50 Cent "VoteForTrump...Knicks never win anyway"

[---]

@ anyone who thinks rich people actually pay this much. Trump paid $750 for god's sake.

Exactly so what is this guy doing?

 

[Ozymandeas]

So, if you make 400k, the state gets 248k of that?

No bro...it’s staggered. You’ll only pay that high tax rate on income you made on top of $400,000. So all income up to $400,000 will be subject to whatever the tax rate is for that amount than every dollar after $400,000 will get the higher tax rate. At the end of the day this is silly. If you make $20 million but end up with $9.5 million post tax or end up with $12 million post tax. You still rich. And that money is going to earn you crazy interest for the rest of your life.

 

[PJMilano]

Let's certainly take political advice from a man who publicly feuds with his own child

.

 

[El Bombi]

Was Ghost running as a Democrat or Republican?

 

[ALonelyDad]

Em is for Biden and 50 is for Trump.

and this is not surprising at all to me

 

[---]

Yes he does. That’s after 400k. What do you think 50 cents make yearly? 400k is pennies to them. He’s gonna get taxed that 60% on the overwhelming majority of his yearly income.

Listen breh if you make 400,000 a year and dont know how to minimize taxes at that level then you should be taken. Nobody pays those rates.

50 cent doesn't understand how taxes work period!

 

[Gold]

Did anyone expect anything better from that high functioning retard, tho?

 

[Umoja]

thats still fukking retarded

62% of 400k is only $152,000 after taxes.. Assuming you make that much, you obviously live in San Francisco or San Jose which the average rent is $4000 a month for a 1 bedroom.. god forbid you have a kid or 2

add in another $2000 of bills (cars, utilities, schooling, nanny etc)

you are looking at best case $80,000 out of $400k ? thats fukking retarded

I bet Biden aint willing to give up 62% of his current net worth which he built before these retarded proposed tax rates

It doesn't work that way. I don't know what the tax rates are but 62% would only apply to the amount over 400,000.

If you earned 450,000. 400,000 won be taxed at one rate, and then the 50 would be taxed at 62%.

The proposed tax rates aren't bullshyt either. The greed has been allowed to continue for far too long. Steps are needed to ensure that money is put back into society so that your country can build towards a better healtcare system and invest in initiatives to improve social mobility.

 

[CrimsonTider]

Yeah I think the graphic in the OP is all the taxes in aggregate. Either way, 62% is a lot.

It’s really not. When you literally can’t function without those taxes

 

[DaddyFresh]

@ anyone who thinks rich people actually pay this much. Trump paid $750 for gods sake.

Trump is the outlier. Rich, connected and white. How many people go down for tax evasion trying to lower their taxes significantly? It’s a slippery slope.

He understands how taxes work. He is rich and selfish

right this dude been a multi millionaire for 20 years even though his music career was stagnant after 5. He has the best financial advisors in his ear. He knows EXACTLY how it works.

 

[George's Dilemma]

@ anyone who thinks rich people actually pay this much. Trump paid $750 for gods sake.

Rep, thanks for the reality check. These wealthy folks getting away with murder out here.

 

[Astroslik]

It’s really not. When you literally can’t function without those taxes

When I say it’s a lot it’s in a colloquial meaning. For any individual 62% will make them feel some type of way. This is why rich people find loopholes to avoid/minimize taxes.

 

[null]

thats still fukking retarded

62% of 400k is only $152,000 after taxes.. Assuming you make that much, you obviously live in San Francisco or San Jose which the average rent is $4000 a month for a 1 bedroom.. god forbid you have a kid or 2

add in another $2000 of bills (cars, utilities, schooling, nanny etc)

you are looking at best case $80,000 out of $400k ? thats fukking retarded

I bet Biden aint willing to give up 62% of his current net worth which he built before these retarded proposed tax rates

brehs

 

[Ozymandeas]

thats still fukking retarded

62% of 400k is only $152,000 after taxes.. Assuming you make that much, you obviously live in San Francisco or San Jose which the average rent is $4000 a month for a 1 bedroom.. god forbid you have a kid or 2

add in another $2000 of bills (cars, utilities, schooling, nanny etc)

you are looking at best case $80,000 out of $400k ? thats fukking retarded

I bet Biden aint willing to give up 62% of his current net worth which he built before these retarded proposed tax rates

Thats not how it works bro They not going to have you bring home less money making $405,000 than someone making $395,000 just because you made an extra $5k more than the cutoff. That would be silly and it would DISINCENTIVIZE people from making more money. It works like this. Let’s say you make $700,000 this year. Let’s make it simple and say you pay 40% in taxes on the first $400,000 so you got $240,000 left in post tax. Then on the remaining $300,000 (let’s keep it simple again since that’s the range of Biden’s tax plan) you pay 60% since it’s your income you made ON TOP of $400,000. So that leaves $120,000. Add them together and you made $360,000 post tax total. Your whole income isn’t being taxed at the higher level, just income about $400K. That’s how it works. And if you out here making $5 million a year ain’t nobody shedding tears for you. Go live in Saudi Arabia if it’s too much. They have a nice tax structure

 

[null]

I saw someone on youtube explaining marginal tax rates and I thought to myself "surely everyone already understands how tax bands work" ...

this thread ...


using the logic from some brehs in here people earning 400,000 USD p/a would take home less than people earning 399,999 USD p/a