Rapper 50 Cent announced Monday he will be voting to re-elect President Donald Trump, citing the high tax rates that former Vice President Joe Biden seeks to impose.
The artist — whose legal name is Curtis James Jackson III — tweeted an image from CNBC’s “Power Lunch,” showing the combined marginal tax rate (federal and state) would be 62.6 percent in California, 60 percent in New Jersey, and 58 percent in New York.
He didn’t like how the numbers added up.
“WHAT THE F–K! (VOTE ForTRUMP) IM OUT,” tweeted 50 Cent.
“F–K NEW YORK The KNICKS never win anyway. I don’t care Trump doesn’t like black people 62% are you out of ya f–king mind.”
Biden has pledged to repeal the Trump tax cuts, which did benefit low- and middle-income families, by increasing the standard deduction to $12,200 for individuals and the child tax credit up to $2,000 per child.
However, the Democratic candidate has promised not to raise taxes on anyone earning less than $400,000.
“High earners in New York and California could face combined federal and state tax rates of 62% under Democratic presidential nominee Joe Biden’s tax plan, according to experts,” CNBC reported.
“While Americans earning less than $400,000 would, on average, receive tax cuts under Biden’s plan, the highest earners would face double-digit increases in their official tax rates, according to nonpartisan analyses,” the news outlet added.
When deductions and tax credits are calculated in, the effective tax rate for top earners in California and New York (federal and state combined) would still be approximately 53 percent under Biden versus the current 40 percent under Trump, according to CNBC.
Biden, like his former boss Barack Obama, is always harping about the “wealthy” having to pay their fair share.
Somehow, taking more than half of what Americans earn seems like more than their “fair share,” and would be damaging to the economy.
Wealthy people tend to be business owners or business investors, who provide the money needed to grow companies and create jobs.
And they are paying their fair share of taxes.
The Tax Foundation determined that the top 1 percent of wage earners, those making approximately $480,000 or more, paid 37 percent of all federal income taxes collected in the 2016 tax year.
The top 5 percent paid about 58 percent, while the bottom 50 percent of wage earners paid just 3 percent.
There is a reason the unemployment rate dropped lower in four months of this year under Trump than in the first four years under Obama.
After Obama took office in January 2009, the unemployment rate would peak at 10 percent in October of that year as the country began to emerge sluggishly from the Great Recession.
At the end of four years, the rate had dropped just 2 percentage points to 8 percent in January 2013.
It was the slowest economic recovery from a recession since before World War II, a point even CNN conceded in 2016.
The ingredients of the lackluster recovery, which are currently being touted by Biden, were raising taxes on the wealthy and increasing regulations on businesses.
Trump cut taxes across the board and slashed regulations at an unprecedented rate, and the results speak for themselves.
Prior to the COVID outbreak earlier this year, the U.S. was experiencing a 50-year low unemployment rate of 3.5 percent.
African-American unemployment was also at an all-time record low.
In April, unemployment shot up nationwide to 14.7 percent (the worst since the Great Depression) and was expected to hit close to 20 percent in May, but instead dropped to 13.3 percent and has continued to fall since to 7.9 percent as of last month.
The reason is that the fundamentals of the economy were sound, grounded in solid pro-economic growth policies.
As a big name in entertainment, 50 Cent has made headlines before for opinions that don’t square with the politically correct crowd, and his take on the Biden tax plan was no different.
Some called him “selfish” for saying he’ll vote for Trump, but it’s clearly not just the wealthy who would take a financial hit under Biden, but rather the entire American economy.
50 Cent is right: Vote Trump!
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