00:00We provided 100% expensing and bonus appreciation,
00:05which is tremendous, one of the biggest things that you have.
00:08I mean, people have no idea how big that is, businesses do.
00:12So that businesses can deduct 100% of the cost of new facilities,
00:16equipment, and capital investment in the first year.
00:19It used to take 38 years of deduction.
00:21Now you get it done in one.
00:23You can take one, so you can expand.
00:25I think that's what made us so successful in the first term.
00:28But now we have it for a 10-year period.
00:31So you have it for a while.
00:32I really was going to make it for a one-year period.
00:34That would mean you spend all your money immediately.
00:36Now, unfortunately, I gave you too much time.
00:39I was sort of against that.
00:41I said, let's do it for a shorter period of time.
00:42But we did it.
00:43It's the right thing.
00:45And this way, when I get out of office in, let's say,
00:49eight or nine years from now, I'll be able to use it.
00:53I'll be able to use it myself.
01:01And to ensure that you and your family can keep your businesses in the family,
01:06we virtually eliminated the unfair estate tax or debt tax for farmers and for small businesses.
01:13So, you know, oftentimes you build, I mean, I just met some incredible people.
01:17They have beautiful businesses, small businesses.
01:20They want to have their children.
01:21Those businesses were all long-term.
01:24It was the father was there, right?
01:25We're just talking about with the beautiful pretzels.
01:28I said, pretzels, oh, those look good.
01:30I want to take some right now.
01:31But I didn't want to be rude and rip your bag apart.
01:36But the businesses were, they've been in business for a long time, almost every one of them.
01:41And you pass away.
01:44You want to have your children take over your business.
01:47They work in your business.
01:48And they got hit with the state tax, or we call it the death tax, but we call it both.
01:52It does the same thing.
01:55And they couldn't afford it.
01:56They went out.
01:56They take the business.
01:58They mortgage it up to pay the tax.
02:00And they end up losing the business.
02:01They end up going bankrupt.
02:03They end up, in many cases, committing suicide.
02:06We have a lot of that.
02:07You have a lot, especially farms, you know.
02:10They want to be on that farm.
02:11They don't want to lose their farm.
02:12And it's land rich and cash poor.
02:16And they go out and they borrow and borrow and keep borrowing.
02:19We ended that.
02:20No more estate taxes on farms and small businesses.
02:23So this is true.
02:23You
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