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How Trump Could Make Divorce Rates SKYROCKET - YouTube
Channel: The Young Turks
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DONALD TRUMP AND THE REPUBLICANS
SUCCEEDED IN PASSING TAX
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CUTS BUT THOSE TAX CUTS DO COST
QUITE A BIT AND THEY HAVE
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TO MAKE UP FOR THE HUGE BREAK
THAT THE WEALTHY AND
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CORPORATIONS ARE GETTING THROUGH
THIS NEW TAX LAW.
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ONE WAY THAT THEY HAVE DONE IT
IS THEY HAVE GOTTEN RID OF
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CERTAIN DEDUCTIONS.
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ALIMONY WAS SOMETHING THAT
PEOPLE WHO HAD JUST GOTTEN A
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DIVORCE COULD DEDUCT FROM THEIR
TAXES BUT LITTLE KNOWN FACT IS
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THAT THIS NEW TAX PLAN ACTUALLY
GETS RID OF THAT DEDUCTION AND
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IT IS GOING TO LEAD TO
SIGNIFICANT PROBLEMS FOR
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DIVORCING COUPLES, WHICH IS WHY
RIGHT NOW DIVORCE LAWYERS ARE
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URGING PEOPLE TO GET THROUGH
THEIR DIVORCE AS SOON AS
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POSSIBLE BEFORE THIS PORTION OF
THE LAW KICKS IN
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IN 2019.
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LET ME GIVE YOU THE DETAILS.
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SO THEY GET TO DEDUCT A PORTION
OF IT, MEANING THAT THEY
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DON'T ACTUALLY SPEND THE ENTIRE
AMOUNT ON ALIMONY.
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ALSO, PREVIOUSLY THE INDIVIDUAL
RECEIVING THE ALIMONY
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PAYMENTS WOULD HAVE TO PAY TAXES
ON THAT INCOME.
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UNDER THIS NEW TAX PLAN, NO,
THEY DON'T HAVE TO WHICH IS
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REALLY STRANGE.
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BUT THAT IS EARNED INCOME.
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WHY WOULDN'T YOU GET TAXED ON IT
BUT THE PERSON WHO IS GIVING IT
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TO YOU DOESN'T GET TO USE THAT
MONEY, THEY GIVE IT RIGHT TO THE
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OTHER PERSON BUT THEY GET TAXED
ON IT.
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IT'S WEIRD AND ONE OF THE
THINGS, I THINK IT MAKES SENSE
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TO DEDUCT IT AND THE REASON FOR
THAT IS YOU DO ACTUALLY HAVE TO
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PAY IT AND ONCE YOU PAY IT THAT
IS MONEY YOU DO NOT HAVE
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ENHANCED LESS MONEY YOU MADE
THAT YEAR IN A SENSE BUT NOW
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THEY ARE SAYING NO, YOU ARE NOT
ALLOWED TO DEDUCT IT SOLD
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COURSE YOU KNOW WHAT IS GOING TO
HAPPEN.
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THAT MEANS THAT PEOPLE WILL
OFFER LESSON IN ALIMONY.
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IF THEY THOUGHT THEY WERE
ACTUALLY PAYING $.60
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ON THE DOLLAR THEY CAN AFFORD TO
OFFER MORE.
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THAT IS WHAT DIFFERENT DIVORCE
LAWYERS ARE PANICKING RIGHT NOW.
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YOU CAN SAY NO BIG DEAL, THAT IS
JUST WHAT IS HAPPENING AND
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IT'S OUR JOB TO REPORT IT AND IT
WILL CERTAINLY AFFECT THOSE
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ALIMONY PAYMENTS AND YES, NOW
PEOPLE WILL PAY LESS
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BECAUSE OF THIS ISSUE.
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TO ME THERE IS A BIGGER ISSUE
ABOUT TEXAS OVERALL THAT WE
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WILL GET TO IN A SECOND BUT I
WANT TO CONVEY TO YOU THE
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SENSE OF PANIC WHICH I'M
SLIGHTLY AMUSED BY.
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THE FORMER CHAIR OF THE AMERICAN
BAR ASSOCIATION SECTION ON
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FAMILY
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LIFE SAYS:
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I LOVE THE QUOTES IN THE
ARTICLE, BUT ALSO, I LEARNED SO
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MUCH ABOUT DIVORCES THAT I DID
NOT LOOK INTO EVER AND, IT
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DOESN'T MATTER, I'M SURE IT WILL
NEVER AFFECT ME.
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CALIFORNIA.
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CALIFORNIA HAS TO CHILL OUT WITH
ALL THIS DIVORCE STUFF.
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DID YOU KNOW IN CALIFORNIA YOU
CANNOT GET DIVORCED WITHIN
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A WEEK OR A MONTH?
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THERE'S LIKE A SIX-MONTH
PERIOD THAT YOU HAVE TO WAIT
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BEFORE YOUR ARE FINALLY
OFFICIALLY DIVORCED.
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IT'S CALLED A COOLING-OFF
PHASE.
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I DON'T LIKE THAT.
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AND THERE ARE COOLING-OFF
PERIODS IN
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OTHER STATES LIKE PENNSYLVANIA
WHERE IS ACTUALLY LONGER,
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YOU HAVE TO WAIT A YEAR.
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THAT IS WHY DIVORCE LAWYERS ARE
PANICKING NOW,
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ESPECIALLY IN CALIFORNIA WHERE
THERE ARE SOME HIGH DOLLAR
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DIVORCES AND THEY ARE LIKELY,
YOU DO NOT GET IT, YOU HAVE TO
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SAY YOU'RE GETTING DIVORCED, THE
OTHER SIDE HAS TO AGREE, THERE
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ARE ALL THESE THINGS AND THEN
YOU HAVE TO WAIT SIX MONTHS.
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THEY'RE TELLING ALL OF THEIR
CLIENTS, IF YOU ARE
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SLIGHTLY UPSET IN YOUR
MARRIAGE, GET DIVORCED NOW.
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IT IS KIND OF CRAZY.
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BY THE WAY, PARTY OF FAMILY
VALUES.
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SO NOW THE LARGER POINT ABOUT
TAXES OVERALL.
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WHAT DID I TELL YOU?
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THEY ARE GIVING A GIANT TAX CUT
TO CORPORATIONS.
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THEY HAVE TO GET IT FROM
SOMEWHERE.
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WHEN A REPUBLICAN CONGRESSMAN
WAS ASKED ON TELEVISION CAN
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YOU NAME ONE CORPORATE LOOPHOLE
THAT YOU GUYS TOOK AWAY?
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HE COULDN'T NAME ONE.
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WHEN IT COMES TO LOOPHOLES FOR
YOU GUYS OR I WOULD ARGUE,
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IT'S NOT A LOOPHOLE, LOGICAL
DEDUCTION, NO, FOR THE
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REGULAR PERSON WE'RE TAKING IT
AWAY SO THEY HAD TO GET THE
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MONEY FROM SOMEWHERE.
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THEY STILL HAVE ONE AND A HALF
TRILLION DOLLAR EXTRA
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DEFICIT THAT THEY CREATED BUT
LIKE I TOLD YOU, THAT IS
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NOT THE ONLY MONEY.
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THE REALITY OF THE TAX CUTS FOR
THE RICH AND CORPORATIONS,
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IT'S ABOUT 6 TRILLION SO THE
OTHER FOR NATURALLY HAD TO
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COME FROM SOMEWHERE AND WHERE
DOES IT COME FROM?
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YOU.
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THEY TOOK AWAY YOUR DEDUCTIONS
BUT TOOK AWAY NONE OF THE
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LOOPHOLES FOR CORPORATIONS THAT
WHEN A PERSON IS ABOUT TAX
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REFORM THEY SAID IT IS NOT A TAX
CUT, TAX REFORM.
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WE'RE GOING TO GET RID OF THE
LOOPHOLE SO CORPORATIONS
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CANNOT SHEET AND THEN LOWER
THEIR RATES.
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AND ALSO KEEP IN MIND HOW
THEY SELL THE WAY THAT THEY
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GOT RID OF ALL OF THESE
DEDUCTIONS.
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WE ARE TRYING TO SIMPLIFY THE
TAX CODE, IT IS TOO
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COMPLICATED TO GIVE THE MIDDLE
COUNT CLASS AND THE WORKING
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CLASS ANY DEDUCTIONS.
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THE CORPORATIONS CAN KEEP
THEIR DEDUCTIONS AND THEIR
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LOOPHOLES, THAT IS NOT LOOP
COMPLICATED.
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THE DUTCH SANDWICH AND IRISH
DOUBLE, WHATEVER THEY ARE
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CALLED, THERE THESE CRAZY TAX
LOOPHOLES, THEY ALL STILL EXIST.
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THEY ARE NORMATIVELY, LOCATED,
BUT THEY'RE GOING TO CREATE
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THE JOBS.
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HIGH-PAYING JOBS.
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SURE.
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BY THE WAY, HOW IS THAT MARKET
WORKING OUT FOR YOU GUYS?
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TRUMP IS NOT BRAGGING ABOUT THE
STOCK MARKET TODAY, IS HE?
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OOPS.
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