US election: Americans earning $400k a year could pay more tax if Biden is elected
- There might be tax increment for high earners in America if Biden is elected
- According to reports, those earning more than $400,000 will likely be affected by the tax plan
- Meanwhile, those earning less will be spared from this increment
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In what will anger many top executives in America, Democratic presidential nominee Joe Biden's tax plan might see them pay more.
According to Daily Mail, the highest earners in the states of New York, New Jersey and California could end up paying 62% in state and federal tax.
According to the news outlet, this would be the highest tax rate implemented in more than 30 years.
Going further, the news outlet reports that the high rate would affect those earning more than $400,000 whilst those earning below that level would likely receive tax cuts.
Source: Facebook
As a result of this, American entertainer, 50 Cent, endorsed President Donald Trump after apparently seeing Joe Biden's tax plan.
The US rapper took to Instagram on Monday, October 19, to urge his followers to vote for Trump.
The In Da Club hitmaker shared a screenshot of Biden's tax plan to Instagram. He complained about New York City's tax plan.
According to reports, California’s combined tax rate could climb to 62.6% while New York City’s could climb to 62%.
Consequently, his followers have reacted to the news.
imjoaye said:
Hell yeah vote for Trump. That tax sh*t is ridiculous, 62 percent f*ck no."
prettyday82 commented:
"TRUMP 2020. Democrats keep the poor poor and make the rich pay high taxes to fund their own pockets."
mr._brandon_steel
"IF YOU MAKE OVER $400,000/year!!!! If you don’t you will be receiving a tax CUT!!! This the dumbest sh*t 50 ever posted!!!! Y'all don’t make that much so have several seats! And vote for Biden!!!! Not a racist!"
In a related development, Legit.ng reported that the property investments of the former US vice president have come under scrutiny.
Biden, the presidential candidate of the Democratic Party, currently owns two homes in Delaware.
He and his wife Jill are said to be worth nearly $9million dollars and about $4million of that comes from real estate investments. Biden claimed in his autobiography titled Promises to Keep that he always had an affinity for real estate.
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Source: Legit.ng
