50 Cent infuriated a large percentage of his fanbase on Monday (October 19) when he encouraged his 26.2 million Instagram followers to “vote for Trump.” The television mogul was disheartened by Joe Biden’s proposed tax plan, which includes a 62 percent top tax rate for New York and New Jersey residents — something Fiddy didn’t like.
On Tuesday (October 20), the multi-millionaire doubled down on his Trump endorsement via Instagram, sharing a Fox News clip about his Trump endorsement the previous day.
“Yeah, i don’t want to be 20cent,” he captioned the post. “62% is a very, very, bad idea. i don’t like it !”
According to CNBC, the 62 percent tax rate would only apply to those who make over $400,000 annually. The Biden campaign said what matters to taxpayers and the economy are the “effective rates,” not the statutory rates. Very few (if any) taxpayers pay the full statutory rates, which excludes deductions, credits, offsets, loopholes and lower tax rates on other sources of income.
Under Biden’s plan, the effective tax rate for the top one percent would increase from 26.8 percent to 39.8 percent, meaning top earners in California and New York City would pay effective state and federal tax rates of around 53 percent — compared with the approximately 40 percent they pay in effective rates now.
50’s initial post received approval from conservative commentator Tomi Lahren, Trump’s senior campaign advisor Katrina Pierson, Candace Owens and countless Trump supporters on social media. But many of Fiddy’s previous supporters had no problem dismissing his existence.
As author Frederick Joseph pointed out on Twitter, anyone making less than $400,000 a year — which, let’s face it, is most people – taxing the wealthy helps the working class.
“I’m happy @oldmanebro is talking about 50 Cent endorsing Trump on the radio,” Joseph wrote. “A lot of you are aligning with 50 because of the implications of Biden’s tax plans. 1. Y’all don’t make enough to be taxed more 2. Taxing the wealthy more helps YOU 3. The wealthy are gaslighting you.”
I’m happy @oldmanebro is talking about 50 Cent endorsing Trump on the radio.
A lot of you are aligning with 50 because of the implications of Biden’s tax plans.
1. Y’all don’t make enough to be taxed more
2. Taxing the wealthy more helps YOU
3. The wealthy are gaslighting you
— Frederick Joseph (@FredTJoseph) October 20, 2020