Rapper 50 Cents Says ,’IM OUT’ after look at Biden’s Proposed Massive Tax Increases

the staff of the Ridgewood blog

Ridgewood NJ, The Biden campaign has proposed increasing the federal corporate tax rate to 28 percent and returning the top individual federal personal income tax rate to 39.6 percent while applying payroll taxes to earnings above $400,000. Top tax rates on capital gains and dividends would rise significantly.

These policies and others that the Biden campaign has released would impact U.S. competitiveness on the international stage.

Taxes play a role in both business decisions about where to invest and expand and individual decisions about where to work and live. Higher taxes on businesses can both impact investment by U.S. businesses and whether foreign businesses will choose to invest in U.S. operations.

Higher taxes on U.S. workers, especially those with higher incomes, can influence migration decisions.

50 Cent says ‘vote for Trump’ in light of Biden’s tax plan: ‘IM OUT’ , the 45-year-old hip-hop mogul , took to Instagram on Monday to offer his support for President Trump after seeing figures related to former Vice President Joe Biden’s proposed tax plan.

The star shared an image from what appeared to be a news broadcast, displaying the “top tax rates by state under [the] Biden tax plan.”

Among the states mentioned was New York, which the broadcast said would be taxed at a rate of 58% while New York City would be taxed at 62%.

According to the Tax Foundation in the latest edition of our International Tax Competitiveness Index, which has been used to compare the tax systems of OECD countries since 2014.

At the beginning of that period, the U.S. ranked 28th out of 36 countries in the Index. Following the 2017 tax reform, the rank improved dramatically to 20th (now 21st), driven by changes in corporate taxes and personal income taxes.

In response to U.S. tax reform, other countries including Canada and France also saw pressure to reform their tax systems.

Tax changes proposed by Democratic presidential nominee Joe Biden would work against current trends, particularly by increasing the corporate tax rate, causing the U.S.’s rank on the Index to drop from 21st to 30th.

The Biden campaign has proposed increasing the federal corporate tax rate to 28 percent and returning the top individual federal personal income tax rate to 39.6 percent while applying payroll taxes to earnings above $400,000. Top tax rates on capital gains and dividends would rise significantly.

These policies and others that the Biden campaign has released would impact U.S. competitiveness on the international stage.

Taxes play a role in both business decisions about where to invest and expand and individual decisions about where to work and live. Higher taxes on businesses can both impact investment by U.S. businesses and whether foreign businesses will choose to invest in U.S. operations.

Higher taxes on U.S. workers, especially those with higher incomes, can influence migration decisions.

While the Biden campaign is certainly focused on increasing taxes on U.S. businesses and high-income earners, it is important that policymakers also understand what that reversal might do to U.S. competitiveness, and the competitive global environment in which U.S. companies and U.S. workers operate.