The Prof G Pod with Scott Galloway No Mercy / No Malice: The Grown Up Tax Bill
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Jun 28, 2025 The discussion kicks off with a critical look at a proposed tax bill potentially adding $2.8 trillion to the deficit. It dives into the complexities of federal budgets and the need for reform in the tax system. A stark contrast in government funding for seniors versus children is highlighted, prompting fresh ideas for investing in youth. Portugal's tax holiday for young workers is presented as a potential U.S. solution to unemployment. The need for fiscal solutions is juxtaposed with parenting's role in fostering resilience for future generations.
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Tax Cut and Spend Myth
- The GOP believes cutting taxes drives growth, but it does not.
- Democrats think spending fixes social issues, leading to bipartisan deficits increasing debt interest costs.
Fund IRS to Close Tax Gap
- Crack down on tax avoidance to reduce the $696 billion tax gap and cut deficits.
- Fully fund the IRS to boost tax collection and reduce deferred taxes on the young.
Cut Estate Tax Exemption
- Reduce the estate tax exemption to $1 million to tax inheritances above at 40%.
- This could raise over $1 trillion in a decade, curbing dynastic wealth accumulation.