Biden Proposes Corporate Tax Hikes in State of the Union Address

Biden Proposes Corporate Tax Hikes in State of the Union Address

( – On the evening of March 7, President Joe Biden (D) delivered his State of the Union address at the US Capitol. During his robust speech, the US leader addressed several key issues, including continuing to support Ukraine, protecting and preserving reproductive rights, passing a bipartisan border deal, and gun reform. Biden also talked about ensuring that the wealthy pay their fair share in taxes and called on Congress to “raise the corporate minimum tax to at least 21%” — again, out of fairness.

More Details About Taxes

Biden noted that he signed a law bringing corporate taxes to 15%, but said that percentage is less than everyday Americans. The US leader has argued that everyone, including corporations, should pay their share into the tax pool that supports the country. Right now, there is a gap, and he wants to bring those numbers closer together. Biden stated that “55 of the biggest companies in America made $40 billion in profits” but didn’t pay any federal income taxes in 2020. He said that has to end.

The president also called for an end to “tax breaks” for large pharmaceutical, oil companies, and private jets. He also said it was time for “massive executive pay” to stop. Bringing in more numbers to drive his point home, Biden said there were just 1,000 billionaires in the country who only pay an average of 8.2% on their federal taxes — a fraction of what most American workers pay — an average of about 25% in 2022. To combat that, the US leader called for a 25% minimum tax for those individuals, stating that money could be used for great things for people across the nation. He declared that “no billionaire” should pay less than a “teacher,” “sanitation worker,” or “nurse.”

Regarding corporations, Biden slammed big companies for hiking prices and shrinking products to boost their own profits. The president said he is “cracking down” on “price gouging” and “deceptive pricing” on not just food but also healthcare and housing to help all Americans just trying to live.

Reactions to Biden’s Speech

According to Reuters, US Chamber of Commerce Chief Petty Officer Neil Bradley said Biden’s policy proposals would “result in lower economic growth” and “fewer new business starts.” However, tax policy expert Chuck Marr said the moves would be a “course correction” of former President Donald Trump’s (R) tax policies from 2017 that were “skewed to the wealthy” and “failed to deliver on its promises.”

According to Newsweek, experts said Biden delivered a strong speech with one describing him as “vigorous” and another saying he was a “bulldog” who gave a “h*ll of a speech.”

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