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50 Cent doesn’t ‘care Trump doesn’t like black people’ as he endorses president over taxes

Rapper 50 Cent has endorsed Donald Trump for president because of his favorable tax policies for the rich – and said he doesn’t care if the Republican ‘doesn’t like black people’. 

The 45-year-old tweeted a shot of the tax rates proposed by Democratic candidate Joe Biden and running mate Kamala Harris. 

The Biden proposals could see those earning more than $400,000 a year hit with rates of 62.6 percent for those who live in California residents, and 62 percent for people who live in New York City.

The If I Can’t rapper rapper wrote: ‘WHAT THE F***! (VOTE ForTRUMP) IM OUT. F*** NEW YORK The KNICKS never win anyway.’

He added: ‘I don’t care Trump doesn’t like black people 62% are you out of ya f***ing mind.’

The tax rates would not apply to people who make less than $400,000 annually, which makes for about 98.2 percent of Americans. 

On the campaign trail: Trump was snapped in Arizona on Monday

The latest: 50 Cent, 45, endorsed Donald Trump based on his tax policies in a tweet Monday, and said he doesn’t ‘care Trump doesn’t like black people’

50 Cent tweeted a shot of the tax rates Democratic candidate Joe Biden and running mate Kamala Harris are proposing in their administration

50 Cent tweeted a shot of the tax rates Democratic candidate Joe Biden and running mate Kamala Harris are proposing in their administration 

Biden has pledged to hike taxes said for those earning more than $400,000, but has insisted there will be ‘no new taxes’ beyond that. 

The current top U.S. statutory tax rate is 37 percent with the average earner in the highest tax bracket paying 26.8 percent after taking into account tax breaks, including loopholes, deductions, exemptions, credits and preferential rates.

It is not the first time 50 Cent has backed Trump – appearing to show his support for the Republican before the 2016 election.

In March 2016 he posted a photograph of the two of them together, with the caption: ‘Me and My President maybe, only in America’.

The rap artist, whose real name is Curtis James Jackson III, was met with a variety of reactions to his latest controversial post.

50 Cent also showed support for the president in 2016, posting this Instagram photo  in the months before the election

50 Cent also showed support for the president in 2016, posting this Instagram photo  in the months before the election

50 Cent and Donald Trump are pictured together at the Vanity Fair Oscar party on February 27, 2011

50 Cent and Donald Trump are pictured together at the Vanity Fair Oscar party on February 27, 2011

One user wrote, ‘Pay your fair share. You’re rich stop acting broke,’ while journalist David Leavitt called The Candy Shop rapper ‘a selfish piece of shit’ for putting his finances ahead of all other issues.

’50 Cent can go f*** himself for choosing his personal wealth over the health of the nation,’ Leavitt wrote.

The post also garnered support from conservative commentators including Candace Owens and Tomi Lahren, who wrote, ‘Welcome to the Trump Train!’ 

Reactions varied to the controversial posting from the rapper, as some said he was being selfish with his rationale

Reactions varied to the controversial posting from the rapper, as some said he was being selfish with his rationale 

Mashup: One user photo shopped the rapper and the president together to reflect his endorsement

Mashup: One user photo shopped the rapper and the president together to reflect his endorsement 

 

How Biden’s tax plan could lead to a combined rate of 62% for those making more than $400k 

The highest earners in the states of New York, New Jersey and California could end up paying 62% in state and federal under Democratic presidential nominee Joe Biden’s tax plan in what would be the highest tax rate implemented in more than 30 years.

The high rate would affect those earning more than $400,000 whilst those earning below that level would likely receive tax cuts.

Nonetheless, the rate would still see a double-digit increase on current tax rates. 

Under Joe Biden's tax plan taxpayers in California, New Jersey and New York who earn more than $400k a year could face combined state and local income tax rates of more than 60%

Under Joe Biden’s tax plan taxpayers in California, New Jersey and New York who earn more than $400k a year could face combined state and local income tax rates of more than 60%

In California, the state and federal tax rate could rise to 62.6% according to calculations by the Tax Foundation, a Washington, D.C.-based think tank that collects data and publishes research studies on tax policies in the US.

On the east coast, in New Jersey, the combined rates would also likely be above 60% and about 58.2% in New York City where most of the state’s highest earners reside. 

The current top U.S. statutory tax rate is 37% with the average earner in the highest tax bracket paying 26.8% after help from their accountants.   

The Biden campaign has responded by saying that the ‘effective rates’ are more significant than statutory rates.

The statutory tax rate is the rate imposed by law on taxable income that falls within a given tax bracket while the effective tax rate is the percentage of income actually paid by an individual or a company after taking into account tax breaks, including loopholes, deductions, exemptions, credits and preferential rates.

Biden’s plan would see the effective tax rate for the top 1% increase to 39.8% from 26.8%.

The highest earners in California and New York City would be lumbered with effective state and federal tax rates of around 53%. Currently they pay around 40% in effective rates.   

If Democrats manage to win the Senate they may also be able to pass legislation that would remove a $10,000 cap on state and local tax deductions enabling the tax rate for the highest earning members of society to be even lower.

Despite such promised, it would still see combined tax rates at their highest level for more than 30 years, according to MSN.   

Tax payers would be unlikely to pay the full rate after various deductions, credits, offsets and loopholes worked out by accountants

Tax payers would be unlikely to pay the full rate after various deductions, credits, offsets and loopholes worked out by accountants

The top marginal tax rate would rise from 37% to 39.6% with an additional 12.4% payroll tax according to Jared Walczak of the Tax Foundation. 

In California the highest income tax rate for those earning the most would be 62.64%.  

New Jersey would see a combined rate would be 58.2% while in New York it would be even higher at 62%.

The rates could rise even further if tax hikes placed upon employers are passed along to their workers. 

Walczak suggests that the top combined rates might soar to more than 65% in California, 62.9% in New Jersey and 64.7% in New York.

‘These rates would be the highest in about 3½ decades,’ said Walzcak, ‘and imposed on a broader tax base than was in place previously.’

Read more at DailyMail.co.uk


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