By coinnews 
00:00 Speaker A
I want to talk to you, Justin, about something that the president posted on Truth Social this weekend and reiterated in interviews. He talked about this idea of cutting income taxes on Truth Social, saying taxes will be substantially reduced, maybe even completely eliminated, especially for those making under $200,000 a year. To what extent, Justin, is the market discounting a potential cut to taxes, a potential cut to income taxes that could lead to some type of rebound in consumer spending and therefore a lift in the stock market? How much do you buy the sweetener of tax cuts coming?
01:15 Justin
Look, the president’s lying. It’s that simple. There’s no bill. Uh, there’s no process. There’s no proposal. There’s nothing that’s gone up to Congress. But more importantly than that, there’s a fundamental incoherence. Um, he says in that Truth Social post, “I’m going to get so much revenue that I can cut your taxes.” In order to get revenue, we have to keep tariffs high. He also says over the weekend, “I’m meeting with Xi talking about reducing tariffs.” If he makes deals, which apparently is what he’s recently been claiming is the goal for his administration, those deals will be to reduce tariffs. If that’s the case, the tariff revenue will be awfully close to zero. So, the president’s got a choice: make deals which gives American businesses access to a global market and gives Americans access to purchase stuff from all over the world, or stick with very high tariffs and get some revenue out of it at least. You cannot have both. It’s incoherent. And that’s the problem with his whole tariff policy. What the president wants has changed from day to day. Is it about national defense? Is it about onshoring manufacturing? Is it about raising revenues? Is it about making deals? Is it about, um, it changes. And the problem is, if you had different objectives, that would lead you towards different types of tariff policies. And what we have instead is an incoherent mix of all of the above. But more importantly, businesses need to plan for the future. Right. Our foreign, uh, partners need to know how to or whether to negotiate with this White House. So Trump’s saying I’m going to get tons of revenue, then he’s saying I’m not making a deal. So why should they even turn up to negotiate?