Jason Calacanis and David Friedberg discuss the potential economic impacts of the proposed Republican tax bill. Calacanis introduces the bill's key points, including extending the 2017 tax cuts and potential revenue reduction. Friedberg expresses strong disapproval, labeling the bill a "disgraziad" and criticizing its failure to address the fiscal emergency, projecting a potential $2.5 trillion annual increase to the federal debt. He advocates for cutting program budgets to pre-COVID levels and halting new programs. They discuss potential loopholes in the proposed tax exemptions on tips and overtime, the unsustainable level of deficit spending, and the risk of a debt death spiral. Friedberg also mentions potential new revenue sources being explored but insists on the immediate need for spending cuts.
