The Jon Sanchez Show

10/30-The presidential candidate’s latest economic policies

As the election draws near, you may be thinking of making some dramatic changes to your portfolio. As the saying goes “to each his own”. But before you make any drastic changes, you should ask yourself the following question….”Do I have a thorough understanding of each candidates economic policies?” If the answer is no, we will help. This afternoon on the Jon Sanchez Show at 3pm, we’ll review the latest policies for our next president.

Duration:: 34m
Broadcast on:: 30 Oct 2024
Audio Format:: other

But there's only one feeling like knowing your banker personally, like growing up with a bank you can count on, like being sure what you've earned is safe, secure, and local. There's only one feeling like knowing you're supporting your community. You deserve more from a bank. You deserve an institution that stood strong for generations. Think of Colorado, there's only one member FDIC. Good Wednesday afternoon to you, welcome to the John Sanchez Show on News Talk 780. That's one of the concerns right for the Bears. Are they waiting for all the earnings to come out before they? Given the big move up we've had over the last couple weeks, are they waiting for earnings to come out to then lean on things? As we've talked about a lot, the mechanics of the election, as long as something incendiary isn't said by the winner or we have drama around the election itself, it should create systematic buying into the market. But again, time will tell. Oftentimes things rhyme, but doesn't mean that every single year they act the exact same way. On average this happens, averages are averages, they're not always is. Greg, just play that story about the National Guard a moment ago, I'm sure this is going on around the country. Hey, Greg, do you want to jump in real quick? Greg, are you there? Well, may have his mic off. Anyways, when you hear that, that National Guards are on standby, I've seen some national stories about it, so again, I know we are not alone. So what do you find out about that, Greg? I mean, when they say activated, are they standing by at their locations? You said in the story that they're not going to be in front of the polling places, but are they going to be lurking in the distance somewhere? Do you know anything about that? I know I'm putting you on the spot. Oh, okay. Okay. Okay. Makes sense. Thank you. I appreciate that. I know I put you on the spot. Great job. Thank you as always. So yeah, Jason, back to the market side of things. If you start to see that around, you know, the bottom line is, and that's, we'll discuss in a moment somewhat what our topic is this afternoon, that just creates that uneasiness. And we, you know, I think we saw a little bit of that in the market today. It's just, the market seems to have a little bit of a, of a nervous feel. It's price for perfection, as you said, through the rumps that we've had. And I think any little excuse is going to be an excuse to take some money off the table. And then ultimately it's going to be, you know what, I just, I don't know what's going to happen with the election regarding, regarding who's going to win or what the outcome, i.e. any uprising or something like that. So therefore, you know, I'm going to sit on the sidelines or, you know, just play it cautious, I guess. Yeah. And I think you've seen that through a lot of flows, right? That exposure has come down. I think we're like one and a half standard deviations below what is average long positioning. Just given, I think the run up in the market, clearly the election, again, I'd say that to everyone listening. If you're planning to do something stupid on election day, don't do anything stupid. But on the other hand, I mean, people are, it's going to be a very contentious election given all of the, you know, Twitter sphere and you name it, pumping madness into everybody's ear. You know, and also too, right, with the fact that we've been talking about, the market is priced in a 70% probability just from everything that I've seen of a Trump victory. And then if he doesn't win and people are, you know what I'm saying? Like, that's the part that, right, you're wise to always be conscious of. But you know, we'll get into it later. The plan to my person didn't win. I'm going to sell because I don't trust the other person is a terrible decision from everything that we look at. So I think throwing that out there too. But no, it's, it's probably just more year-end profit taking maybe in some areas, but also there could be an overhang into next year, right? We've had two good years. Do people want to make their tax trading or maybe sit on their hands, not knowing what the outcome of this election could present in terms of the tax regime in over the next four years? So yeah, there's a lot, obviously hanging, but who knows? Well, this leads us to excellent segue. This leads us right into our topic this afternoon. And that is, you know, as we get closer to the election, again, we're just obviously a few days away from this happening. Some of you, to Jason's point, may be thinking about making some dramatic changes to your portfolio. And you know, we've been talking about this and warning of volatility, literally since our first show this year in January. So bottom line, we don't need to go down that path. Don't make any dramatic decisions based upon, you know, who wins, right? Obviously, the makeup of the Congress is the most important thing from an economic slash stock market standpoint. But, you know, what we wanted to talk about this afternoon is before you make any drastic changes, if you don't take our advice, before you make any of these drastic changes, you need to ask yourself the following question. And this is really one of the most important questions that it comes down to. And that is, do you have a thorough understanding, and I'm talking about who you're going to vote for. And I know obviously our station where, you know, 99%, probably 99% Republican. So preaching to the choir here. But, you know, when you're talking to your friends and so on and so forth, I think one thing that's being misjacent is people need to think, all right, do I have a thorough understanding of what each candidate's economic policies are? I mean, there's an old saying, of course, we've all heard it a million times, and that is people vote with their pocketbook. And we hear it day after day after day with the candidates out there doing their speeches and so on and so forth and their interviews. We're going to do this for the vote. We're going to do that for the vote and so on and so forth. And again, as Jason and I have said, over and over and over again, 99% of what both Trump and Harris, I'm not picking on either one of them, have promised is going to require congressional approval. That's the bottom line. So that's why we keep coming back to don't get excited about the presidency, you know, from an economic standpoint, I know personal you do. But from an economic standpoint, it's the makeup of Congress. That's really where, you know, everything lies. So what we're going to do this afternoon is we're going to go through, and I say this tongue and cheek, we're going to go through Biden and Harris's economic plans, the best that we can. And the reason I say I'm saying this tongue and cheek is because they don't even know what their economic plan is. So therefore, we don't even know what their economic plan is. All we can do is guess. And we can guess, you know, to the best of our ability simply because Harris is going to be a repeat of Biden's plans, no matter what she says, it's ingrained in her, she's not going to change. And of course, we know four years of Trump and what he did as far as the economy and things like that. So we thought it would be kind of a fun thing to kind of talk about this a little bit. And you know, we're going to be talking about tariffs, we're going to be talking about immigration and the impact in the markets and the economy on that side of things. Obviously, taxes, government debt, which, boy, oh boy, Jason, I can't remember the last time that I've been hearing so much chatter about investors, both institutional and retail, being concerned about our deficit, right? You and I talked about it all the time, I know it's more of a thorn in your side than it is mine. I know it's something you, you know, very, very concerned with. I've always been one, just kind of like everybody, I just brush it off because there's nothing I can do about it. And I know in my lifetime, I'm 60 years old, I know in my lifetime, nothing significant is going to be done. I mean, unless they, God forbid, raise taxes to 70, 80% and throw us into a depression, I just see no way. It's too ingrained. It's too far gone. So, you know, I got other things to worry about, but I know, like you said, it's quite younger and it's something you follow much closer than I do. So we'll talk about this government debt and some geopolitics, et cetera. So I think it's going to be a fun discussion, but I just want to, you know, forewarn everybody. We don't have a crystal ball, all we can go off of again is what they have told us. And frankly, half of it is probably three quarters of what both candidates have told us is lies when it comes to what they're going to do economic-wise. So we'll do the best we can and, again, help you make a decision when you go to the polling place. Yeah. We're also going to do a webinar after the election, right, to talk to folks now that we have some color and positioning and sort of our thoughts and, you know, what areas would now benefit based on the data, because there's so many different permutations of what could happen on the 5th, right? And I'm just talking in terms of Congress and so on and so forth and presidency, not the tomfoolery and madness of what common people are going to do, but it will affect near and longer term people's allocations to certain sectors, et cetera. So, yeah, we're going to have a pretty timely webinar on that pretty soon after. Absolutely. Yeah. I'm going to, yeah, not talk private here. I don't think, do we get compliance approval yet to announce it? As far as the date and time now, is that what I know? They're vetting the docs, but they can't tell us we can't. Yeah. We will talk about it. I didn't know if I missed the poll. I didn't know if I missed the poll. Yeah. No, no, no, no. I just, I just want to tease it because it's a good thing that people should be looking up for it. No, you're right. You're absolutely right. Yeah. It's, it's, it's, I remember when, when Trump got elected, I've shared that story where I was doing a seminar at the pepper mill, the, the day after and that was, that was quite exciting. That was a lot of fun. So we will see. Yeah. But yeah, we will let you know the date and the time, but it'll be right after, right after the election, we'll be doing that webinar because, you know, it almost, Jason, it almost feels like almost like the beginning of the year, right? That's why I'm predicting what it's going to be like after the election. It's going to be that, that excitement you have and it's like, okay, we got, you know, brand new policies, procedures and so on and so forth and, you know, what do we need to do? I mean, yeah, please don't, don't miss one day of the show for the rest of the year after the election. Right. It's, it's going to be a ride. It's going to be a ride. Right. And hopefully you're a little less hung over than the first day of the year. You know what I mean? This is true. That are still young enough to, you know, I can't remember the last time. Two and five. Yeah. Oh, no, no. I haven't seen midnight in four. I remember just tricking the kids. It's nine. It's really 12. Exactly. Yeah. Mike, excuse me. New York. New years and the, you know, on the East Coast. Yeah. Go to bed at nine o'clock. My normal time. Right. Oh, all right. Well, we come back. We'll get down to today's market activity. What a speaking of a ride. What a wild ride. It was best levels. We're up where we're 200 on the down. We finished down 92. So we'll tell you what happened and why it happened. And then some big earnings dues we have for you that occurred after the close with two major tech names. Turned over to Kristin Snow. She's all ready to go in the right now traffic center. Hi, Kristin. Welcome back to the John Sanchez Show and his Doc 780 K08s with Jason Gont. Here's how we finished up for the day. I should say how we finished down for the day 92 point decline on the Dow. 42,000. Yeah. Up down, up down. That's exactly the way today was. Up down, up down 92 point loss on the Dow, 42,141. That was our low of the session. Mr. Gont, bring on your put on your technical hat. We'd never like to see a close at a low, do we? Now we don't. You know, I think people are de-risking a bit into earnings. We had what meta and Microsoft after the close, both of them seem largely in line guidance around AI spending seems a little higher than expected, which is causing some weakness post the close, but no real debacle so far. I think the disaster of the day was AMD down a little over 10%. These guys are going to have to spend. Yeah, I know. They're going to have to spend to get to where they want to go and a lot of them are priced for perfection. So that's the tough part of this earnings season. It's, ironically, the hurdles a little bit lower this earnings season than it was last, but it still seems that the market sorted a year point earlier is a little skittish and probably is more apt to reduce exposure into something, of something on a, you know, less than desirable earnings result, whereas maybe they give them a pass during other periods. But there's just so much data coming up this week too, right? We get PCE tomorrow, but today's data I thought was good. I mean, to see GDP holding well, right, where unfortunately, and yeah, I thought that good news is good news, small caps held in okay, you know, parts of the market were certainly weaker, but ADP, your favorite number there, came in much, much higher than expected at 233 versus a consensus of 105. But yeah, tomorrow PC is going to be a obviously a big number and we'll see how the market reacts to today's earnings and then we get tomorrow night, we'll get Apple and Amazon. I think post a close tomorrow. Today we're double M, smart as double A's. Yeah. Ooh, nice. I like that. Yeah, once those are done, you know, maybe the market will soften a little bit and I mean at a negative. Well, no, because earnings can turn off for imperial numbers on Friday. Right. Right. Right. Yeah. No, as far as earnings though, the bulk of the big guys will be in the rear view mirror. So this week, yeah, I felt when I was in the middle of doing the stock updates this morning, I felt like to use your analogy, a one arm, you know, paper, paper wall, a fire hose. Yeah. Yeah. Yeah. They pour it out to the other than breaking news and so let's get down to it. So we, as I said, down 92 on the doubt, a 105 decline on the NASDAQ and the S&P finished down 20. Well was strong. This did not help the market 2.1% gain. Once again, we did still close below the 70 marks 6859 strong day for gold 1970 announced $2,800 and 80 cents and ounces where it finished. And the bond market when it was all said and done didn't budge much down one basis point to 427. But let me tell you, watching this thing all day long, intraday. It was budging a lot every time the bond yields would move up. And after we had this economic data, Jason's just mentioned earlier this morning, the ADP and the third read, or excuse me, second read on third quarter GDP, those numbers came in at 530. We saw a big spike in bond yields. I mean, they were up like six basis points and again, finished down one basis point on the 10 years. So this market is paying very, very close attention to what's going on in the bond market and what the bond market is talking about. But let's hit some of the other headlines of the day and then we'll get to meta and Microsoft earnings, which came in after the close. So when Jason, of course, you and I are following very closely today, Eli Lilly, right? This was a disaster. Sure. Man, when I awoke, I think I got the alert to like, I don't know, three or four o'clock this morning. I'm like, I kind of blurry, I had to do another takes out of stolen bed and I heard the alert go off on my phone. I'm like, you got to keep me. They missed by that much. Worst level of stock was down over a hundred bucks finished down about $60.58, 6.7% loss. It's a big stock, it's 843 bucks, but boy, you got to watch these. I'll be honest with you, I thought for sure the earnings numbers were going to be good with it because of all of the weight locks, drugs that, I mean, you can't open up a document and find some celebrity that's taking this or taking that and losing 50 pounds and on and on and on. So I was very surprised, but that was one surprise. The bigger one, I think it's kind of fun to talk about and thank God you and I don't own this in our portfolios. Super Micro Compute, exactly, some CI, disaster of the day. So early this morning, the trading session was going on, Ernst and Young, UI came out and said, we're no longer going to be the auditor for Super Micro because it's always good. Yeah, always good. See, that's what you want to hear. Holy moly, they're seeing something, of course, they don't go into details, but they're seeing some things, they don't agree with management, they're seeing some things they don't like, so on and so forth. In the bottom line, we're all adults here, let's cut to the chase. They're washing their hands as much as they can because they had themselves in trouble enough, meaning Ernst and Young in the past, for sticking with companies that have some, I'll just say, not accurate financial statements. And so they're very quick to cut those relationships and they see something going on. And again, to Jason's point, Wall Street never likes that, so Super Micro just tanked it a down 34.65%, still selling off in the after hours, not down $17 in a penny to $32.10, so. That was short sellers, yeah, this was highlighted a couple, I don't know, maybe a month or so down. Yeah, it did. Yeah. Yeah, and so this thing already had taken a leg down, and then this is sort of the pile driver. So this management already went through similar fraud type stuff back, I don't know, four or five years ago. So this is not a surprise, it's to take, oh yeah, the speculation is not surprised, right? But I mean, they get wrapped up into the AI and they, you know, do racks and things along those lines. So it's, you know, people are pointed to a canary of some kind, saying that is there double triple quadruple ordering, so on and so forth in this AI boom, and that is what happened back in 2000, right? When people were double triple quadruple ordering, and then all of a sudden the economy slowed down and they're like, yeah, we're just kidding, Nvidia, you don't need all those graphics cards and then right, exactly. So, you know, AMD being down as much as it was today was certainly a gives you a sense of how quickly people will will jump ship. Yeah, AMD finished down $17.65, 10.6% loss to 148.60. Right now in the after hours, it's down a few more points, $18.29 decline is and it's moving a lot in the after hours, a lot of volume going on, dragging the video down a little bit, the video is down almost three bucks right now. So get a watch those closely, like you said, Jason, so accurately, you know, the get a watchies, semis, one goes down, it seems to drag the whole group. Real quickly before we get a break, the Microsoft earnings, again, we don't have time to go through them. They were viewed overall mixed, and that's never good enough stock finished up 58 cents to 432.53. Right now in the after hours, it's down $16.53, 3.82% loss to 416. Same type of story with meta, which has just been able to do nothing wrong, finish the day down a buck 48, quarter percent to 5.91.80, tumbling in the after hours now down $15.80, 2.67% loss on mixed earnings to 5.75.88 a share. It is having a negative impact, Jason touched on this real briefly. This is having a negative impact already in the futures, remember the futures have started trading at three o'clock, and so obviously very, very early, but we're seeing the NASDAQ futures now down about 97 points, Dow futures down about 30, S&P's are down about 18. So you never want to see these big boys, you know, not have the numbers that everybody wants because they suck everybody down with them. So going to be a fun day tomorrow, maybe PCE will come to our rescue and save us. All right. The presidential candidates latest economic policies, the best that we know, we're going to share them with you. When we come back, let's turn it over to Greg Nefey's got news, traffic and weather. Hey, Greg. We're back at the John Sanchez Show, a new stock, 780 kilo, which was Jason got. We finished down 92 on the Dow, lost 105 on the NASDAQ, and a decline of 19 on the S&P 500. Quick reminder, go see my friends over at S&W Attractor. They're wheeling and dealing as we come into the end of the year, and you still got lots of projects to do. And then spring will be here before we know it. They got the great Coyote tractors, big ones, small ones, everything in between, and they're willing to make those deals, especially with 0% financing for 84 months. How do you beat that? Stop by and see Stan on the crew located at 4880 East Nylane in Carson City online at s&wattractor.com, and that phone number is easy one to remember, 882-1225, 882-1225. Alright, time to get down to our topic this afternoon. The presidential candidate's latest economic policies, and really how they may impact you as you make your voting decision. So the first one, Jason, that I want to go over is, of course, that magical T-word that we keep hearing everything, everyone concerned with, talking about, et cetera. And that is tariffs. Let's hit some of the data points of tariffs, okay? Now, remember, a tariff is, you're going to hear me refer to, it's a tax, because whether you agree with it or not, that's the way economists look at it, right? If the government, I mean the US government, increases a widget price by a dollar tariff, well, guess what? That price has passed on to you and I as a consumer, right? That's the theory behind it, and then you get the other argument, Trump's argument, which of course is, yeah, but guess what, we're going to be able to create jobs here in the US, because they're not going to ship their product to us with a dollar tariff, so they're going to create jobs here in the US and that will counteract that. So that's the big argument. So what we do know is this, if we go back to when President Trump was in office, we all know that he implemented a bunch of tariffs. Jason and I lived, eat and breathe this, right? It would move the market massive amounts, because he would show up one morning, you know, Jason was about two o'clock, as I always say, about two o'clock his Twitter feeds would come out, not X then, it was Twitter, and his Twitter feeds would come out and, oh, we just implemented a 25% tariff against the European Union or Canada, you know, countries that are our allies, so it could happen again, it could happen again with him, but the bottom line is, tariffs are very, very expensive, they're very nasty and they're very difficult to predict. So, overall, I thought everybody liked this. When Trump was in office, he implemented about an $80 billion worth of new taxes on Americans by living tariffs on thousands of products, total value of those products about $380 billion. That was in the year 2018 and 2019. Now, what's interesting when you have Vice President Harris out there campaigning, he said, "Oh my God, I hate tariffs, it's bad, you know, our allies, and we want to be friends with everybody." Well, guess what? Then why didn't her boss do anything about it? Matter of fact, Biden left just about all the tariffs in place that Trump put him, and he added an additional $18 billion worth of tariffs on Chinese goods. So we are in a tariff environment, and it's not going to go anywhere. Additional tax to you and I, about $3.6 billion. Now, candidate Trump, what's he talking about on the tariff side of things? His proposed tariff increases with high taxes by another $524 billion annually. Now, this is coming from the Tax Foundation, just so you know my source here. It's going to shrink GDP by 8/10 over a percent. The Tax Foundation estimates do not capture the effects of retaliation, because remember, tariffs are a tip for a tat, right? We do it to them. They turn around and do it to us, nor does their calculation factor in additional harms that would stem from starting a global trade war. That's always an issue. We started to deal with that. Remember our friends like Canada, European Union, as I mentioned, they turn around and did the same thing to us, right? It's way it works. It's going to keep that in sort of stuff, yeah. That's right. That's right. Academic and government studies find that the Trump Biden tariffs have raised prices and reduced output and employment, producing a negative impact on the U.S. economy. So, big tax increase to you and I as a consumer, regardless of who wins, right, because they're both doing tariffs, and of course, harm to the economy, a decrease in GDP, so on and so forth. All right. So, that's one of the big campaign issues. Jason, let's go on to the immigration side of things. Yeah, I mean, mass deportations was discussed around undocumented workers or immigrants. They think that that could potentially help some of the housing pressures impact the labor market in general. I'm going to do my best here. There's oftentimes with the Trump, there's always a them, right? But I found that this seems to come up a lot in sort of a lot of these things. That's one of the them. And clearly, it's one of the areas that many Americans are concerned about is the last four years of border security have been a disaster to put it lightly, right? And so, I think this is one of those trying to appeal to the masses as you started the show so well with a lot of talking, but ultimately what will happen, right? And that's the concern is, do we have a mass deportation and how would that occur at what cost? And I don't mean there's the social impact. There's also the dollar impact. It can't be cheap to go create this super catcher crew that goes out and sweeps the streets for folks that are immigrants. So that is the part that probably says a lot more than really has an action to it. You could certainly secure continued border crossings or secure the border in a much more efficient way. But I struggle to understand the way that we're going to go get rid of all the people that have come in without causing a ton of spillover. Glad you added that last part because remember how scary it was. I don't remember what year this was during the Trump administration when he did the roundup. I remember one of our dear clients used to own a large fast food restaurant and he shared stories with us about what happened. We're literally the ice officers would come in and they do a suite and next thing you know, the business shuts its doors, right? There goes its workers. Whether you like immigration, aliens, illegal aliens, so on and so forth, it's a fact of life. That's the point I want to get across. We are here. Many of them do contribute. Many of them do take on jobs that the rest of us don't want to do. You know, again, hold another show. We're not a political show. So we're going to stop right there. But again, like fixing the debt, just real quick, how come neither of these candidates can come up with a way to document, put something in place to tax them, to create a path for those that are here to be citizens because, you know, last I checked every single one of us probably at some point did this, right, a family member, right, a hundred percent, right? I'm a mutt, but I just, you know, there's, there needs to be a better way to go about this because scare and, you know, round up and blah, blah, blah, just, it, it incites the base, but it doesn't get really what accomplished we ultimately all want. Get more tax revenue. Go figure out ways to tax these people and, you know, the amazing thing is, you know, the amazing thing is many of you may not agree with this or, or agree with it. If you talk to, and I'm going to pick on the Hispanics, right, my, my group, right, my parents, you know, yeah, my peeps, exactly, I'm going to pick on them. I know a lot of illegal and legal ones, okay, when I say legal, they've been here for 25 years, you know, they barely speak English, so people automatically think they're illegal, but they're not, they have a green card, their citizens and so on and so forth. Just had this discussion the other day with a, with a, with a friend of mine who falls in that category, and I've seen it, Jason, and, and he validated it. They would be more than happy to pay taxes. They'd be more than happy to pay taxes if they could get you a citizenship. Yeah. They want to be here. They want to work. They want to do the jobs. They want to pay taxes. But again, the way the system is set up, they can't do that, right? They're dodging the system, which is not right by any stretch of the imagination. Again, whole another topic, but, I mean, yeah, the, but, yeah. So what we, that's to your point, I think you bring up an excellent point, but the bottom line is this, if Trump does do, let's say, another ice sweet and shuts down restaurants and construction sites and vegetable picking and all the jobs that again, most Americans are too lazy to go do, guess what price aid those companies are going to fold or be really hurt coming earnings side. But most importantly, it's going to spike things up. Imagine if we didn't have illegal immigrants out there picking vegetables and fruits and stuff like that. What do you think is going to happen to the price of lettuce and strawberries and all the things that we all enjoy? It's going to go through the roof. Either it's going to rot in the field or it's going to go through the roof and just use that for construction. Drive around folks, look on the construction job sites. Not too many white guys out there anymore. A lot of us brown skinned guys are out there and in gals now. So you got to be careful what you wish for on this. And this was a very big economic concern when Trump started doing those roundups that you could see a huge spike in inflation, which of course is bad for our pocketbook. It's bad for stocks, bad for bonds. So again, immigration is a whole nother subject. We're not a political show, as I always like to say. But just keep it in mind from an economic standpoint, if hundreds of thousands of illegal immigrants get shipped out of this country, because again, they're here illegally, buckle your seatbelt from an economic standpoint, because you would see a major, major push in my opinion of businesses closing in, like I said, inflation, skyrock, and you agree on that point? I do. I do. Again, this is just another thing where nobody really has a plan to fix it, they just have a plan to kick it somewhere else or you know, criticize, criticize, I agree. All right. Let's wrap it up with Kristin Snow in the right now, traffic center, Kristin. Welcome back to the John Sanchez Show on News Talk 780, KOH with Jason Gont. All right. We're going through the presidential candidates, latest economic policies and boy, boy, boy, it's cool. The show has always been, all right, it's good. It's funny. I pulled up a thing on like just a quick, literally used perplexity and said, give me the top five, you know, Harris plans and four of them are like giveaways, like money, you know, like that's the part that's right, same thing. It's like tax credits for this plan or tax cuts are, you know, assist first time homebuyers or give electric vehicle tax incentives or industrial, like it's just, it's just like either give away money or it's just, yeah, so I just, I can't wait for the, the texts to be done. It's really what I'm looking forward to. How about the phone calls? Oh gosh. And they're really good. This time they're really good compared to the elections where they'll use a 775 number, you know, right from Reno and I think it's, you know, it's like a client or something sometimes asked me. I did too. I did too. Yeah. Right. I know. It's like the fourth phone I've had just firing it off the wall, but yeah. All right. Let's get down to the tax side of things. Now we all know, of course, former President Trump's proposing significant cut to corporate taxes. We haven't seen the exact amount, but we know that's what he wants to do, which, of course, that's positive for corporate earnings and therefore should be good for stock prices. Harris proposing like Biden didn't never forget that one Biden was campaigning and he walked out on the stage and said, if you think I'm going to cut your taxes, you're wrong. I'm going to raise your taxes. And of course they all he just love going after corporate America because they're, they're the enemy, right? They don't do anything. So Harris wants to raise the taxes on corporate and of course that'll hit the profits. Not good for the, for the bottom line, of course, personal taxes, this is where I want to focus real quickly. And like I said, I wish I had about another hour to unite and go through this, but just a couple of things, you brought this up numerous times, the 2025 sunset tax provision, better known as the sunset of the 2017 tax and jobs cut better known as TCGA. For those of you that don't remember the acronym, this is what Trump put into place in which spurred such incredible economic growth while he was president. Remember the first thing that the TCGA did is it doubled the 2011 when the gift tax exemption, a state and gift tax exemption. At that point, it was $5 million, meaning if you had an estate less than $5 million, there's no taxes due. And of course you double that if you're married. Well, guess what? That got bumped up thanks to the president, former president to 13.61 million or 27.22 million for couples, however, in 2026, the estate and gift tax exemption will revert back to the pre TCGA levels, effectively reducing it by 50% and expected to be in the ballpark of about 6.8 million per individual and about approximately 14 million for married couples. Income taxes, we know she wants to raise them unless, of course, you don't make more than 400,000 bull. That's again, something that's completely false. You've got that you've got different deductions that would sunset charitable gaming. I mean, the rates go up to you have the rates go up in terms of, you know, the more 10, 12, 22, 24, they go to 15. They definitely change upward across the board. Never seem to go down, but Trump's time, though. All right, we'll try to maybe sneak this in the next couple of days, a little bit more on the economic side because, again, the list is long, but that was a lot of fun, Jay. Thanks everybody. We do appreciate you being with us. Don't forget to pick up our podcast. Your favorite distributor, God bless, have a great evening. See you tomorrow. This program was sponsored by Sanchez Wealth Management. The material in this program was intended as general information only and should not be taken as specific investment tax or legal advice. None of the information on this broadcast was intended to be a solicitation for the purchase or sale of any security. Further information is available by contacting john@sansheswealthmanagement.com or 775-800-1801. John Sanchez offers securities and advisory services through independent financial group LLC, a registered broker, dealer, and investment advisor. Member FINRA SIPC securities offered only in states, John Sanchez is registered in. Sanchez Wealth Management LLC and independent financial group LLC are unaffiliated entities. 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