High tax rate could send rapper 50 Cent to Texas
Rapper 50 Cent is perhaps an unlikely spokesperson for low tax rates; like many in the entertainment industry, his politics veered far to the left. But when he realized how much his tax rates could change as part of President Biden’s plan to fund an ambitious social program, he looked like a Tory banker in a family whose roots go back to the Mayflower. Fifty calculated what his combined state and federal income taxes would be, and he didn’t like the number.
“(Under) his tax plan, I didn’t know I would pay 62% of my income to the IRS,” spat 50 Cent in a recent interview with Ari Melber. “So that changes a lot (for me). New York City (where he now lives) will change dramatically.