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David Schweikert: “Current law...you get $500 deduction for dependent next…”

Featuring: David Schweikert, Republican | U.S. House, Arizona, District 1

Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy

Published June 6, 2024 | Video Starts at 04:24

You lose this child's tax credit doubling next year when this starts to expire. If you make over $110,000, it begins to expire, phase out on you. So just be prepared. The other thing is Current law...you get $500 deduction for dependent next year...it's gone. year. That's when you pay your 2026 taxes. It's gone. So understand, these are taxes on working people. And this is already the current law. This is coming at you. (04:24–06:35)

CLAIM

Asserts that the $500 deduction for dependents will be eliminated next year.

This is an excerpt from a raw transcript. The assertions have not been audited or verified. Tap the video to view the source footage and understand the context.

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David Schweikert

“In December 2017 there was a tax reform bill. It was the first time in 30 plus years that the United States had updated its tax code.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 00:29-00:41
“Parts of [the 2017 tax reform] expire next year.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 01:01-02:26
“Since [the 2017 tax reform] we haven't had a major organization, major corporation leave the United States.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 01:09-01:15
“2018, 19, even 20, we had the biggest movement of closing income inequality in America.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 01:31-01:41
“If you make $20,550 to 83,000 today, your current income tax rate...is 12%. It's going up to 15.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 03:18-03:38
“The child tax credit...doubled...to $2,000. In 2026...it goes back to 1,000.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 05:09-05:34
“Per child. When you get the tax credit per child, that's about $750 or $753. That's going away.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 05:31-13:20
“If you don't make more than 26% more today than you did the day Biden became president, you are poorer.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 05:47-05:59
“If you're single, when the provisions expire, that number gets functionally cut in half, becomes $8,300.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 07:21-07:29
“If you're married today, it's 29,200. This is the standard deduction. It will go back down to $16,600.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 07:28-07:40
“Currently 100% of first year's bonus depreciation. Now, this has been starting to phase down.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 09:09-09:18
“This has been phasing down 20% each year for five years.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 10:37-10:42
“The expensing and the research and development expensing may have represented almost half of the economic growth after the tax reform.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 11:42-11:56
“We actually passed a short term couple years extension of this, got it through the House, it was even bipartisan, and it's been sitting in…”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 12:22-12:32
“Your taxes are going up $2,541 if you live in the Phoenix Scottsdale congressional district one in Arizona.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 14:23-14:26
“The average tax increase in Arizona's Congressional District 1 is $5,921.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 15:00-15:05
“Here's almost $400 billion just after the expirations in new taxes coming in over 4.2 trillion over the 10 years.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 16:20-16:32
“Diabetes is 33% of all healthcare spend, 31% of all Medicare spend.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 18:36-18:42
“Real GDP growth for Nowcast...wasn't 3%. It's now down to functioning 1.8.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 20:48-20:57
“United States is now number 14 on the credit stack.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 21:28-21:34
“Greece today has a better credit stack than the United States.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 21:42-21:48
“We would borrow 2.8 trillion this fiscal year, maybe down to two and a half.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 22:12-22:26
“Fourth quarter wage and salaries we had to revise down again another 73 billion.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 26:40-26:47
“Over the past four quarters, the total public debt has grown by more than twice the growth of GDP.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 27:35-27:43
“The United States gets about 17, 18% of the economy [in tax receipts].”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 28:07-28:15
“We're over 120% of debt to GDP in one calculation. We're at 140% of debt to GDP.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 28:49-28:56
“Interest, they have us at $1,144,000,000,000 of interest this fiscal year.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 30:07-30:16
“Medicare spending, when I checked about six weeks ago, was already up 10% in spending this fiscal year.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 31:13-31:21
“Social Security will be at 1,480,000,000. The shortfall just this fiscal year is about 340 billion.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 32:34-32:50
“I believe we could crash the price of healthcare.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 35:10-35:14
“I believe we could dramatically shrink government.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 35:13-35:17
“You could revolutionize the size and cost of this government tomorrow [with AI and technology].”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 35:16-35:32
“Obesity is almost half of healthcare costs.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 38:18-38:23
“Fertility rates in the United States collapsed under to 1.6.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 38:38-38:45
“In 15 years, this country has more deaths than births.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 39:05-39:11
“A child born today is estimated...to have a shorter life expectancy than you and I.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 39:16-39:26
“For every dollar you paid when you paid your FICA taxes for Medicare, we now calculate you get five to six dollars back.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 40:37-40:47
“This right here and the financing cost of that is the primary driver US Debt.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 40:47-40:54
“Congress has become substantially a protection racket. We protect incumbent bureaucracies [and] incumbent business models.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 43:43-43:49
“This will be the first generation coming up right now that will be economically more disadvantaged to their parents.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 44:33-44:43
“The bond market is getting close to running this country.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 48:44-48:48
“Are we nimble enough to use the stressor of the expiring tax provisions to get us to think about things we could do to change the cost of…”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 49:27-49:40
“Without a stressor on this place, this place will not do anything.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 49:45-49:49
“We may only have a few more years and then the revolution is too late to be able to make the difference.”
Schweikert: Data Revisions Reveal Gloomy Outlook for U.S. Economy | Uploaded June 6, 2024 | 50:08-50:14