50 Cent Endorses Donald Trump, Fuming Over Joe Biden's Tax Rate for Wealthy Individuals

On Monday, rapper and entrepreneur 50 Cent shocked followers by seemingly endorsing President Donald Trump for the 2020 presidential election. He posted about Democratic candidate Joe Biden's proposed tax policy, urging readers to "VOTE for TRUMP." As with so many of 50 Cent's posts, it was hard to tell if he was joking or not here.

Curtis "50 Cent" Jackson weighed in on the contentious election on Monday evening with a photo of a TV showing news coverage of Biden's tax plan. It showed what the tax rates would be for wealth earners like himself in various states under Biden's plan — in his case, 62 percent in New York City. Amid a slew of emojis, Jackson wrote: "I don't care Trump doesn't like Black people 62 percent are you out of ya f—ing mind."

It is important to note that these tax rates are unlikely to reach the levels projected in this report, even for high-earners. According to a report by CNBC, these rates would only apply to those with a gross annual income of over $400,000 per year under Biden's plan. Even then, most people in that scenario do not pay the full rate thanks to tax deductions, tax credits, offsets, loopholes and diversified sources of income.

As for Jackson, his previous tweet described him as "bankrupt," so either he was joking in one of those posts, or he has nothing to worry about. The rapper has a unique voice on social media, and it is often hard to tell when he is being sarcastic. Nevertheless, his commentary could drive some fans' decisions at the polls.

Biden spoke at length about his tax plans last week at his "Town Hall" event on ABC News, noting that it is not as radical as it is made out to be. Many of the figures and percentages in his plan match those of former President George W. Bush — a Republican.

0comments

The "62 percent" figure is not all from Biden, either — it combines the statutory tax rates with the state tax rates, showing what a theoretical taxpayer could pay in that setting. The Tax Foundation told CNBC that there more than a 10 percent discrepancy between the statutory tax rate and the "effective rate" — "what taxpayers actually pay with help from their accountants."

So far, 50 Cent has offered no further updates on his political position, though commenters are having a field day. The 2020 presidential election takes place on Tuesday, Nov. 3.