50 Cent tells fans to 'vote for Trump' over Biden's tax planpublished at 11:17 British Summer Time 20 October 2020
Reality Check
"(Vote for Trump)... I’m out," wrote 50 Cent to his 26 million followers on Instagram in a post that has been liked over 300,000 times.
His grievance: an increase in the top rate of tax under Joe Biden's tax plan that he says would result in him playing significantly more out of his earnings than under Trump.
Joe Biden has pledged to only impose higher taxes on those earning more than $400,000 (£308,000) a year - 1.5% of the US population. Assuming that 50 Cent's earnings are in the highest earning bracket, he could well be liable to an increase in his taxes under a Biden presidency.
As with any tax calculation, the consequences of Biden's plans are not straightforward, but according to a study by the Tax Policy Center (TPC), external they roughly check out for his planned income tax changes. The TPC also estimates that the effective tax rate on the top 1% of earners would rise to 39%.
50 Cent's post was accompanied by a screenshot from a CNBC television report on federal and state taxes, external carried out by the Tax Foundation for the very richest earners under Biden's tax proposals.