Vince Colonese

Okay, so we, boy, we have a lot going on today. You guys excited about the big, beautiful bill getting through? The big, beautiful bill getting through? It did get through the United States House of Representatives this morning. First thing this morning, these Congress people were up all night. I'm not shedding any tears for the work schedule.

I've not been particularly impressed with Congress, but they did get this thing passed. Take a look. Here we go. We've got Mike Johnson calling the final tally this morning saying this thing's passed.

I've not been particularly impressed with Congress, but they did get this thing passed. Take a look. Here we go. We've got Mike Johnson calling the final tally this morning saying this thing's passed.

I've not been particularly impressed with Congress, but they did get this thing passed. Take a look. Here we go. We've got Mike Johnson calling the final tally this morning saying this thing's passed.

A half-hearted USA from Speaker Mike Johnson at the end there. But 215 to 214, whoa, 215 to 214. This thing gets through by the skin of their teeth. Man, just imagine, how did they get to just a one vote differential? Oh, Jerry Connolly died this week. Democrat congressman from Virginia, which means if Connolly had voted, This thing may very well not had passed. We can't get this close, guys.

A half-hearted USA from Speaker Mike Johnson at the end there. But 215 to 214, whoa, 215 to 214. This thing gets through by the skin of their teeth. Man, just imagine, how did they get to just a one vote differential? Oh, Jerry Connolly died this week. Democrat congressman from Virginia, which means if Connolly had voted, This thing may very well not had passed. We can't get this close, guys.

A half-hearted USA from Speaker Mike Johnson at the end there. But 215 to 214, whoa, 215 to 214. This thing gets through by the skin of their teeth. Man, just imagine, how did they get to just a one vote differential? Oh, Jerry Connolly died this week. Democrat congressman from Virginia, which means if Connolly had voted, This thing may very well not had passed. We can't get this close, guys.

We've got to be further apart than this. But Jerry Connolly does pass away this week. So by a single vote, Republicans get this thing through the United States House of Representatives. And what's inside of this bad boy? What comes with it? Well, here's some of the things we know about as of this morning. We get a permanent extension of the 2017 Trump tax cuts.

We've got to be further apart than this. But Jerry Connolly does pass away this week. So by a single vote, Republicans get this thing through the United States House of Representatives. And what's inside of this bad boy? What comes with it? Well, here's some of the things we know about as of this morning. We get a permanent extension of the 2017 Trump tax cuts.

We've got to be further apart than this. But Jerry Connolly does pass away this week. So by a single vote, Republicans get this thing through the United States House of Representatives. And what's inside of this bad boy? What comes with it? Well, here's some of the things we know about as of this morning. We get a permanent extension of the 2017 Trump tax cuts.

That's a huge deal because if you don't get that extension, you know what happened at the end of this year? It would be an increase of taxes by 22% on all American citizens, a 22% tax hike on average if these things were allowed to expire. So that can't happen. The House has taken care of that right now. There's no tax on tips in this thing. There's no tax on overtime.

That's a huge deal because if you don't get that extension, you know what happened at the end of this year? It would be an increase of taxes by 22% on all American citizens, a 22% tax hike on average if these things were allowed to expire. So that can't happen. The House has taken care of that right now. There's no tax on tips in this thing. There's no tax on overtime.

That's a huge deal because if you don't get that extension, you know what happened at the end of this year? It would be an increase of taxes by 22% on all American citizens, a 22% tax hike on average if these things were allowed to expire. So that can't happen. The House has taken care of that right now. There's no tax on tips in this thing. There's no tax on overtime.

And there is a $4,000 deduction on social security. $4,000 deduction. Let me break that down for you a little bit. I mentioned it yesterday on the program. And I talked yesterday on the radio show with Congressman Jason Smith. He's the chairman of the House Ways and Means Committee about this. But it's really important to understand this.

And there is a $4,000 deduction on social security. $4,000 deduction. Let me break that down for you a little bit. I mentioned it yesterday on the program. And I talked yesterday on the radio show with Congressman Jason Smith. He's the chairman of the House Ways and Means Committee about this. But it's really important to understand this.

And there is a $4,000 deduction on social security. $4,000 deduction. Let me break that down for you a little bit. I mentioned it yesterday on the program. And I talked yesterday on the radio show with Congressman Jason Smith. He's the chairman of the House Ways and Means Committee about this. But it's really important to understand this.

Look, President Trump runs on no tax on tips, no tax on tips, no tax on overtime, no tax on social security. Yet that's not what this says about social security. So what's going on here? Well, it turns out by virtue of laws that Congress has already passed, they're not allowed to go after social security the same way they could go after tips and overtime.

Look, President Trump runs on no tax on tips, no tax on tips, no tax on overtime, no tax on social security. Yet that's not what this says about social security. So what's going on here? Well, it turns out by virtue of laws that Congress has already passed, they're not allowed to go after social security the same way they could go after tips and overtime.

Look, President Trump runs on no tax on tips, no tax on tips, no tax on overtime, no tax on social security. Yet that's not what this says about social security. So what's going on here? Well, it turns out by virtue of laws that Congress has already passed, they're not allowed to go after social security the same way they could go after tips and overtime.

Social security is protected from having its taxes taken down. So what they were able to do through this simple majority reconciliation process is they imposed a $4,000 deduction. That's on top of your standard deduction. So if you're receiving social security benefits, you'll be able to further deduct $4,000. Here's the end result of that. Congressman Jason Smith told me this yesterday.