A recent trend of artists has seen them leaning towards President Trump this election. Last week, it was revealed that Ice Cube is working with the current administration to help Black communities. Now on Monday, rapper Curtis Jackson, better known as 50 Cent, reached out to followers telling them to vote for Trump after learning about Joe Biden’s tax plan that was broadcasted on TV.
What We Know:
- The rapper reacted to the plan in a graphic broadcasted by CNBC displaying the tax increase which would affect those that earn more than $400,000 under the Biden administration. According to CNBC, the combined federal and state tax rate for high-income earners would be 58% for New York State, 60% for New Jersey, 62.6% for California at 62.6% and 62% for New York City alone.
- The New York City stat seemed to have hit a nerve for 50 when the caption of an Instagram post read, “WHAT THE F**K! (VOTE For TRUMP) IM OUT, 🏃♂️💨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.”
- He later followed that post up by reminding fans of his current financial state. “I just remembered I’m bankrupt, so I’m looking for a gracious loan can anyone help a brother out. LOL.” 50 Cent continued to criticize Biden’s plan on Tuesday, saying it’s a very bad idea.
- Boiling it down, Biden’s tax plan would raise the individual tax rate for all taxable incomes above $400,000 from 37% to 39.6%, a rate that already existed before Trump came into office. According to the Tax Foundation, “Social Security payroll tax surcharge of 12.4%” would also be added to income over $400,000, of which half will be paid by employers.
- As far as the income tax rate for living in the state of New York State, tax percentages range from 4% to 8.82% depending on income and marital status. If you live in the Big Apple, the income tax rate is already about 3% to 4% higher. The Biden campaign reiterated that any single earners making under $400,000 would not pay more taxes under the plan, only high-income individuals and businesses.
50 Cent reportedly sold a massive Connecticut mansion for about $2.9 million, which was 84 percent less than what he originally bought the home for. This questionable financial choice comes a few years after he filed for bankruptcy in 2015. Since then, he agreed to pay $23 million over the span of five years when the case ended in 2017.