Most rappers' taste level ain't at my waist level

from Kanye West (Ft. 2 Chainz, Big Sean & Pusha T) – Mercy Lyrics on Rap Genius

Meaning

One of Kanye’s objectives is not only to be the best rapper but also the best-dressed one. In an interview with Complex Magazine he made fun of the way Mos Def, Common and other rappers dress.

He’s also making a play on the words ‘Waist", saying that most rappers best taste in things isn’t even as good as the things he “Wastes” i.e., discards.

Kanye used the same line in the remix to Cassidy’s “My Drink n My 2 Step”:

Now why would I listen to bullshit they shovel
When they taste level ain’t at my waist level

It could possibly be a triple entendre: other rappers peak (taste level/mouth) aren’t even at his waist level (halfway to his peak).

This line could also indicate that most rappers taste level (i.e. their mouths) aren’t at his waist level (i.e. his private region), indicating he is so much better than them they couldn’t even perform oral sex on him.

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