In an Instagram post earlier this week, the rapper conceded that “Trump doesn’t like black people”, but went on to share a screenshot from CNBC to illustrate his concern over apparent tax raises.
Confirming his support once more, he shared a Fox News clip about his Trump endorsement.
“Yeah, i don’t want to be 20cent,” he captioned the post. “62% is a very, very, bad idea. i don’t like it!”
— Donald J. Trump (@realDonaldTrump) October 21, 2020
Despite his concerns, it was quickly pointed out that the hefty tax rise isn’t quite what it seems.
In one CNBC article from earlier this week, it was noted: “Of course, few if any taxpayers pay the full statutory rates, which don’t include deductions, credits, offsets, loopholes and lower tax rates on other sources of income.”
The “other sources of income” are said to be particularly important, given that most millionaires and billionaires get large chunks of their money from capital gains.
When further number-crunching comes into play, it’s confirmed that only income over $400,000 would be taxed at the higher rate of 39.8%, with the first $399,999 taxed at lower marginal rates.
It essentially means that there is no realistic situation where the rapper will actually end up paying 62% of his income in taxes.
The endorsement comes after the rapper previously described Trump’s presidency as “an accident” and claimed that he had been offered $500,000 to endorse his campaign.
The US election takes place on November 3, with Trump currently trailing behind Joe Biden in national polls.