After CNBC on Monday, released a nonpartisan analysis of the Biden tax plan – one popular figure decided he was done with the Democrats, throwing his weight behind President Trump for reelection.
Rapper 50 Cent, whose real name is Curtis James Jackson III, endorsed President Donald Trump in an Instagram post published Monday which included a screenshot from the CNBC report on what big city’s taxes would look like with Joe Biden in charge.
“WHAT THE F***! (VOTE ForTRUMP),” posted Jackson. “I’M OUT.”
He continued later in the post, “62% are you out of ya f***ing mind,” referencing the CNBC graphic which indicates taxes in New York City – where Jackson currently resides – could hit 62%
According to the CNBC report, Biden’s tax plan would implement double-digit increases in the tax rates of those earning over $400,000 annually.
“In California, New Jersey and New York City,” the report noted, “taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%.”
CNBC’s report on Biden’s tax plan outlined the following according to the Daily Wire:
In California, New Jersey and New York City, taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%.
Few taxpayers pay the full statutory rates, which don’t include deductions, credits, offsets, loopholes and lower tax rates on other sources of income.
If the Democrats win the Senate and can pass legislation removing the $10,000 cap on state and local tax deductions, the combined state and local tax rates for top earners could be even lower.
“Under Biden’s plan, the effective tax rate for the top 1% would increase from 26.8% to 39.8%, according to the Tax Policy Center,” the report said. “That means top earners in California and New York City would pay effective state and federal tax rates of around 53% — compared with the roughly 40% they pay in effective rates today.”
“What’s more,” CNBC added, “if the Democrats win the Senate and can pass legislation removing the $10,000 cap on state and local tax deductions, the combined state and local tax rates for top earners could be even lower.”
Jackson is not alone in fearing the economic repercussions of a potential Biden victory.
A Florida company president sent letters to his employees inside their pay stub envelopes last week, warning that Joe Biden winning the election could force the company to make subsequent permanent layoffs to stay afloat.
Employees from the Orlando-based Daniels Manufacturing, which makes tools and electronics for aerospace and military clients, were interviewed about the contents of the letter by WESH 2 News.
“If Trump and the Republicans win [the election], DMC will hopefully be able to continue operating, more or less as it has been operating lately,” the letter from owner George Daniels read. “However, if Biden and the Democrats win, DMC could be forced to begin permanent layoffs beginning in late 2020 and/or early 2021.”
“I have been doing this for years. I have an obligation to let workers know what could happen, based on the outcome of an election,” Daniels said.