John Hawkins, After seeing what his tax rate was going to be under Joe Biden, rapper 50 Cent said he was voting for Trump. He noted this in an Instagram post,
This is particularly interesting since if you look at 50 Cent’s Twitter feed, he definitely has not been a Trump fan in the past.
On the other hand, I suppose that hearing that the government intends to take 62 PERCENT of your income can change your perspective. That’s doubly true since that’s just a starting point. If Biden gets elected and Democrats take over the Senate, they will pick out all sorts of programs they think the rich should fund, declare that the wealthy aren’t paying their “fair share” and raise taxes again.
It’s all well and good to talk about someone paying their “fair share,” but what is that number and what do the rich get for it? If you want to say street signs, roads, Social Security, Medicare, the military, and police, someone like 50 Cent is probably paying off their share of that and then some with 1% of their income. The rest of it is useless garbage that doesn’t benefit them or for that matter, most of the rest of us that aren’t eating slop out of the government trough.
All that being said, even though I’m someone who would prefer a Flat Tax and would be okay with the Fair Tax, I’m not horrified by the idea of the rich paying a little higher percentage of their income in taxes than the middle class. The problem is that America already has the most progressive tax code in the Western world. In other words, we’re OVERTAXING the rich and the Democrats keep floating program after program that they expect the rich to fund with their taxes. Well, guess what? 50 cent is talking about moving out of NYC to get away from the taxes. What happens when the rich start moving overseas to escape our taxes? NYC has its charms, but so do London, Rome, and Paris. If you have enough money, practically anywhere short of North Korea or Afghanistan can be an amazing place to live. Our taxes on the rich are getting high enough that we need to start thinking about that. Maybe instead of raising taxes on the rich, we should MAKE GOVERNMENT SMALLER so we can reduce taxes for the rich AND the middle class.