US President Biden to push for tax increases on corporations and billionaires in State of the Union address

Biden is set to outline his economic plan in his State of the Union speech, aiming to alleviate voter concerns during his reelection campaign

President Joe Biden is expected to urge for higher tax contributions from wealthy people and large businesses in his upcoming State of the Union speech.

On Thursday evening, the 81-year-old president will outline his economic plan in the yearly speech, which is intended to allay voter fears during his reelection campaign, which has been overshadowed by worries about his age and international crises in Gaza, Ukraine, and the Red Sea.

The suggested policies are in line with the Democratic platform that Biden has supported since the 2020 contest for president. However, the ideas won’t come to pass until Democrats win the next elections in November.

The White House has outlined the policies that Biden is supporting, which include raising the corporation tax rate to 28 percent and enacting a corporate minimum tax of 21 percent. These programs are part of a larger plan to drastically reduce the government debt, which also includes tax cuts for lower-income groups.

Head of the National Economic Council and primary economic counselor to President Biden, Lael Brainard, stressed, “President Biden will highlight that lowering costs for working families is his top economic priority.” Furthermore, Biden wants to impose a minimum tax of twenty-five percent on billionaires while closely examining Republican proposals to permanently extend company tax cuts that were put in place under previous Republican President Donald Trump.

Brainard emphasized the opposing approaches ahead of Biden’s speech, claiming, “Congressional Republicans want to cut taxes even more for the wealthy and big corporations, all while adding more than $3 trillion to the debt.”

In addition to corporate taxes, Biden wants to draw attention to his efforts to reduce unfair pricing policies and unnecessary costs that affect customers, which would resonate with the millions of Americans who are still experiencing inflationary pressures.

The U.S. government is also working to reverse the tendency known as “shrinkflation,” in which businesses lower the size of their products to mask price increases.