Former Vice President Joe Biden’s tax plan has raised more than just the eyebrows of rapper 50 Cent; now Home Depot co-founder Ken Langone has denounced the plan for potentially putting the middle class “in peril.”
Speaking on “Mornings with Maria,” Langone argued that the middle class will suffer greatly and that taxing the rich will not generate the government’s desired revenues.
“The only way a tax increase will generate revenues is to go after the middle class. That’s where the numbers are,” he said. “These people are being misled.”
“There is not going to be enough money generated from the so-called rich to take care of all the needs,” he added.
Later, Ken said that the rich can always absorb higher taxes, but the middle class will be “in peril.”
“I don’t know if there’s any of us that have done well that will have a problem with paying more taxes, but it’s a ruse to think that hitting us and us alone is going to get the job done,” Langone said, as reported by Fox Business. “It won’t and the middle class will be in peril and when you take money out of the hands of the middle class, you do a dramatic impact negatively on the economy.”
“The middle class will not be exempt,” he added. “Tragically, it will punish them. It isn’t going to punish us.”
CNBC reported on Monday that the Biden tax plan would give New York City and California a tax rate of 62% for earners of more than $400,000 annually
“In California, New Jersey and New York City, taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%,” said the report.
.In California, New Jersey and New York City, taxpayers earning more than $400,000 a year could face combined state and local statutory income tax rates of more than 60%.
.Few taxpayers pay the full statutory rates, which don’t include deductions, credits, offsets, loopholes and lower tax rates on other sources of income.
.If the Democrats win the Senate and can pass legislation removing the $10,000 cap on state and local tax deductions, the combined state and local tax rates for top earners could be even lower.
“Under Biden’s plan, the effective tax rate for the top 1% would increase from 26.8% to 39.8%, according to the Tax Policy Center,” the report continued. “That means top earners in California and New York City would pay effective state and federal tax rates of around 53% — compared with the roughly 40% they pay in effective rates today. What’s more, if the Democrats win the Senate and can pass legislation removing the $10,000 cap on state and local tax deductions, the combined state and local tax rates for top earners could be even lower.”
Biden’s tax plan also caught the eye of rapper 50 Cent, who tacitly endorsed Trump on Monday.
“WHAT THE F***! (VOTE ForTRUMP),” the rapper, whose real name is Curtis James Jackson III, posted on Instagram. “I’M OUT. F*** NEW YORK The KNICKS never win anyway.”
“I don’t care Trump doesn’t like black people,” he added, “62% are you out of ya f***ing mind.”