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Fox Business Network host Charles Payne praised rapper 50Cent while blasting confiscatory tax plans being pushed by Democratic nominee Joe Biden that could include rates as high as nearly 63 percent in some parts of the country for high-income earners.
“Once again, the world of rap collides with the world of politics. After rapper and producer 50 Cent tweeted out he is going to vote for Trump after seeing reports of just how much of a hit he would take or potentially take from a Biden tax plan,” Payne told Fox Business viewers the day after an Oct. 19 tweet from the rapper, producer and mogul.
**Warning: Strong language
👀WHAT THE F*CK! (VOTE ForTRUMP) IM OUT, 🏃♂️💨F*CK NEW YORK The KNICKS never win anyway. 🤷🏽♂️I don’t care Trump doesn’t like black people 62% are you out of ya fucking mind. 😤 pic.twitter.com/uZu02k2Dlz
— 50cent (@50cent) October 19, 2020
“I understand where 50 Cent is coming from, he has had to succeed more than once to get where he is today. He had to live up to his first album ‘Get Rich or Die Trying,’ which shattered records when it sold 872,000 copies in the first four days, 12 million worldwide,” Payne, 59, continued.
The host, CEO of the financial analytics firm Wall Street Strategies, went on to explain that pushing back against high tax rates is more “about people having upward mobility” and an opportunity to “earn their way out of poverty and maybe into wealth,” not simply about keeping more of what a person earns.
“High taxes and onerous regulations muck up the backdrop that we all need to excel. It stops capital from flowing and it discourages investment,” he said, adding that the black poverty rate declined under President Barack Obama but the decline really accelerated under President Donald Trump’s first term.
“During the eight years of Obama-Biden, the Black poverty rate declined by 0.5 percent. Under the first three years of President Trump, it declined by 2.2 percent to an all-time record low. And without a doubt, there is still work to be done. We all know that,” Payne continued.
“But I got to tell you, I look at my own life and I know my grandparents, they owned a farm with no running water in Alabama when the Ku Klux Klan operated with impunity,” the finance expert and Air Force vet added, noting that his father came back a changed man who still loved his country after he fought during the Vietnam War.
“I am the first person in my family to have had a chance, to really have had a legitimate chance of making money, and I would still say it was not an even playing field but I’ve got to tell you, I’ve been thrilled to have the opportunity, I do not take it lightly, I work very hard for it, and I hate that my reward is 60 percent taxes while I’m alive and then half of my money upon my death,” he said, referencing the Estate Tax penalties wealthier Americans must pay to the government when they die.
“My family has come a long way and we should not be punished for it. So I say to 50, thank you so much my friend for keeping it real,” said Payne.
Since his Oct. 19 tweet, 50Cent has backtracked somewhat following public criticism for voicing support for President Trump from frequent critic, actress and former girlfriend Chelsea Handler.
— Conservative News (@BIZPACReview) October 20, 2020
That said, fellow legendary rapper L’il Wayne has also come out in support of President Trump, especially his Platinum Plan, a $500 billion, multi-year proposal aimed at enhancing black business ownership, homeownership, and education, among other initiates.
“Just had a great meeting with @realdonaldtrump @potus besides what he’s done so far with criminal reform, the platinum plan is going to give the community real ownership. He listened to what we had to say today and assured he will and can get it done,” the rapper said.
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