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Trump's Big Beautiful Bill: What it Means for American Expats and Global Investors
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Tips for Moving Overseas: Top 5 Remote Work Skills That Make Money: https://www.youtube.com/watch?v=bFzjCrlNAL8&list=PLh3xKhkMgH_IA6s3KvB_g9Cc9Ze1eji8j
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Today, we absolutely need to talk about Donald Trump's big, beautiful spending Bill, because it absolutely does affect expats, entrepreneurs, international investors, and just about everybody else, whether they're an American, currently living in the country, whether they're potentially an immigrant. Living in the US or even maybe expats who are US citizens trying to send themselves back money. Welcome to Entrepreneur Expat. I'm Amanda. This is Justin. And on this channel we talk about international business. We talk about current events that affect expats, and boy is this one that affects expats. We also talk about, uh, international investments, doing business, traveling the world, having global citizenship. So if that's something that you're interested in, make sure to subscribe and hit the notification bell so you don't miss a single video that we have coming out on this channel. We are on the other side of our move. To Lake Chip Paul, Mexico. So you're gonna be seeing a lot of content from us, uh, moving forward. cause we now have a set where we can do it very easily. We've got a couple different sets, actually. We've got one. Right outside as well with the lake view where we published a couple videos. All of that to say we're trying to get daily videos out because there's so much going on between the us, between Mexico, investments all over the world, visas, immigration, the world is a hot mess right now and we're trying to keep up to keep everybody. Uh, informed. And speaking of Mexico and Lake Chapala, if you are interested in relocating to or investing in Mexico or other parts of Latin America, we can help. So, entrepreneur expat.com/consult if you are, uh, interested in that. Part of what we help with is tax strategy, uh, which we're all definitely gonna need because, uh, this bill passed. So, um, you wanna do your disclaimer first before I, I ask you all the questions about your opinions. Absolutely. So obviously this, this is a media bias disclaimer, but I'll, I'll give you my, my perspective, uh, and my just context and view of things before we get into the specific facts and opinions. So, I did not vote for Kamala. I mean, we did not vote for Kamala. We did not vote for Trump either. We did not vote for anyone because it was a. Choice of what is the lesser of two evils, and we're not even going to tell you what our opinion is on who the lesser of two evils was. You guys can fight about that in the comments. Um, but needless to say, we're not really fans of the US political system in general, or the leaders there now or the ones in the past, uh, especially the last few decades here. And, um, I am very much. Fiscally conservative. I would say I'm socially more liberal. Uh, overall I'm very libertarian and I, I think the government should just stay out of our damn business and leave us all the hell alone. Uh, I'm, I'm kind of with Doug Casey on this one. Uh, and perhaps Malay as well. And the Rob Pauls. And Rod, the Paul. Um, I don't think that the government should be nearly as big as it should. So when we see somebody. Um, this is a little bit of opinion being interjected here, but when we see somebody, whether it's Trump or whether it's a Democrat or whoever else it is, it really doesn't matter guys. They're, they're all basically the same thing with different labels. They're not working for you. I. They're not. But when we see anybody, whoever it is that's, that's president or a leader of the government in any capacity, uh, who claims that they're gonna come in and cut off spending and try to fix the deficit and do all these other things, but then they have a, a, a spending bill that, that involves trillions more dollars of spending. When, when it's from money, we literally do not have, you have to kind of raise an eyebrow and be like. Okay. There's some weird stuff going on here and this is not congruent and things are not adding up. So to be clear, so there's context, right? From a philosophical standpoint, you're more of a libertarian, so you're like, government needs to stay outta people's lives. Uh, I know you're very big on government needs to stay out of other countries and other people's lives. Mm-hmm. Which is a part of this bill and a lot of what we've seen, uh, in the last month. And you, you tend to be fiscally conservative. Right. Okay. All right, so we have context, so everybody understands where this is coming from. So let's go through what's in this bill. First of all, this bill's a thousand pages. We did not read the entire thing. I don't think anybody read the, we do not recommend that you attempt to either. I don't know if you even can. Can you read it? I don't know if anyone in Congress read the entire thing. Oh, of course not. No, you're kidding me. They, they got better stuff to do than actually read the bills they passed. So there's a lot going on here. There's a lot of different points to cover. Including the increase in spending, what they're spending on, what they're cutting, how it affects Americans living in the United States, how it affects Americans abroad taxes. I mean, it just runs the gap. I'm gonna dive right into one of the things that I found definitely the most interesting about the bill, which is the cuts of, I believe it was Medicare. It was, it was, uh, definitely healthcare programs. It was health, food assistance. Yeah. But it was Medicare specifically. I think that was one of the line items. And they also cut a lot of the, this funding for food stamps. So. There's, there's a couple interesting things here. First of all, I think that in a, in big part, we're definitely dealing with a, a pretty big nanny state and a state that wants to. You know, maybe overcompensate and overtake care of people and then create a dependence on the state to receive certain things like, you know, whether it's food stamps, whether it's government assistance and so many other things. Uh, with that being said, this framework already exists. People are already getting food stamps and you can't just discern. With, with a, you know, a swipe of a pen or whatever. These people should be getting government assistance. These people are just, let's say, lazy and they should not be getting government assistance. Now, I'm not saying that everybody getting government assistance is lazy, but certainly to Trump's point, I. There is a lot of bloat in the system. And if you compare that to somewhere like Mexico, where when they even had conversations about some types of social programs that the US has had for decades, everybody's like up in arms and saying, uh, you know, this is turning into like a socialist country. Which you could argue that in some ways it is, we're guests here in this country, so we're not gonna give you our political opinion. On Mexico or their, their government or their leadership. Uh, but just to give you some context there for how, like the other countries view certain things that the US has already had for a while. So with that being said, yes, there's bloat, yes, there's excess spending, but to just with the flick of a pen, basically defund social security or, sorry, uh, defund food stamps, and especially healthcare. Things like healthcare like, like, uh, like Medicare and things like that. Uh, that is very bad. Uh, especially when on the flip side of the bill or, or even the flip side of what we've just been doing the last 12 months, is there, there have been billions and billions I think at this point. Hundreds of billions of dollars in the last couple years, going to Ukraine, going to Israel. Uh, and I'm also context. I'm Jewish myself. I, I support the Jews. I'm, I'm a big fan of the Jews. I think there's a lot of craziness going on in the Middle East. On both sides. But the point is, it's not the problem of the US to the point where they're, they should be cutting funding and literally having people hungry, people having, uh, people being homeless on their own streets, but then sending billions of dollars to Israel and now tens or hundreds of billions of dollars to collectively to Ukraine. Not to mention all these other wars in Europe and the Middle East and all these other places that we've been funding. For decades. Oh, and they increased military spending. Yeah. And that, that's one thing you can, you can mention some of the, some of the specific facts on that. That's one of, yeah, that's one. But it's wild where you're like cutting funding to go to your own people and then spending even more and more on foreign wars like that and everything else we're seeing right now, guys, we've said this before and I'm gonna harp on this point a little bit. I'm, I'm gonna gonna give you guys a little bit more snark here, but I told you so, and these are all very much late stage empire vibes. Come back and watch this 10 years from now and tell me I was wrong. I hope, I hope to God that I'm wrong, but it's not looking great based on the patterns. Yeah, so they actually, um, let's see. They increased. Spending on the military, uh, to your point, which is the United States keeps taking our taxpayer dollars to fund other people's wars. And you as a libertarian are like, stay out of other people's wars. And the argument that a lot of these guys make, these politicians is they're, they're gonna say, well, you know, we're funding, you know, all, all these jobs at Boeing and Raytheon, like all these defense contractors. Um. But I don't think that weapons production is, is a, is a positive thing. Like you look at the moral good, what moral good is there in just sustaining these industries to produce weapons, to go and kill people and sell arms and sell arms, like, yeah, that's not a positive force for good in the world. And again, it's not our damn business. Why are we giving all this, the, this money to foreign wars that don't really affect us? Feel free to tell me I'm wrong. You know, I'd love to hear your arguments against that. Uh, and yes, there is something to be said for having, you know, political influence in different countries and whatever, but the way the United States has been doing it a little, yeah, it's, it's through intimidation. It's through. Bringing other countries and entire regions down, uh, financially, economically, um, all to, to keep that dollar as the reserve currency at the expense of their own at the exp expense, at, at the expense of all those countries and their economies and their regions, and at the expense of the US taxpayers, because guys, none of this money exists. Oh, well, let's get to that, right? Yeah, because the other thing that, this, we'll talk about some, some quantitative, quantitative easing as well, but none of this, none of this shit exists anyway. Right. That's the, that's the real problem. Even if, even if it was a good moral idea, and even if it did somehow further our agenda in a positive way, which I don't believe it does, the money doesn't exist, guys. It's, it's being pulled outta thin air. We're mortgaging our future to come up with this money to pay for these wars while, while we're also cutting spending for things that we need. It makes no sense. I'm, it, it's mind blowing. So one of the things that's causing a lot of Americans to leave the United States is stuff like that. So, for example, if you're an expat and you're able to take care, uh, take advantage of uh, foreign credits and things like that, then you reduce what the tax that you're paying into the United States, which by the way, if you're a US citizen, you're getting taxed no matter where you are and how you make your money. Um, well, you might also be getting taxed, let's say by Mexico or by another country that you're deciding to move to, depending on how you're set up financially. That's why little interlude here. If you haven't already gotten a tax professional in multiple countries to take a look at your situation, or you do need help with the residency to be able to have some of those tax benefits, let's say, when buying or selling real estate or when trying to run a company in another country. You wanna make sure you go to entrepreneur expat.com/consult because we can help you. We've got white glove services. We work with a team of experts around the world who are legal experts. Obviously this is all our opinion. We're not licensed experts or licensed accountants or anything of that nature. We're waxing philosophical right now. Exactly. But, um, go to entrepreneur expat.com/consult and we can get you set up with those services to make sure you are in a tax advantageous situation wherever you live, in whatever country you are a citizen or resident of, especially if you're tired of your tax money going to all these wars. Um, okay. Yes. So speaking of the quantitative easing and hyperinflation and, and all that stuff, so the bill which did pass, uh, last night at the time that they're recording this, it is set to increase the US debt by$3.3 trillion over the next 10 years, and the US government currently owes its lenders$36.2 trillion. Why is this a problem? Why is it a problem? Yeah. Well, back to my earlier point of none of this money actually exists. So when the US government, for example, will get into a, like a just small, uh, macroeconomics lesson here, but when the US government quote unquote prints money, it's not actually printing money anymore. Uh, for the most part they're just adjusting the ledgers. Right? The, the Fed is giving credit. Uh, essentially like putting money into this, the system where these commercial banks are just having their ledgers adjusted essentially, right? So the commercial banks have money that was created, printed right out of thin air. It doesn't actually exist. It's just a line item that's being added to their balance sheets, essentially. It's not real money. What happens when you do that? What, what happens when you just increase the supply of something? I mean, again, just basic macroeconomic principles. You increase the supply of something, the demand goes lower. It's worse with currency because when you increase the supply and currency, not only does the demand for it go lower on a, on a global market, but people see less and less value in it because there's so much more of it. And now you start to realize that it costs more and more to buy goods, goods and services. So it's a tax that isn't even labeled as a tax, but it's affecting people far more than just the average taxes. Because guess what? Your sal, your salary is staying the same. But because of these macroeconomic trends, when money is, is fed into the system out of nowhere, right from the Fed, money is fed into the system and all of those goods and services that you're purchasing are getting more and more expensive. So if you're trying to get by, let's say in California, God forbid, on a$60,000 a year salary, right? Which is still higher than the, than the national average. You were like maybe barely making it six months ago and now. You're having to figure out how to ration food to, to feed a family a four. Like you don't have enough food to feed your family because the money that you made from that salary, the salary hasn't gone up with the cost of living. Right. They're supposed to, but they don't. Right. And even if they, you know, like in California, this is, we'll go on a little bit of a rant here because it ties into this, but you look at a lot of these liberal policies like in California where they increase the minimum wage substantially. Okay, great. Fast food is$21 an hour minimum wage right? Now, guess what happens? People that can be. Replaced or automated or replaced with AI or whatever it is they need to do. Those people lose their jobs. So yes, the few that are still there working at that place that maybe have a higher skillset do have their jobs and they have a higher wage. But now you've got four other people that are now unemployed because you've doubled them minimum wage over a few years. That's something actually that's been brought up by some financial experts as well that I knew back from my finance days, uh, which is the fact that. I believe there is, hold on, I wanna make sure I have the number right. 4.5 trillion in tax cuts. And then the idea with the tax cuts, um, is that the, the corporations will then, you know, be able to hire more people. But does that really make sense in the age of ai? And Microsoft announced this morning that they're laying off more thousands of people. So if you decide, yeah, it was like 3,900 people, I think they just laid off something like that, right? So if, if you're getting these big, beautiful tax cuts and you're still laying off people big, beautiful tax cuts, um, then does that logic actually work? Does it make sense in the 21st century when you have AI and you can still get rid of people and then just have. Machines do a lot of the work or ai? No, I, I think, and I, I would've said something per perhaps different, even just five years ago.'cause I definitely believed it more in a lot of those like Republican tax policies and tax cuts and things like that. But the tax cuts that are in the bill mostly are for those big corporations. Right. And those big corporations. It's not for small business, that's for sure. Those big corporations already have tax. Advantageous strategies where they're moving money around multiple countries and multiple jurisdictions, and they're able to save that money anyway, number one. Number two, it's not benefiting small businesses. It's not benefiting your mom and pop shop. It's just keeping more money in that, that top, like 1% or 1% of the, 1% of those, of those, uh, those corporate shareholders. And, and really the way that it looks like to me is, is crony capitalism. I would look at this not that different than what. For generations has been going on in Russia, right? Where, where you're friends with the administration and you, you can get your business or whatever you want through and have all the money to do it and everything else. Um, I'm not gonna comment extensively about that because we probably will visit Russia at some point in the, in the near di future. Um, but I mean, I have, I have roots in, in Eastern Europe, in Ukraine and in Russia, and. And, um, you know, we, we understand how that works. You're, you're buddies with the government, you, you get a bunch of cash, you can do pretty much whatever you want. How is this really any different? How are these tax cuts for these corporations? And then to your point of ai. Yeah, now it's getting to the point and I, I'm not gonna go on and say that there should be a universal basic income or anything like that. I think that's a slippery slope. And I think that that's also. Nanny state, and that's over government regulation there. But if you look at that as one extreme right versus just, Hey, let's give these these businesses tax cuts, and we can just use AI to replace half of the workforce. Like how does that actually benefit anybody? At the end of the day, there's gotta be some sort of balance. There's gotta be some sort of happy medium. I'm not an economist. I don't know what that balance is. All I can tell you is I'm pissed because this does not help anybody other than the friends of the people at the top. Well, let's keep going with what else is in this bill. There's a lot, and we're gonna get to investors and expats, but we kind of gotta lay the groundwork of what's actually in here and what people are concerned about. So it says the legislation is also gonna raise the debt ceiling by$5 trillion. So is this just made up? Are they just like, Hey, we owe this much money and now we're gonna make it. So it's kind of like. I'm gonna make up what my credit limit is. Yeah. Is what it sounds like. That's exactly what it's, because you know, we, we've got some F fifteens and B twos and a big military and we can kind of say whatever we want and we'll owe people as much as we want.'cause we've got the, the faith of the US dollar, which isn't really worth that much anymore. Uh, and a big military to be able to back it up, right? So now if you look at debt ceiling, just, just conceptually, that's all it is. Is it, it's, it's, let's say that you had a thousand dollars credit line right on your, on your, on your credit card, right? You've got a Wells Fargo credit card. Uh, it's a thousand bucks. So you, you go and you have a really fun night in, uh. Miami, your hometown, right? Mm-hmm. You go to Miami, you party it up. Um, you can't really get much out in Miami for it. Let's say it's$10,000, so you could probably buy like a bottle or two at a, like a lower tier club for 10 grand. Let's say your credit limit, it's, it's 10 grand. Okay? It partying it up, you got like a bottle and a half, maybe the other one you split with your buddies, so you got a bottle and a half plus tips for the, the girls bringing the bottles in with all the flares and shit, right? So 10,000 bucks. You spend it all in one night out in, in Brickle. Okay. What do you do? Well, most, most people in, in the real world, they would look at their credit card bill. They'd realize, wow, I got way too hammered last night. I should not have spent$10,000. This is gonna take me a really long time to pay off. I better lower my spending, right? Pay this thing off, and then maybe not have so many rages. Okay? The government does not follow normal rules. And what happens is when they get their$10,000 credit card bill from that rager,'cause they wanted to send a a bunch of bunker busters to God knows what country in the Middle East. They're like, oh, you know, our, our, and except now it's trillion. You know? Let's say our limit was 10 trillion. You know what? We're just gonna add another 2 trillion on top of it. So bank, why don't you, and it's not a bank necessarily in this case, it's the creditors, the foreign creditors they have and right. Um, in other countries and things like that, right? Yeah. We'll talk about foreign investors, creditors, all that in a second. But, but they, they just go and say, okay, you know what? We're gonna raise our debt ceiling and instead of lowering our spending, which is what Trump promised to do, by the way, we're just gonna go and raise the amount of money that we can spend without having it. What do you think of that? It doesn't make any sense. No. How could it, because it'd be very painful to cut back the spending, and a lot of people in the government would lose their jobs. And whenever you have those, those three letter institutions, you know, the FFTC and FAA and CIA and FCI and FCCI and yeah, the FCCI don't, I don't think I can sing Slim Shady here, or we'll get a copyright strike, but I digress. Um, all, all those, all those three letter institutions are, they're basically like, uh, I think, I think Doug, Doug Casey said it. What, what is it? A self. So, did you say self licking envelope will have to No. A self licking ice cream cone. Ah, that's what it, yeah. They're a self licking ice cream cone. Because these institutions are there and they don't, they don't want to lose their existence because now you know, you're, you're friends with this person and that boss and who they wanna stay alive. If you guys want a, a spiritual take on this, this is a little tangent, but if you want a spiritual take on this, check out what reality trans surfing talks about with pendulums. A pendulum is this, this energetic structure that wants to basically keep going, check out reality trans surfing, if you want to dive really deep on, on macro, how all these, these powers and forces work. But that's essentially what it is. They don't, they don't want to, they don't want to be ruled out of existence, so they just keep getting bigger and bigger and bigger. And something that may have been created to address one specific type of thing, like this issue with the environment or NATO is a good example. Okay, great. You know, we've got the Soviet Union. We have to ban forces to together and make sure that the Soviet Union can't, can't do some dumb shit around the world or whatever should have been abolished in the nineties. No, they were not. They kept going. They still exist. Why? Who knows? And then now that's why we have the Ukraine, Russia situation. Mm-hmm. Essentially is'cause NATO kept expanding, expanding, expanding. A lot of Americans, or at least half of Americans don't know that. Uh, but unfortunately a lot of Americans don't know how their policies are affecting everyone else in the world. And I think expats start to realize how American policy not just affects them no matter where they are in the world, but also affects everybody else. Geopolitics how the world is moving. Yeah. And right now the world is moving in a very chaotic way, and just because you put a little Ukraine flag or an Israeli flag or whatever the hell the trend is at the moment on your Facebook profile, doesn't mean you really know what's going on in Ukraine. I'm Ukrainian, and you would say we have a long lineage of people back to Ukraine and Russia. And my family. I've been to U I've spent months in Ukraine. I also know how a lot about the political systems there and about what the US influence has done there. So. What the mainstream media tells you is going on. You gotta follow the money trail, right? You have to look at who's actually funding those ideas that are being put out there, or this, this propaganda of, yeah, I'm with Israel, I'm with Ukraine, I'm with guys like, like the, the sim, the. Just because somebody's, you know, parroting something over and over again doesn't mean that you blatantly need to fall in line like sheep and say, this person is saying this so that it must be true. Do your own research. Look at the money trail. Understand the pedaling and corruption and political influence that's going on. It's, it's not exactly as simple as it seems, but most of it is either about power or money. And power is definitely the most. Dangerous of the two because people get to a certain amount of money and like you're good, but power, you can never have enough power. Right. That's what I'll say on that. So let's talk a little bit about what investors are saying, because you brought up some good points. Right. We recently did a video with, uh, one of the attorneys that we work with. So again, if you need help, either relocating to or investing in Mexico or some other parts of Latin America, entrepreneur expat.com/consult. But we did an interview with Monica, uh, who is one of the attorneys that we work with because Reuters recently came out and said that, uh, global investors are looking at Latin America. Uh, particularly Mexico, Brazil, and Argentina. Mm-hmm. Uh, as viable options for like solid, steady growth investments. Maybe it's not like massive rapid growth, but it's steady growth, uh, over time. Argentina, they probably think they can get some deals, uh, in Argentina because um, they're not involved. Argentina's getting a lot more expensive. It's getting a lot more expensive Last years. Yeah, because. Um, Malay is doing his thing over there. Mm-hmm. But, um, AFU first libertarian president to ever be elected, ever in history. Can we say Carra on YouTube? I, I guess so. Um, so. To your point, right. A lot of, uh, international investors are now eyeing Latin America because Latin America is not involved in all these global conflicts. Um, you know, you'll have things like us and Mexico have their Brocas, they have their stuff, but like. Mexico and Argentina and Brazil, and these countries are not out funding Ukraine or they're not involved in the Israel Iran thing. Right. Or you know, so a lot of investors are now seeing what's going on in terms of the wars and they're like, Hey, Latin America might be a good option. Would it be fair to say that a lot of investors, global investors, are also looking at the amount of spending that not just the United States, but also Europe. Uh, has been doing and they're like, whoa, wait a second. You guys need to learn how to freaking balance a budget. Mm-hmm. Uh, because now this is eventually going to be unsustainable. What are your thoughts on that? Yeah, absolutely. And you, you had some, uh, some stats there on what Mexico was doing as well. Yeah. We'll get to it in a second. They're spending, and we're gonna do another video specifically about that. Yeah. So Mexico, just to give context, right. And this just came out. Uh, the same day that the big beautiful bill passed in the United States, Mexico, and this is from Mexico News Daily, which is a very well known website here in Mexico that covers everything that's going on here. But while we have the, you know, big beautiful spending bill, literally the same day Mexico announced that it's slashed its budget deficit by about 8.5 billion US dollars. I bet that wasn't a coincidence too, that they just announced this. I don't know. I bet that was strategic. I'm not sure. How much was it? 8.5 billion U-S-D-U-S-D. They slashed their budget. That's actually taking action. Yeah. And doing something, not just pretending what, what the US is doing is a peacock, uh, putting it no. An ostrich putting its head in the ground and, and just pretending like the problem doesn't exist. Right. And that you can't see it'cause it's head is in the ground and then the US Yeah. But, but what Mexico is doing in other countries like Argentina are doing right now, Argentina, aina. Yeah. That are going more towards that. Uh, especially Argentina, going more towards that libertarian side and trying to reduce government spending instead of increasing it to keep themselves alive, is that they actually are taking action, reducing spending. That's how you fix your budget. If you've got that, that$10,000 credit card charge on your, on your Wells Fargo card from, from your rager, you don't just go and keep asking them for, uh, an extended limit or raising it yourself. Because you're the government and you have a God complex and you think that you can spend as much as you freaking want, you actually cut the spending. We gotta call this video like Justin an unhinged. It is pretty This, this is the new series name, but Oh, I'm so mad. Like, I'm so mad guys. This is just, we're not even there. It just makes my blood boil because this is my country. You know what I mean? It makes me upset, like genuinely upset that this shit's happening. So to your point, Mexico's balancing their budget Mexico's kind of weird because it has like a leftist government that a lot of people are concerned about, but then it's doing, it's balancing its budget, which is a very non leftist. Thing me, Mexico's weird. It's complicated. It's not very black and white and straightforward, um, in a lot of ways. And then you have Argentina that earlier this year, Malay famously, you know, Argentina had a budget surplus for the first time in like decades. Yep. Yep. Because they'd gone so far over the edge of government spending. Um, and the nanny state. What are some of the consequences of, you know, an over bloated government at a nanny state? I know we were talking to another team member, Heather, um, who is one of our relocation concierges, and she lives outside of the United States. We helped her do that, uh, with this YouTube channel and, and some stuff that, that we helped her with. And she was saying, you know, when you live outside of the United States, you start to realize like how infantalized American citizens are by their government. Yeah, there's this whole idea, so, we'll, we'll talk about like some of these agencies and what they're doing and the overreach. So first of all, yes, you do need some consumer protections. Uh, Mexico even has a decent amount of consumer protections. You have proco. I, I I would say that Mexico might even be slightly under-regulated. I mean, there are definitely things they can improve.'cause there's a, there's definitely a lot of scams here in real estate. Uh, it's, it's a little bit more. I, I would say wild, wild west, not to the extent that people see in movies or that the average American maybe thinks or what the news says. Mm-hmm. But there, there might be a slight lack of regulation here now for where Mexico is at and it's, it's growth and its cycle as a country. I think that that probably makes sense. And eventually they are, in fact, they are adding some more regulation around real estate, around a lot of other things, which I think to an extent is good. So you need some regulation to protect consumers, to, to protect, uh, to cover your ass legally. And Mexico has some of those things, but again, it's, it's not quite there. I'd say maybe it's at like 70 or 80%. The US on the other hand, is just so overblown with everything. Here's an example I had, and I'll even speak from personal experience. Uh, my dad was a, was a mortgage broker for many, many years, and he was about to land. One deal that would've, I mean, definitely we, we were not in the best situation economically, right? With after the, the crash of 2008 and all that, he was about to land a massive deal. Uh, that was like a, like a$10 million loan or something of that nature, right. For this like massive development. I think it was a, in northern California somewhere. And they, they halted the entire thing because of one butterfly. That they found flat flapping. It swings at, I now I'm making this up. Um, one butterfly halted the entire project. We probably, I think, I think we would've as a, you know, as a family, like my dad's company probably would've made like a hundred thousand dollars or more on the loan. I mean, it was, it was massive. Or maybe even, maybe even more than that. It was, it was a very big deal and there were a lot of other offshoots and things that could have happened, uh, after, so that halted. Tens of millions of dollars of, of investment and potentially hundreds and hundreds of millions of dollars of economic opportunity and growth in that region. That was a, like an undercapitalized region as well, because of one butterfly. Yeah. I, I would also look at something like. EVs, right? All these electric vehicles that they're producing, by the way, at a cost to every single American taxpayer, because every single one of these electric cars that you're getting a 10,000 or$15,000 discount on, that's subsidized by the government. Guess where that comes from? Like male says El Elita, the state does not produce. The state. Only takes, right? So where does that money come from to subsidize things that, that perhaps move forward, some type of environmental policy. That people on paper think is a really good idea. And it makes you have the, these nice like ooey gooey feelings and whatever, like you're saving this butterfly or you're making the air better or what. And in some cases you are, in some cases there, at the end of the day, there ends up being absolutely zero net positive benefit to certain things that, and that's just environmental. Uh, then you look at regulation for things like, I'll, I'll use, uh, communications as an example without, without naming names, but there's a lot of regulations ironically, right. America is all about freedom and liberty and everything else. There's way more freedom here in Mexico than there is in the US in every way possible. Yeah. We'll have to do another video on that case. That's gonna be a, that's gonna be another video. Yeah. But there's so much restriction on what you can say, what you can do. I'll use an extreme example from the UK and I, I, I'm afraid that the US is, is heading a little bit in this direction, but in the UK you can be arrested and charged. Get this, if you post something on social media. That makes somebody feel offended. That's a real law. Yeah. In the uk Well, in Canada, we saw people getting their bank accounts shut down because they Oh yeah. Because they disagreed politically. Because they disagreed politically. So, and we don't know, and I don't know if this will happen with Trump. I don't know if this will happen with the Democrat. There's, there's extremes on both sides, but even Trump as an example, and I don't, I'm not anti-Trump. I'm not anti really anybody. I'm, I'm pro free. Speech for everybody and, and less regulation. Right. You're pro of the government staying outta your life, right? Yeah. But just because people are talking about this, like you look at what Trump's doing. Okay. Elon said something you don't like, you threatened to deport him and take away the contracts and take away all your government contracts. First of all, I don't know if a president can legally do that, single handedly on either of those counts. I'm sure he has influence and he could, he could affect that if he, if he wanted to, if there were grounds to do it. But like, come on. What kind of example are you setting by saying, you know, or how he reached out to Candace Owens because he didn't like what Candace Owens was saying about Israel or about the French president, president's wife or, or, or whatever. I don't care. I don't care if who your wife is or what she does, or what her past was, or what her, her sexual orientation is. I don't give a shit like, but, but to use your political influence as a leader. To go and basically threaten deportation or jail to people that disagree with you. I mean, I'm sorry guys, but that's the exact same thing that Trump was fighting against him because I do believe that they o, that that Democrats overreached their bounds in trying to prosecute Trump for all of those different crimes that if he was anybody other than Trump and their competitor, none of that stuff would've been prosecuted at all. So it makes no sense. It shouldn't have happened to Trump. I mean he just got off and he did way worse stuff than Trump's ever done. Absolutely. But it shouldn't have happened to Trump. And Trump shouldn't be doing exactly the same thing. I mean it's weird. It's like the, a lot of the time, you know, the victims of of trauma or the victims of a certain thing are gonna go and like perpetuate that thing. So it's almost what's happening to an extent. So what would you say to American people and investors? We're still talking in the United States. We're gonna get to expats in a second. Right. And'cause there's definitely stuff that affects expats as well. Um, you know, what would you say to them? Because to me, what it's looking like is like, okay, and, you know, we didn't vote for either of these people. We think we're looking at a late stage empire here, unfortunately. And we're also into global diversification and an international lifestyle so that, you know, we're not affected as much by what any one or two countries are gonna do. I mean, last night we were talking about, you know, what might be the next place that we go to? Maybe we spend six months here, six months over there so that we're not. Uh, under the thumb, you know, of one or two governments because governments are always gonna be politicking no matter what. Yeah. I mean, that's just what they do. We're not here, by the way guys, we're not here saying, Hey, we're in Mexico now. We can help you relocate to Mexico and you should come here no matter what, because Mexico's like the perfect country, the perfect government. We're not saying that at all. In fact, there's a lot of things wrong with Mexico. Just like there's a lot of things wrong with any country in the world to Amanda's point. But you want to be able to diversify. You want to have a plan B. You want to have a residency and another passport if you can. You want to have bank accounts diversified across different countries, across different jurisdictions, because guess what? You post one thing wrong on the internet and you get in the, the political crosshairs of some politician who wants to wipe you off the, the, the internet and not have you do business, they, they can shut you down completely overnight. Now your family's not eating or like it's bad. Or what we saw earlier this week that the United States government has a bone to pick with the Mexican government sanctioned like three or four Mexican banks, and now you have a lot of foreigners who can't transfer money who got caught in the crossfires. Yep. And they did nothing wrong. And they did nothing wrong. They just got in the crossfire of the drama. Um, so, you know, we're big proponents of, you know, diversifying yourself as much as you can so you don't get caught in the crossfires.'cause there's always gonna be drama, uh, unfortunately at the end of the day. But would you basically say like, to those who voted for Trump,'cause this is what we were afraid of, uh, when it came to Trump and ultimately we were like, yeah, we're, we are gonna check outta this one. Um, was that, you know. You know, it's not like Trump's not known to like say one thing and do another. Right. And it looks like that's what's going on. Yeah. And I think most of it is political rhetoric. Yeah. But I don't actually disagree necessarily with all of the economic things that Trump has done. I think he's done some positive things. I think he's done some not so positive things. So if, if you take away the policy aside, because I think he's got some good policies. I think many presidents in the last decade have had several good policies, Republican and Democrat you give credit words to, right? Sure, absolutely. But if you take the policies aside and you look at the, the person as, as a figurehead, as a leader, right? That actually matters. What he says matters because it affects people. It affects what, what people around the world think about him. It affects what his own people think about him. It affects what. Uh, even perhaps leaders of companies think about him, what investors think about the us Yeah. Right. What, what other international leaders would wanna do business with us or not wanna do business with us because of how he's representing the country. And it also sets, so whenever you say anything, let, let's, I'll, I'll take January, uh, January 6th as an example. And I think there's a lot of, there's a lot of very, very. Raw things that happened there that affected the people who were involved with that. And I don't think that a lot of that, that, that prosecution was just, but just, just taking it as a, as a concept right now when we talk about rhetoric and when we talk about, um, you know, taking people to action, right? That could have also gotten way worse too. I think that like the damage there, for example, was relatively minimal compared to, like, you look at the riots, uh, like a lot of the riots that have happened across the country. But when a political leader goes and says things to incite either violence or movement or action or, or breaking and entering or whatever it is that they were doing, right, you have to be responsible for what you're saying now. I'm not, I'm not pointing the finger just at Trump. You look at a lot of the, the Democrats in Congress who have literally take said things like, take to the streets and go and cause damage. They've said things like that, uh, that's significantly worse. So speaking of that, but rhetoric matters. Yeah. I was watching an interview, uh, and this is related to the bill and also the chaos that's been happening in the United States recently.'cause what you're talking about is chaos, right? You have, you know, the protests, the riots January 6th, I mean, it's been chaos for the last five years. Basically of civil unrest in the United States even. Well, what I'm talking about is chaos and, and, and setting an example. Yeah. Because just like the average person, and I, I can I, I would include myself in this group. Uh, the average, let's say male has not had necessarily a very good father example in their lives to be able to, to be able to structure themselves around right. And that, that leads to that chaos. But it's, it's the leadership, just like that happens in a, in a micro level. In a macro level, if you don't have a strong leader. We're getting a little bit off topic here, but if you don't have a strong leader to actually hold a nation together and say things that move them towards unity and not towards chaos and violence. Yeah. Right. That's a problem. And again, it happened with Biden too. It happened on both sides. I would argue that in some ways it happened with Biden. Maybe even worse, especially in during his term, when Trump lost that election and when instead of bringing the people together like Biden could have done, he split them apart more. Well, that's something, right? Both of them did that. That's a huge problem in the United States right now is political polarization. That is something a lot of expats say that they are over and done with, uh, in terms of why they want to be. Families have broken up over, over, you know, you believe in, in the, you're a Democrat, I'm a Republican. Like it's literally, it's, it's worse than. I think at at scale then a lot of what happened in during the Civil War. Yeah. When you were taking sides, when literally. Families were like, or like being split up because one, one person believes in a certain political ideology and the other person believes in a different, it's wild, and it's all caused by the state and the media. So Ron Paul, we were watching an interview with Ron Paul because he's a libertarian. He is not for this big beautiful bill. He had kind of a stark warning. He said, look, on the one hand, I'm feeling very optimistic.'cause I think Americans are waking up to like, this is all a farce. Yeah. The optimism wasn't about the bill at all. Right. This is a farce. Right. The bill is a farce. The fact that the government works for you is a farce. Like it's all a farce. Yeah. And Americans are waking up to that. But he did also have a warning that he thinks there's gonna be more chaos. Oh, absolutely. There has to be. Um, worst case scenario. This is a death by a thousand paper cuts thing where this, the debt ceiling just keeps going up and we keep spending more and more and then we f we're feeling like little pains over time with a catastrophic boom of like, oh shit. Now we're actually out of money. And perhaps, I don't know if we're gonna get invaded by another country'cause we owe them so much money or I don't know. Or if it implode. Yeah, it implodes and the country splits up into different pieces. Yeah. That's like worst case scenario. Best case scenario is like you just kind of rip the bandaid off now and you say, you know what? Like, like, uh, uh, I, I believe it was, yeah, it was Ron Paul that was talking about this, like, you can, you can, uh, rip that bandaid off now and then cut the spending. Don't raise the debt ceiling and just let some of these organizations that don't need to exist anymore fold and cut some of the spending on unnecessary things. Mm-hmm. Right. Then yes, people will suffer in the short term, but long term it's gonna start to make things better eventually over decades. This is not an easy fix, guys. No. This is not an easy fix because it's the, you know, lips putting lipstick on a pig. Yeah, right. It's still, it's still a pig. We just keep putting more and more lipstick on and pretending like everything is just fine and dandy, and then we indulge ourselves in these foreign wars because it makes the country feel powerful. And maybe there's a little bit of bravado in there to say, oh, you know, look, we're, we're this huge empire, but we're not a fraction of the empire that we were before. Yeah. Yeah. And if you look at, uh, why Empire Spell in the past, like big empires, Roman Empire, British Empire, the United States is unfortunately giving a lot of late stage empire, uh, vibes and signs. Uh, right now. So let's get to how this bill affects expats specifically because there seems to be, um, some confusion, uh, because part of what the bill proposed was that there was going to be a 3.5% remittance tax. So I suppose the idea there is that. Uh, it's non-commercial transfers of money from, let's say someone in the United States to a family member in another country. The idea is that it's gonna curb illegal immigration. I don't exactly know how that curbs illegal immigration, um, but the, it seems like expats are kind of caught in the crossfire. So again, it's that being caught in the crossfire thing. It always happens whenever the government, that we creates more and more policies. Yeah, it, it affects the people that they're trying to affect, but then by a much wider margin, it affects everybody else as well. Yeah. And that's a problem. So basically what it says here is there's a little bit of confusion as to whether or not expats are gonna have to pay that tax. Because, for example, if we're sending ourselves money from an American bank account and then we're sending it to the Mexican bank account to pay bills here, that's not a remittance.'cause you just sent money to yourself. So first of all, I'll, I'll say this for our viewers. Guys, if you're worried about three and a half percent tax on the money that you send to yourself in another country, first of all, the on on, on one side of that, it's a very small price to pay when you're probably paying 75% or 50% less in living expenses every month for your rent and your groceries and everything else. On the other side of that though. When you compare that three and a half percent to just look at the change in the peso in the last six months where it's gone down from like 21 almost to now, it's at about 18. It might even go down to 1615. Who knows right before it, before it stabilizes again. Uh, that's 20, 30, 40% of a difference. Yeah, right up and down over over years. So 3.5% is not that much. First and foremost, if you're not setting up structures like a corporation in the US and foreign hundred income exclusion. Obviously we're not tax accountants here, but these are things we do work with them. We do work with them, so you, you wanna make sure you schedule that consult@entrepreneurexpat.com slash consult because those things could save you 5, 10, 15, 20% in your taxes between different countries. So start with those big things and don't worry about those, these little things that may or may not even affect you. Now in terms of if it'll affect expats, technically it shouldn't because if you send money to yourself through Wise or World Remit or Remitly or one of those services, it's not really a remittance because you're sending it to yourself. But again, how are they gonna a crossfire caught in the crossfires, how are they gonna differentiate if you're sending it to a family member or you're sending it to yourself? Uh, if you know you're, you've got a different bank account in a foreign country than the one. That you're sending it from, who really knows. But what we do know is just like the FBAR reporting requirements and the FCA reporting requirements and those things causing foreign, which by the way, Obama instituted those, A lot of people that Exactly. That wasn't even Trump, Obama instituted those. Yeah. Those reporting requirements, just like those, it's gonna be another burden of, uh, paperwork on expats living overseas. Yeah, maybe partly'cause the government is trying to discourage that. They want you to come back to the US. Yeah, no thanks. I'm good. Yeah, so to your point, right, they were saying that, you know, this is meant to target immigrants sending money back home. It's somehow supposed to stop illegal immigration. I'm not sure. What the logic is behind that, on how that's going to stop it. But perhaps if you are, um, an American and you work for an American company overseas, and it's going to affect you as well. There, there's, there's like a lot of gray area in terms of what it affects. Then you see this other part of it, and that's what happens when a bill is a thousand pages long and no one knows what's in it. It's, it goes back to those definitions of like, what are we actually doing here? Uh, because now they're saying, okay, well you just have to prove that you're a US citizen and then use this transferring thing and then it's not gonna affect you. Or maybe it will affect you, but then you're gonna get it as a tax refund if you are a US citizen and you filed your return and you, um, so then it's a way for you to, the government to basically strong arm you into following their, their tax compliance requirements. Which you should do anyway, obviously, but it's another, it's another thing that the government is doing to try to manage you, even though you have nothing to do with the US anymore. It blows my mind. I mean, it does. Yeah. So again, caught the where I'm, where I'm like, do we really wanna keep our US citizenship? Ah. So what would your response be? Obviously we don't have answers to this yet. This bill just passed. We do not know exactly how it's going to affect expats. There seems to be a lot of gray area and confusion around this in terms of what's going to happen. Also, is it going to affect expats with their own businesses?'cause it says it might affect expats. Who are, who, for example, have been sent to another country by an American company and you have a job and you're a foreign worker, so on and so forth. Yep. But if you have your own business, does it affect you? We don't know. We have no freaking idea. Yeah. Uh, and that's why we gotta work with accountants and things like that and do tax planning. But what would be your advice? Because you saw this thing come out yesterday and you were already like, okay, time to start diversifying even more like we did step one, which is Mexico. You know, time to us for us to really start figuring out this whole diversification play and how we're gonna do it and what it's gonna look like for us. Absolutely. So ideally you want to not just have another residency in another country, but also potentially a second passport. That's what we're working towards in the next two to three years. We should both have. Our Mexican passports based on the Traje trajectory that we're in. I would not, let's say, give up a US passport in exchange for a Mexican passport, but perhaps if I had two or three other passports besides the Mexican one, maybe that's a consideration or that's a possibility. Or depending on what your income currently is, what sort of assets you have. If you're in crypto, if you're working with certain technologies that the government does not like you using overseas, whatever, that would be even a consideration to say, well, maybe if I have this passport portfolio, I don't necessarily need to keep the US one. Right. Yeah. So there, there are certain things like that, that the more regulations the government puts on people, the more requirements they put on people, even either staying in the US or in more extreme circumstances, even somebody that's not in the US anymore, but that still happens. To have a US passport might say, you know what? Screw it. Like I'm done. And a lot of, a lot of people that we know, like nomad, capitalist, uh, a lot of other people have renounced. Um, actually, uh, Eduardo, I think it was Eduardo Srin, right? The second employee or third employee at Facebook, he renounces US citizen, uh, citizenship. Those are some famous cases. Um, there are actually a lot of, a lot of people, and I know that there's a lot of, a lot of people living that, that are like even celebrities living overseas now. Um, Britney Spears, I think just moved to Mexico. Moved to Mexico recently to Mexico. Um. So with more and more of these regulations, it becomes harder to do business, harder to manage your personal finances. Uh, you you just want to say, you know what, I, I'm done. Like, what am I getting for all the taxes that I paid to the US government? What am I actually getting for all of these reporting requirements? I mean, even for us, like collectively, it's literally thou, it's probably two or$3,000 a year that we pay in accounting and bookkeeping fees, if not more. We're, we have like really good deals with people'cause we work with them. We bring them business like it's thousands. The average, uh, business owner that, that's, you know, maybe a sole, uh, owner, corporate owner, that, that is, uh, especially if they're living overseas. They have a business in the us, they're making money from clients in the US or around the world. They might be spending three to$5,000 or up to 10, maybe even$15,000 a year. For a small business for like a couple hundred thousand dollars a year business just to meet the reporting requirements of the US government. Yeah, it's ludicrous. Yeah, it makes no sense. So I guess final question wasn't what's the lesson here? Because wasn't Trump supposed to be like the pro business guy? Isn't this being, uh, flanked as a pro business bill because of all the tech? Well, if your Walmart or your Microsoft, or if you're Nike maybe, or your Tesla, depending on the day, right? So what's the lesson that, that we can learn from this? You think the lesson is stop looking to your political leaders. Like they're like, they're the next coming of Jesus, right. I mean, literally like, I don't, it's the same with Trump or with Obama or with Kamala. Guys. Don't believe the shit they tell you on tv. They're not in in it for you. And that's in any country. Yeah. Yeah. Yeah. If, even if, let's say that you're, you know, you're, you're, you're poor and you elect a populist president, perhaps, arguably that would be who we have here in Mexico now, right? Well, that's, Trump is a populist. Trump is a yes. Well, okay, but let, let me, let me, let me use an extremely example populist. Let's look at the President, for example, of Columbia now. Yeah, right. Uh uh, at Petro Petro, he was elected because. People were, were, you know, basically like rising up and saying, oh, we, we want all the money from the rich people. It should all come to us without having to do any work. So when you're poor and when you're lazy, you want somebody who's gonna give you something for nothing. And guess what? A lot of those people are, are getting their wishes fulfilled temporarily. But then what happens? Soviet Russia, Cuba, Venezuela. Yeah. North Korea. Yeah. That's not quite in the same range, but very similar. Right. What happens is they give you a little taste of what you want or you don't get it all. Like with Trump, I don't, I don't know if anything pro business has really happened. It's just been a lot of rhetoric, unfortunately. Yeah. Which frustrates me. Um, but even if you do get like a little, a little sample of what you thought that you wanted and this, this is where maybe we'll end. Democracy is not perfect. No, democracy is far from perfect and in the US we don't have a democracy. We have a a, an elective republic, right, a democratic republic where we're electing leaders. The problem is. The, the people that you can control very easily make up the, the, the majority of people. Mm-hmm. Right. So what happens is they can be influenced very easily with money. Yeah. Or in the case of Trump, because if you look at the numbers, I mean, Kamala spent way more than Trump and her campaigns and all the, the right, all the, all the celebrities she paid and all this other stuff. Or you have this like sort of pendulum swing so far in one direction. That people are so sick of like the force feeding of lies and control and overregulation and, and political correctness that it swings so far in the other direction where you elect someone like on the right side of, of populism, right? Mm-hmm. The right, like right side versus left on, on the spectrum. And now you have somebody who supposedly is going to, to work and help those people. So what happens is when, when somebody does come into power like that, like in that, even in that far right of the spectrum, popula side of things and promises all of these different things to the masses. It doesn't actually mean that they're gonna go and do those things. Right, right. Because Trump, it's because of the environment. Right. That was there in the country that allowed somebody like Trump to get elected. Yeah. And that's the real issue. The issue is not Trump. Trump is gonna do whatever Trump does, however he does it. We have no control or power over that. But the issue isn't Trump, it's the political climate that created that vacuum. For somebody like that to step into power. Right. Right. And then Trump was voted in as a populist, but it seems like he's just doing the will of the establishment, right. Based on what's what happens. Yeah. That's what happens in a, in a democratic republic. Yeah. It's not really a democratic country. And if it were, by the way, all the decisions would be be made by actual populists. And then unfortunately, like there's, there's something to be said about capitalism and, and wealth and people that can actually produce getting money. Otherwise, what happens is you turn into basically a communist. State. Yeah. Because there's a power vacuum. Yeah. And somebody without wealth or power also does not know how to create wealth or power. So somebody worse comes and swoops in and takes the power and then tries to pretend to give everybody what they want. And it doesn't actually happen. And there's no like good scenario. And capitalism isn't perfect, a democracy is not perfect. But what's really going on right now is that the US has gotten way too comfortable being the number one kid on the block. Bossing other countries around an empire building and spending money they don't have, and they've gotta do some shit to turn this ship around and they've gotta do it soon because it's only getting worse no matter who's in office. It sounds like what people need to start learning how to do is to become more of what's called a sovereign individual. Yeah. And that's what we help people do. Yeah. If you wanna figure out how to diversify, how to have multiple passports, how to think like we do, and and not be at the mercy of one government and have to go and bitch on social media because this leader who you voted for or didn't vote for is doing something that you don't like, make sure you go and schedule a consultation with us or our team@entrepreneurexpat.com slash consult because we can help you do exactly that. All right. Well, thank you for sharing your unhinged thoughts. I think I'm gonna put, uh, you know, big, beautiful Bill unhinged thoughts as the title. I like it. It was definitely very insightful. I know a lot of you have been asking us for content about what's been going on with the bill and what's been going on with, you know, almost getting into World War III and our expats going to be taxed, so we hope that this. Answered a lot of those questions and possibly gave you something to think about. So thank you so much for being here. Like, and subscribe, share it out and we'll catch you on the next one. And let us know in the comments what you thought about this video and what your opinion is on these different topics. We'd love to hear from you and engage with you. And, uh, as always, like and subscribe and don't forget to book your consult if you're serious about moving abroad and diversifying. Bye for now.