{"version":"1.0.0","segments":[{"startTime":4.88,"endTime":8.78,"body":"the tax made simple, where we break"},{"startTime":4.88,"endTime":8.78,"body":"down the complex and the ambiguous"},{"startTime":8.78,"endTime":12.53,"body":"in a digestible fashion so that"},{"startTime":8.78,"endTime":12.53,"body":"you can make informed decisions."},{"startTime":13.04,"endTime":15.83,"body":"Tax is made simple, is brought"},{"startTime":13.04,"endTime":15.83,"body":"to you by the tax and accounting"},{"startTime":15.83,"endTime":17.87,"body":"wizards at dark horse CPAs."},{"startTime":18.35,"endTime":22.52,"body":"Well, you're stuck with this ugly mug"},{"startTime":18.35,"endTime":22.52,"body":"today as I'm going solo for this episode."},{"startTime":22.905,"endTime":25.155,"body":"But I promise you, I will"},{"startTime":22.905,"endTime":25.155,"body":"make it worth your time."},{"startTime":25.185,"endTime":29.205,"body":"If you're interested in the new"},{"startTime":25.185,"endTime":29.205,"body":"stimulus package, dub D rescue America"},{"startTime":29.205,"endTime":31.665,"body":"plan that Biden unveiled last week."},{"startTime":32.265,"endTime":36.735,"body":"What I want to talk about today"},{"startTime":32.265,"endTime":36.735,"body":"is exactly what he's proposing and"},{"startTime":36.735,"endTime":38.205,"body":"where we think things will land."},{"startTime":38.205,"endTime":40.875,"body":"When these proposals make"},{"startTime":38.205,"endTime":40.875,"body":"their way into a buyable bill."},{"startTime":41.58,"endTime":44.88,"body":"If you're watching this on YouTube,"},{"startTime":41.58,"endTime":44.88,"body":"you should definitely click the link"},{"startTime":44.88,"endTime":47.34,"body":"below to subscribe to the podcast."},{"startTime":47.4,"endTime":52.95,"body":"If you're listening to the podcast and"},{"startTime":47.4,"endTime":52.95,"body":"you haven't yet subscribed, come on, man."},{"startTime":53.25,"endTime":55.65,"body":"Drink the dark horse Kool-Aid and sign up."},{"startTime":56.31,"endTime":56.73,"body":"Okay."},{"startTime":56.76,"endTime":61.14,"body":"So you heard about it and you either"},{"startTime":56.76,"endTime":61.14,"body":"thought finally, or here we go again,"},{"startTime":61.53,"endTime":65.01,"body":"the market's heard about it and"},{"startTime":61.53,"endTime":65.01,"body":"they said, Hmm, sounds inflationary."},{"startTime":65.04,"endTime":66.45,"body":"Let's increase interest rates."},{"startTime":66.9,"endTime":72.99,"body":"The bottom line is that this proposal has"},{"startTime":66.9,"endTime":72.99,"body":"an astronomical price tag of $1.9 trillion"},{"startTime":73.17,"endTime":77.31,"body":"after the 900 billion that was authorized"},{"startTime":73.17,"endTime":77.31,"body":"under the last bill in December."},{"startTime":77.73,"endTime":79.71,"body":"And where does Biden"},{"startTime":77.73,"endTime":79.71,"body":"want this money to go?"},{"startTime":80.07,"endTime":84.03,"body":"First of all, he wants to do a new"},{"startTime":80.07,"endTime":84.03,"body":"round of $1,400 stimulus checks."},{"startTime":84.33,"endTime":88.2,"body":"This would be per person, including"},{"startTime":84.33,"endTime":88.2,"body":"dependence, regardless of age,"},{"startTime":88.62,"endTime":92.16,"body":"between this check and the one"},{"startTime":88.62,"endTime":92.16,"body":"from December, a family of five"},{"startTime":92.16,"endTime":94.2,"body":"would get a check for $10,000."},{"startTime":94.2,"endTime":95.7,"body":"If they qualified for the full amount."},{"startTime":96.3,"endTime":100.8,"body":"The math is $600 from the first check"},{"startTime":96.3,"endTime":100.8,"body":"plus $1,400 per person under the"},{"startTime":100.8,"endTime":103.44,"body":"Biden proposal multiplied by five."},{"startTime":103.8,"endTime":107.28,"body":"If that family supports a grandparent"},{"startTime":103.8,"endTime":107.28,"body":"who may claim as a dependent,"},{"startTime":107.52,"endTime":110.13,"body":"that check becomes $11,400."},{"startTime":110.76,"endTime":115.52,"body":"Next, he wants to increase the federal"},{"startTime":110.76,"endTime":115.52,"body":"unemployment bonus to $400 a week from"},{"startTime":115.52,"endTime":120.02,"body":"its current level of $300 a week and"},{"startTime":115.52,"endTime":120.02,"body":"extend it through September of this year."},{"startTime":120.495,"endTime":123.075,"body":"This would continue to"},{"startTime":120.495,"endTime":123.075,"body":"include self-employed folks."},{"startTime":123.375,"endTime":127.095,"body":"And those facing displacement from their"},{"startTime":123.375,"endTime":127.095,"body":"home would benefit from an extension to"},{"startTime":127.095,"endTime":132.225,"body":"the eviction and foreclosure moratorium"},{"startTime":127.095,"endTime":132.225,"body":"through September, as well as $30 billion"},{"startTime":132.225,"endTime":136.635,"body":"to help low-income families who have lost"},{"startTime":132.225,"endTime":136.635,"body":"their job, pay their rent and utilities."},{"startTime":137.375,"endTime":142.565,"body":"He also wants to increase the child tax"},{"startTime":137.375,"endTime":142.565,"body":"credit from $2,000 per child to $3,000."},{"startTime":142.835,"endTime":147.665,"body":"And if the child is under age six, the"},{"startTime":142.835,"endTime":147.665,"body":"family will get an additional $600."},{"startTime":148.185,"endTime":151.995,"body":"The credit would be refundable to which"},{"startTime":148.185,"endTime":151.995,"body":"it currently isn't in additionally"},{"startTime":151.995,"endTime":156.255,"body":"he's requesting $40 billion in grants"},{"startTime":151.995,"endTime":156.255,"body":"to support childcare centers and"},{"startTime":156.255,"endTime":159.735,"body":"essential workers with meeting their"},{"startTime":156.255,"endTime":159.735,"body":"childcare costs on the business."},{"startTime":159.735,"endTime":165.555,"body":"Front Biden is proposing allocating $35"},{"startTime":159.735,"endTime":165.555,"body":"billion for guarantees of up to $175"},{"startTime":165.555,"endTime":170.175,"body":"billion in low interest loans meant for"},{"startTime":165.555,"endTime":170.175,"body":"small businesses, which is typically"},{"startTime":170.175,"endTime":174.885,"body":"meant those under 500 employees, an"},{"startTime":170.175,"endTime":174.885,"body":"additional 15 billion would be allocated"},{"startTime":174.885,"endTime":176.925,"body":"for grants to these same small businesses."},{"startTime":177.54,"endTime":181.95,"body":"He wants to require employers of"},{"startTime":177.54,"endTime":181.95,"body":"all sizes to offer up to roughly 14"},{"startTime":181.95,"endTime":184.05,"body":"weeks of paid sick and family leave."},{"startTime":184.44,"endTime":187.26,"body":"This would include those"},{"startTime":184.44,"endTime":187.26,"body":"caring for sick family members."},{"startTime":187.47,"endTime":190.65,"body":"The weekly benefit amount would"},{"startTime":187.47,"endTime":190.65,"body":"be as much as $1,400 per week."},{"startTime":191.07,"endTime":195.27,"body":"Employers with under 500 employees"},{"startTime":191.07,"endTime":195.27,"body":"would likely receive tax credits"},{"startTime":195.42,"endTime":197.01,"body":"to cover the cost of the sick pay."},{"startTime":198.075,"endTime":202.545,"body":"Also, he wants to increase the"},{"startTime":198.075,"endTime":202.545,"body":"federal minimum wage to $15 an hour."},{"startTime":202.635,"endTime":207.405,"body":"And for reference sake, the current"},{"startTime":202.635,"endTime":207.405,"body":"minimum wage is $7 and 25 cents an hour."},{"startTime":207.675,"endTime":211.515,"body":"Then there's 350 billion for"},{"startTime":207.675,"endTime":211.515,"body":"state and local governments, 170"},{"startTime":211.515,"endTime":214.965,"body":"billion for schools, 20 billion"},{"startTime":211.515,"endTime":214.965,"body":"for vaccinations and testing."},{"startTime":215.325,"endTime":216.615,"body":"And well, you get the point."},{"startTime":216.915,"endTime":218.325,"body":"This bill is going to be expensive."},{"startTime":218.655,"endTime":222.255,"body":"Everyone has a different opinion on"},{"startTime":218.655,"endTime":222.255,"body":"how much and where the money should go."},{"startTime":222.495,"endTime":224.625,"body":"However, one thing is for sure."},{"startTime":225.045,"endTime":228.165,"body":"This spending will not simply"},{"startTime":225.045,"endTime":228.165,"body":"be made up for by taxes on"},{"startTime":228.165,"endTime":229.755,"body":"increased economic activity."},{"startTime":230.115,"endTime":233.535,"body":"It's going to come in the form of"},{"startTime":230.115,"endTime":233.535,"body":"higher taxes and that will happen."},{"startTime":233.565,"endTime":237.645,"body":"Trust me, just not this year is we don't"},{"startTime":233.565,"endTime":237.645,"body":"believe the Biden administration will"},{"startTime":237.645,"endTime":239.715,"body":"cut off its nose to spite its face."},{"startTime":240.105,"endTime":242.595,"body":"They will likely wait until"},{"startTime":240.105,"endTime":242.595,"body":"the pandemic has subsided."},{"startTime":242.775,"endTime":246.195,"body":"And the economy has recovered before"},{"startTime":242.775,"endTime":246.195,"body":"implementing Biden's tax plan,"},{"startTime":246.585,"endTime":250.815,"body":"which will substantially increase"},{"startTime":246.585,"endTime":250.815,"body":"taxes on those making over $400,000."},{"startTime":251.459,"endTime":255.029,"body":"When it comes to the rescue America"},{"startTime":251.459,"endTime":255.029,"body":"plan, we're confident that Democrats"},{"startTime":255.029,"endTime":259.5,"body":"will concede or compromise on certain"},{"startTime":255.029,"endTime":259.5,"body":"initiatives in order to avoid having"},{"startTime":259.5,"endTime":262.669,"body":"to pass this bill, all the, a budget"},{"startTime":259.5,"endTime":262.669,"body":"reconciliation, which would be a"},{"startTime":262.669,"endTime":266.36,"body":"time consuming process and is not the"},{"startTime":262.669,"endTime":266.36,"body":"correct format for some of these relief"},{"startTime":266.36,"endTime":270.71,"body":"measures to avoid this, they will need"},{"startTime":266.36,"endTime":270.71,"body":"10 Republican votes in the Senate."},{"startTime":271.01,"endTime":273.86,"body":"So what are they likely to drop"},{"startTime":271.01,"endTime":273.86,"body":"in order to get these votes?"},{"startTime":274.409,"endTime":277.83,"body":"I would start with the increase"},{"startTime":274.409,"endTime":277.83,"body":"of the federal minimum wage to $15"},{"startTime":277.83,"endTime":281.34,"body":"an hour, because that wouldn't be"},{"startTime":277.83,"endTime":281.34,"body":"allowed to be past the reconciliation."},{"startTime":281.34,"endTime":284.969,"body":"Anyway, the second concession"},{"startTime":281.34,"endTime":284.969,"body":"they'd likely be forced into is a"},{"startTime":284.969,"endTime":288.12,"body":"reduction of the amount allocated"},{"startTime":284.969,"endTime":288.12,"body":"to state and local governments."},{"startTime":288.539,"endTime":292.71,"body":"Republicans hate bailing out state"},{"startTime":288.539,"endTime":292.71,"body":"governments, whom they find have created"},{"startTime":292.71,"endTime":294.51,"body":"large deficits due to mismanagement."},{"startTime":295.155,"endTime":299.145,"body":"Last some of the price tags of certain"},{"startTime":295.155,"endTime":299.145,"body":"benefits will have to come down."},{"startTime":299.294,"endTime":303.755,"body":"Maybe they won't be able to do $400 a"},{"startTime":299.294,"endTime":303.755,"body":"week in additional unemployment temper."},{"startTime":304.025,"endTime":305.645,"body":"Maybe it will only last through June."},{"startTime":306.155,"endTime":309.604,"body":"It's these types of concessions that"},{"startTime":306.155,"endTime":309.604,"body":"Democrats will have to consider to"},{"startTime":309.604,"endTime":311.435,"body":"move quick on their overall agenda."},{"startTime":311.705,"endTime":316.205,"body":"So, like I mentioned earlier, subscribe"},{"startTime":311.705,"endTime":316.205,"body":"to this podcast and our YouTube channel."},{"startTime":316.234,"endTime":319.905,"body":"If you care about your business and"},{"startTime":316.234,"endTime":319.905,"body":"your taxes, We've got this week,"},{"startTime":319.905,"endTime":323.534,"body":"this morning on YouTube, which is"},{"startTime":319.905,"endTime":323.534,"body":"a weekly video designed to give you"},{"startTime":323.534,"endTime":327.255,"body":"a short form, download of the most"},{"startTime":323.534,"endTime":327.255,"body":"important developments, affecting"},{"startTime":327.255,"endTime":328.575,"body":"your business and your taxes."},{"startTime":329.025,"endTime":332.565,"body":"And then we've got taxes made simple,"},{"startTime":329.025,"endTime":332.565,"body":"which you're currently watching"},{"startTime":332.565,"endTime":337.695,"body":"or listening to, to help you make"},{"startTime":332.565,"endTime":337.695,"body":"sense of all things, tax your CPA."},{"startTime":337.695,"endTime":342.135,"body":"Isn't providing you with this information"},{"startTime":337.695,"endTime":342.135,"body":"unless they're dark, where CPA, if you"},{"startTime":342.135,"endTime":346.275,"body":"need to make the upgrade from a CPA to"},{"startTime":342.135,"endTime":346.275,"body":"a dark horse CPA, we're ready for you."},{"startTime":346.785,"endTime":349.695,"body":"Head over to dark horse"},{"startTime":346.785,"endTime":349.695,"body":"dot CPA to get started."},{"startTime":349.755,"endTime":352.485,"body":"Once again, that's dark horse dot CPA."},{"startTime":352.845,"endTime":356.685,"body":"So thank you for watching TMS or"},{"startTime":352.845,"endTime":356.685,"body":"taxes made simple if you're not into"},{"startTime":356.685,"endTime":360.615,"body":"the whole brevity thing, because"},{"startTime":356.685,"endTime":360.615,"body":"there's TMI and then there's TMS."}]}