker 1: But that is not the case when it comes to food,
• 5:11
  Speaker 1: because we have fertilizer. That's that's been held up in
• 5:14
  Speaker 1: the straight of horn moves as well and board we
• 5:17
  Speaker 1: all got introduced to that painful reality. And now is
• 5:20
  Speaker 1: fertilizer time, I guess. You know, the crops are getting
• 5:23
  Speaker 1: ready at the appropriate time to be fertilized, and the
• 5:25
  Speaker 1: price of fertilizers and some instances doubled. Obviously, the farmers
• 5:29
  Speaker 1: are an alerch on that if we don't fertilize the crops,
• 5:32
  Speaker 1: there's not going to be enough crops out there. Of course,
• 5:35
  Speaker 1: that suggests the price of food is going to go up.
• 5:39
  Speaker 2: Yeah, absolutely, And these are the that's the you know,
• 5:41
  Speaker 2: like you said, the supply is there it's not systemic.
• 5:44
  Speaker 2: From that standpoint, the supply is there, the straight of
• 5:46
  Speaker 2: horror moves is not. Therefore, we have to have a
• 5:48
  Speaker 2: panic over it because everybody is going to scramble to
• 5:51
  Speaker 2: get the resources that they need to produce whatever products
• 5:54
  Speaker 2: and services that they produce, and that of course drives
• 5:56
  Speaker 2: the price up. When the straight of horror moves opens
• 5:58
  Speaker 2: up again and things get a little bit back to normal,
• 6:00
  Speaker 2: that will ease. And you know you can you don't
• 6:03
  Speaker 2: have to look any further than the stock market to
• 6:04
  Speaker 2: see that. That is the thought right now. I haven't
• 6:07
  Speaker 2: seen any good headlines over the past two weeks that
• 6:09
  Speaker 2: make me feel like this is going away anytime. So,
• 6:11
  Speaker 2: but the market has turned on a dime and basically
• 6:14
  Speaker 2: things are up across the board. Where we were down
• 6:16
  Speaker 2: for the year in the s and P five hundred,
• 6:18
  Speaker 2: we're now sneaking up on a positive five percent, and
• 6:21
  Speaker 2: that literally came to be over this course of about
• 6:23
  Speaker 2: two and a half weeks. So at this point, you know,
• 6:26
  Speaker 2: take a breath, exhale and just realize that people don't
• 6:29
  Speaker 2: get along all the time, and this is going to
• 6:31
  Speaker 2: shake out one way or another. Don't make any drastic
• 6:34
  Speaker 2: decisions based on these scary headlines.
• 6:35
  Speaker 1: Well, I understand that, and I guess the only thing is,
• 6:38
  Speaker 1: you know my contrasting point. The oil is there, it's
• 6:42
  Speaker 1: just not moving. The food is potential food. It won't
• 6:47
  Speaker 1: be there if it ain't fertilized. So you can't think
• 6:51
  Speaker 1: that food prices are just going to stay the same
• 6:53
  Speaker 1: if they aren't producing as much of the crops as
• 6:56
  Speaker 1: they anticipated for one of the fertilizer. So that's not
• 6:58
  Speaker 1: something can change any calendar year.
• 7:01
  Speaker 3: Not at all.
• 7:01
  Speaker 2: No, And that's the bumpy part, right, that's the short
• 7:03
  Speaker 2: run stuff that I was referring to. So we are
• 7:06
  Speaker 2: going to have those kinds of things where we should
• 7:08
  Speaker 2: be looking for a wider ripple across inflation, not just
• 7:10
  Speaker 2: gas prices. We should be looking at it for airfare increases, groceries, shipping, utilities,
• 7:15
  Speaker 2: manufactured goods, all those things. Even if you're somebody who
• 7:18
  Speaker 2: doesn't drive much, you don't pay much attention to the
• 7:20
  Speaker 2: price at the pump, you're going to see it sneaking
• 7:22
  Speaker 2: through in extra parts of you, in all those other
• 7:24
  Speaker 2: parts of your life. Utility volatility is just going to
• 7:27
  Speaker 2: be remaining a planning problem. It's going to be something
• 7:29
  Speaker 2: that the powers that be are going to have to
• 7:31
  Speaker 2: deal with didn't budget for, you know when they set
• 7:33
  Speaker 2: this year's budget, and now they have to, which means
• 7:35
  Speaker 2: other things have to fall to the side.
• 7:37
  Speaker 1: Well, maybe at some point we'll learn a hard lesson
• 7:39
  Speaker 1: on this one. Never again, should we allow a single
• 7:43
  Speaker 1: source for all of this stuff this tiny narrow space.
• 7:47
  Speaker 1: Is there a way around it? Do we need to
• 7:48
  Speaker 1: come up with some alternative shipping lanes or some alternative
• 7:52
  Speaker 1: methodology for getting things out of the region where that's
• 7:55
  Speaker 1: a hard lesson, it's going to be a long time fixing.
• 7:57
  Speaker 1: But to find out that that straight is also respond
• 8:00
  Speaker 1: for fluoride, as I mentioned before, Now I know JFK
• 8:03
  Speaker 1: or RFK Junior would like to eliminate it and has
• 8:05
  Speaker 1: already said he'd intended to direct the federal agencies to
• 8:07
  Speaker 1: stop recommending fluoride. There's still seventy percent of the water
• 8:11
  Speaker 1: systems out there add fluoride to their water, and many
• 8:13
  Speaker 1: of them are pairing back on it because again straight
• 8:15
  Speaker 1: of horror moves closure.
• 8:17
  Speaker 2: Yeah, no, I would agree the research into newer, better
• 8:20
  Speaker 2: ways to do things would be quite vital. But this
• 8:22
  Speaker 2: is not the administration that's ever going to allow anything
• 8:24
  Speaker 2: like that. I still struggle to see what the threat
• 8:27
  Speaker 2: was with wind farms out there. And I can't think
• 8:30
  Speaker 2: that Donald Trump really, really, really spends his late night
• 8:33
  Speaker 2: hours worrying about the safety of seabirds. So I'm not
• 8:37
  Speaker 2: sure we are willing right now to build the kinds
• 8:39
  Speaker 2: of things that will remove us from reliance on fossil fuels.
• 8:42
  Speaker 2: We dependulum very much swinging the opposite direction.
• 8:45
  Speaker 3: Now.
• 8:45
  Speaker 2: Well, now we're going to dig a canal across the
• 8:48
  Speaker 2: mountains to the west of Iran. I'm not sure that
• 8:51
  Speaker 2: we've got another route to get it out of there.
• 8:53
  Speaker 1: Yeah, I think that you'd think that a pipeline, so
• 8:56
  Speaker 1: you can run a pipeline that wouldn't require the straight
• 8:58
  Speaker 1: of horror moves. I don't know, be easier solutions. But
• 9:01
  Speaker 1: as far as power generation, I mean, we seem to
• 9:03
  Speaker 1: be at the dawn of a new nuclear age. Nobody's
• 9:05
  Speaker 1: screaming and running around talking about three mile Island. They're
• 9:07
  Speaker 1: talking about small modular reactors, the huge AI power demands,
• 9:11
  Speaker 1: and we need to satisfy that, and seems to me
• 9:13
  Speaker 1: that's the only answer. And oh, isn't it the joy
• 9:15
  Speaker 1: for the carbon Concerning friends, because it doesn't produce carbon.
• 9:18
  Speaker 1: So maybe the window will open for that one and
• 9:21
  Speaker 1: we will have abundant energy here without even needing fossil fuel.
• 9:24
  Speaker 2: Yeah, that's it's all on the table. We've got to
• 9:26
  Speaker 2: be willing to think differently than we thought in the past.
• 9:28
  Speaker 2: Right now, the pendulum has swung back the other way
• 9:30
  Speaker 2: where we don't want to make changes. We're kind of
• 9:32
  Speaker 2: a it's kind of stuck in our ways. We're a
• 9:34
  Speaker 2: little bit of a crusty old man right now, not
• 9:36
  Speaker 2: really wanting.
• 9:37
  Speaker 3: To be too flexible.
• 9:37
  Speaker 1: Yeah, kind of like ignoring the problems we are plagued
• 9:41
  Speaker 1: with with social securities, longevity and hell long that's going
• 9:43
  Speaker 1: to be around. Yes, really that can another seven or
• 9:45
  Speaker 1: eight years at least. Brian James, don't go away. We
• 9:48
  Speaker 1: need to talk about, well, the tax free filing system
• 9:52
  Speaker 1: that no one apparently is using. More with Money Monday's
• 9:55
  Speaker 1: Brian James Talk station. Hey twenty here fiftybou KCD station,
• 10:00
  Speaker 1: Happy Monday, Money Money with Brian James from all Worth Financial.
• 10:03
  Speaker 1: We'll talk to him every Monday around this time, and
• 10:05
  Speaker 1: I know we're going to pivot over to the quote
• 10:07
  Speaker 1: unquote tax free filing system. Let the IRS do your taxes.
• 10:10
  Speaker 1: But I wanted to bring this up to your attention.
• 10:12
  Speaker 1: And I know you're not prepared to field this necessarily,
• 10:15
  Speaker 1: but because it does relate to money, it does relate
• 10:17
  Speaker 1: to careers and salaries, I thought it was really cool.
• 10:20
  Speaker 1: Wall Street Journal had an article yesterday aircraft technicians make
• 10:24
  Speaker 1: six figures and airlines can't find enough of them. They
• 10:26
  Speaker 1: specifically mentioned right out of the gate a local kid,
• 10:29
  Speaker 1: Colton Stidham, originally wanted to be a pile but now
• 10:33
  Speaker 1: he's studying to be an aircraft mechanic. He up at
• 10:36
  Speaker 1: the Middletown Regional Airport, and they specifically mentioned Middletown's Butler
• 10:40
  Speaker 1: Tech Aviation Center, which is a vocational high school where
• 10:43
  Speaker 1: he is learning to well service these aircraft engines. He's
• 10:47
  Speaker 1: going to be starting out some fat bank and they say,
• 10:49
  Speaker 1: within several years of starting salary, which I know United
• 10:52
  Speaker 1: has at eighty thousand dollars, you can make one hundred
• 10:55
  Speaker 1: and thirty five thousand dollars before overtime after just a
• 10:58
  Speaker 1: handful of years. This is a and you know what,
• 11:01
  Speaker 1: more fundamentally, Brian James, you can't replace an aviation mechanic
• 11:06
  Speaker 1: with artificial intelligence.
• 11:07
  Speaker 3: So this kid's locked in for life.
• 11:09
  Speaker 1: They need seven thousand new aviation mechanics. So I wanted
• 11:14
  Speaker 1: to bring that up because somebody out there could do this,
• 11:16
  Speaker 1: They would love to work on engines and could paid
• 11:18
  Speaker 1: a great salary for it.
• 11:20
  Speaker 2: Yeah, and there's a lot of opportunities out there like that. Brian,
• 11:23
  Speaker 2: Butler Tech is that's my neck of the woods. I
• 11:25
  Speaker 2: live in the Northern Suburbs and Butler Tech is a
• 11:27
  Speaker 2: strong program. And in the quarter century that we've lived
• 11:30
  Speaker 2: up here, it has gone from a you know, a
• 11:33
  Speaker 2: relatively small kind of you know, I don't want to
• 11:36
  Speaker 2: say forgotten a program, but it's grown to a very powerful,
• 11:39
  Speaker 2: uh you know, a pipeline for jobs just like these.
• 11:42
  Speaker 2: And there's there's not only that, there's a whole lot
• 11:44
  Speaker 2: of other things you can do with Butler Tech. So
• 11:46
  Speaker 2: but I'm glad people are starting to look beyond this.
• 11:48
  Speaker 2: The only way you're going to find this is, like
• 11:49
  Speaker 2: you just pointed out, you have to you have to
• 11:51
  Speaker 2: have institutions like Butler Tech on your radar to begin with.
• 11:54
  Speaker 2: So if you're if you're somebody out there kind of
• 11:57
  Speaker 2: struggling with well, you know, my parents think I should
• 11:59
  Speaker 2: go to these kind of you know, the traditional ones,
• 12:01
  Speaker 2: but there's just nothing there that interest me. Expand your
• 12:03
  Speaker 2: thoughts and just think of other different things. So, aircraft
• 12:07
  Speaker 2: technicians in twenty twenty six entry level jobs are forty
• 12:10
  Speaker 2: five to sixty thousand dollars. That's enough to almost buy
• 12:12
  Speaker 2: a condo. If that, If you can settle into that career,
• 12:15
  Speaker 2: and then you can grow mid career sixty five to
• 12:17
  Speaker 2: eighty five, you can be making over six digits if
• 12:20
  Speaker 2: you get to the senior level, start working for the
• 12:21
  Speaker 2: major airlines. And I think it's going to be a
• 12:23
  Speaker 2: good long while before we're gonna have robots completely doing
• 12:26
  Speaker 2: all of that work there.
• 12:27
  Speaker 3: Yeah, is that possible? Yeah?
• 12:29
  Speaker 2: Sure, I saw a robot running a marathon the other day,
• 12:31
  Speaker 2: so I.
• 12:33
  Speaker 1: Know I find that so heartbreaking. I'm not against technology
• 12:36
  Speaker 1: part of me, though, it feels like I'd be more
• 12:38
  Speaker 1: aligned with the luteites from time to time.
• 12:40
  Speaker 2: So anyhow, imagine when we don't even have to go
• 12:43
  Speaker 2: sweat anymore, we can watch robots play sports.
• 12:45
  Speaker 1: Yeah, and fight our wars for us too, Brian, Anyway.
• 12:48
  Speaker 3: It'd be nice.
• 12:49
  Speaker 1: How about this free filing tax system. Apparably nobody's using
• 12:53
  Speaker 1: or nobody like this is when the IRS was going
• 12:54
  Speaker 1: to do our taxes for us.
• 12:56
  Speaker 2: Well, I'm going to argue at that point there were
• 12:58
  Speaker 2: a lot of people using it and it got really
• 13:00
  Speaker 2: really strong reviews ninety percent plus satisfaction.
• 13:03
  Speaker 3: Really, oh yeah, it was. It was. It's a simple program.
• 13:05
  Speaker 2: Taxes are not complicated, right, Well, true, the IRS already
• 13:08
  Speaker 2: knows what you make because they when you get your
• 13:11
  Speaker 2: W twos, so does the IRS. When you get your
• 13:13
  Speaker 2: ten ninety nine, so does the IRS. They have all
• 13:15
  Speaker 2: the information. And the argument here is that allow the
• 13:19
  Speaker 2: IRS to use the information they already have and provide
• 13:22
  Speaker 2: a free filing system. And it was very popular right
• 13:25
  Speaker 2: up until it was shot down for political reasons, but
• 13:29
  Speaker 2: not because of complaints out of the industry, out of
• 13:32
  Speaker 2: the users of it. So there were a lot of
• 13:33
  Speaker 2: people using this.
• 13:35
  Speaker 1: With it, Well, Brian, might there have been accounting lobbying
• 13:38
  Speaker 1: firms out there and people who like create easy to
• 13:41
  Speaker 1: do at home tax preparation software firms. It pressured people
• 13:46
  Speaker 1: to repeal this whole thing of the IRS doing it
• 13:48
  Speaker 1: for free.
• 13:48
  Speaker 2: Well, Brian, it's funny you mentioned that because I found
• 13:51
  Speaker 2: an article that you don't have, because I found it
• 13:53
  Speaker 2: on the break here. I wanted to find a little
• 13:54
  Speaker 2: supporting information. The Tucson Sentinel, of all places, just did
• 13:58
  Speaker 2: a huge study on this and they found that into
• 14:01
  Speaker 2: it an H and R. Block have spent about one
• 14:03
  Speaker 2: hundred and three million dollars on federal lobbying since two
• 14:06
  Speaker 2: thousand and three. Range of issues. One of the big
• 14:08
  Speaker 2: ones is free filing. Those companies don't exist, Brian. If
• 14:11
  Speaker 2: people are filing their own taxes, and so people are
• 14:14
  Speaker 2: paying one hundred to three hundred bucks the average about
• 14:16
  Speaker 2: one hundred and forty dollars a year to get their
• 14:18
  Speaker 2: taxes filed. And these are mostly what I call paint
• 14:20
  Speaker 2: by number tax returns. Take this number out of this
• 14:23
  Speaker 2: box and stick it in that box and click submit,
• 14:25
  Speaker 2: and there's your tax return. There are no decisions for
• 14:28
  Speaker 2: most people. There are no decisions to be made. You
• 14:30
  Speaker 2: are simply plugging your numbers into a great big algorithm
• 14:34
  Speaker 2: and paying or receiving what you're told at the bottom
• 14:36
  Speaker 2: of it. You're not deciding on this is this type
• 14:39
  Speaker 2: of deduction or I have this type of business. If
• 14:41
  Speaker 2: you do, then you should be having You should have
• 14:43
  Speaker 2: a CPA. Anyway, look at your tax return because that's
• 14:45
  Speaker 2: where you may have opportunities for savings. But what they
• 14:48
  Speaker 2: want to do is just make it seem like it's
• 14:50
  Speaker 2: terrifying and you're going to mess up your taxes, And
• 14:51
  Speaker 2: they want everybody to believe that if you check the
• 14:53
  Speaker 2: wrong box or fill this out wrong, you're going to
• 14:55
  Speaker 2: get a fifty thousand dollars tax bill from the IRS
• 14:57
  Speaker 2: because you messed up your taxes. That is just not
• 14:59
  Speaker 2: the case. It is a math math equation, that's all
• 15:02
  Speaker 2: it is. We are no longer determining deductions. Standard deduction
• 15:06
  Speaker 2: is now over thirty thousand dollars, So even if you're
• 15:08
  Speaker 2: donating to charity, it better be a heck of a
• 15:10
  Speaker 2: lot more than thirty thousand dollars. You're not going to
• 15:12
  Speaker 2: get a deduction anyway. You're likely no longer deducting your
• 15:16
  Speaker 2: home mortgage interest. We gave a lot of that stuff
• 15:17
  Speaker 2: back with a Tax custom Jobs Act.
• 15:19
  Speaker 1: Well, you know my immediate reaction when you hear the
• 15:21
  Speaker 1: IRS is going to do your taxes, And I have
• 15:23
  Speaker 1: no way of disputing the happiness people express and had
• 15:27
  Speaker 1: the IRS do it. Sure, you didn't have to pay
• 15:28
  Speaker 1: for anybody to do it. You didn't have to buy
• 15:30
  Speaker 1: the software. Fine, it's over and done with, but government
• 15:33
  Speaker 1: hasn't given us a lot of reasons to put confidence
• 15:36
  Speaker 1: in it. And then there's this whole Wait a second.
• 15:38
  Speaker 1: If I have my own account or I'm doing it myself,
• 15:41
  Speaker 1: I am looking out for my own best interest. I
• 15:44
  Speaker 1: am going to search for that loophole, maybe to the
• 15:46
  Speaker 1: extent one exists. And trust me, I know how laughable
• 15:48
  Speaker 1: that is for regular taxpayer, not just the big corporation.
• 15:51
  Speaker 1: But you know, you're thinking along the lines of you
• 15:53
  Speaker 1: want to maximize your own return or limit your own taxes.
• 15:57
  Speaker 1: You have a vested interest in doing it. But the
• 15:59
  Speaker 1: IRS sings be in the polar opposite of that relationship.
• 16:02
  Speaker 1: You think you would think that they're gonna do everything
• 16:04
  Speaker 1: they can to minimize your return or maximize your taxes,
• 16:08
  Speaker 1: as the case may be. And I know that may
• 16:09
  Speaker 1: not be the case. And I think that's a public perception.
• 16:11
  Speaker 1: Oh that's absolutely perception.
• 16:12
  Speaker 2: There's one hundred and three million dollars worth of lobbying
• 16:14
  Speaker 2: that's been spent over twenty years to support it. So
• 16:17
  Speaker 2: that's exactly what they want us to think. But if
• 16:19
  Speaker 2: you think about it, the IRS is already doing your taxes.
• 16:22
  Speaker 2: They just wait until you've done them first. Then they
• 16:25
  Speaker 2: come back and they'll say, oh, you missed this ten
• 16:26
  Speaker 2: ninety nine or you know, it'll be two three years
• 16:28
  Speaker 2: later and they'll say, hey, in your twenty twenty two return,
• 16:31
  Speaker 2: we have this record. You didn't file it on your thing.
• 16:33
  Speaker 2: They're already doing it behind you. I would suggest, I'm
• 16:36
  Speaker 2: a big fan of do it in the opposite order. Irs,
• 16:38
  Speaker 2: go do my taxes with the information that you already have,
• 16:40
  Speaker 2: and I pay taxes for you to exist in the
• 16:42
  Speaker 2: first place. Then present them to me as your understanding
• 16:45
  Speaker 2: of my taxes. Then I can approve or disapprove it.
• 16:48
  Speaker 2: So their way, I'm still maintaining the control. But I'm
• 16:50
  Speaker 2: not on the hook for hundreds of dollars to a
• 16:51
  Speaker 2: publicly traded company to get it done for me. When
• 16:54
  Speaker 2: my tax receiving government uses my dollars anyway to do.
• 16:58
  Speaker 1: My taxes, or maybe north of I have to seven
• 17:00
  Speaker 1: hundred and fifty dollars. If you have a private accountant
• 17:03
  Speaker 1: and do it for.
• 17:03
  Speaker 3: You, absolutely yeah.
• 17:05
  Speaker 2: And then there's a huge industry and those private accountants,
• 17:07
  Speaker 2: they're the great people, great organizations, but they struggle to
• 17:10
  Speaker 2: do your stand They don't want to do a household
• 17:13
  Speaker 2: with a couple of W twos and ten ninety nine.
• 17:15
  Speaker 2: They're charging four digits now very frequently because that's just
• 17:18
  Speaker 2: not a productive It's tough to make that a profitable
• 17:21
  Speaker 2: business and do those kinds of things. Oh, if that's
• 17:23
  Speaker 2: the reason, use, if it's not that complicated and determative
• 17:27
  Speaker 2: fact boring.
• 17:27
  Speaker 3: Yeah, if I'm a.
• 17:28
  Speaker 2: CPA, I don't want to transpose numbers from transmit numbers
• 17:32
  Speaker 2: from ten ninety nine's into ten forty.
• 17:34
  Speaker 3: That's not fun.
• 17:35
  Speaker 2: I want to help people understand things and make decisions.
• 17:37
  Speaker 1: That's an interesting perspective one that I never gave it.
• 17:39
  Speaker 1: I always thought that's low hanging fruit. It'll take me
• 17:41
  Speaker 1: like five minutes to do an easy return. I make
• 17:43
  Speaker 1: seven hundred and fifty bucks on it. That sounds like
• 17:45
  Speaker 1: a business model.
• 17:46
  Speaker 2: It's the chasing of human beings who didn't give you
• 17:48
  Speaker 2: every last bit of information you need to complete it.
• 17:51
  Speaker 3: That's the part. That's the time sucking, shetting.
• 17:52
  Speaker 1: A little reality on financial matters, which is what Brian
• 17:54
  Speaker 1: James does each and every week. Brian James, I appreciate
• 17:57
  Speaker 1: you coming on the show every week and look forward
• 17:58
  Speaker 1: to another conversation next week. Week in between now and then,
• 18:00
  Speaker 1: as I always have a great one.
• 18:01
  Speaker 3: My friend have a week, have a good week.
• 18:03
  Speaker 1: Go reds A twenty eight fifty five kirc De talk
• 18:05
  Speaker 1: station