Topic: Turbotax

The debate over the State and Local Tax (SALT) deduction continues, with Republican Representative Mike Lawler of New York demanding a fix in exchange for his vote. The deduction primarily benefits high-tax Democratic states like California and New York, leading to arguments about whether residents of low-tax states like Texas are indirectly subsidizing them. The discussion also covers the impact of property taxes and the use of TurboTax formulas for IRS filings.

Bernie Sanders faces scrutiny for releasing his 2014 tax returns instead of the 2015 documents, claiming his wife uses TurboTax. Meanwhile, Hillary Clinton continues to resist calls to release transcripts of her high-paid Wall Street speeches. The hosts speculate that the "speeches" may have actually been private meetings to collect checks rather than formal addresses.

Personal anecdotes regarding IRS audits and bank account freezes are shared, including a $187,000 tax lien resulting from time spent living abroad. The discussion covers the long-term impact of these liens on FICO credit scores and the strategy of using audit insurance through services like TurboTax.

One host describes a stressful letter from the IRS regarding a missing 2010 tax filing despite using TurboTax. The segment also features a "thank you" for an NSA challenge coin and a silver bullion coin with a "Keep Calm and Slave On" design. The coins are discussed as symbols of the current political and economic climate.

Treasury Secretary Timothy Geithner faced scrutiny during his confirmation for using TurboTax to prepare filings that contained errors. President Obama's tendency to publicly apologize for administrative "screw-ups" is analyzed as a stylistic choice compared to the management style of George W. Bush. The hosts question how the President has time for governance given his frequent media appearances.