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What's "tax racket" in the lyrics below?

I'll be playing basketball with the President
Dunking on his delegates
Then I'll compliment him on his political etiquette
Toss a couple milli in the air just for the heck of it
But keep the fives, twenties, hiz and biz completely separate

And yeah I'll be in a whole new tax bracket
We in recession, but let me take a crack at it
I'll probably take whatever's left and just split it up
So everybody that I love can have a couple bucks


Read more: BRUNO MARS - BILLIONAIRE LYRICS

For learning: English
Base language: English
Category: Language

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    Best Answer - Chosen by the Asker
    In the US, the amount of taxes one owes is based on their income. Brackets are used to define sets. So, based on your income you might be part of a certain set/bracket that owes a certain portion of your income to the government. In the song, if he become a billionaire he won't be part of the same tax bracket as he was before because his income has increase a lot. This is why in the song he says "I'll be in a whole new tax bracket".

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