Under Joe Biden’s tax hikes, many households and small businesses will end up paying a top marginal tax rate above 60 percent.
Biden has vowed to steeply raise personal income taxes and impose an additional 12.4 percent payroll tax (along with a doubling of the capital gains rate to 40 percent). New York state has an 8.82 percent income tax and New York City takes another 3.876 percent
Referring to the combined Biden-NY-NYC tax burden on Monday, the rapper 50 Cent tweeted, “62% are you out of ya [expletive] mind.“
50 Cent, or Curtis James Jackson III, was born in Queens, New York City and raised in its South Jamaica neighborhood. His mom Sabrina dealt drugs to get by, and raised Curtis until he was eight years old. She tragically died in a fire, leaving Curtis to be raised by his grandmother.
At the time, the area was one of the toughest neighborhoods in New York. 50 Cent described how, in this environment, people had two options: welfare or hustling. From the time he was 12 years old, 50 Cent internalized these options and became a hustler. His love for rapping began in a friend’s basement and, in 2002, his music career took off.
Despite having believed that he was bound to a lifestyle of welfare dependency or hustling, 50 Cent found his own way out, and broke the cycle of poverty and crime that he thought were his only options. It’s no surprise that he doesn’t take kindly to Joe Biden and New York politicians who want to take 62 cents of any dollar of earnings.
“50 Cent speaks the truth when he says no one should have 62% of any dollar they earned taken by government. 50 Cent speaks not just for rappers but for millions of small businessmen and women who would be hit by the high tax rates threatened by Biden and New York,” said Grover Norquist, president of Americans for Tax Reform.
Check out ATR’s compilation of Biden tax hike statements at www.atr.org/HighTaxJoe