President Joe Biden is expected to spend a large part of Thursday’s State of the Union address in Washington, D.C. addressing the economy as he renews his calls for increased taxes on corporations and billionaires, eliminating student debt and highlighting the economic rebound the U.S. has had since he became president.
Biden is also expected to tout other aspects of the economic recovery such as adding nearly 15 million jobs, rising wages, an unemployment rate below 4% for the past two years and an inflation rate that is steadily dropping.
“We were in the midst of a raging pandemic. Tens of millions of Americans were unemployed, hundreds of thousands of small businesses were at risk of closing and supply chains were badly broken,” National Economic Advisor Lael Brainard said on a call previewing the SOTU.
FILE PHOTO: U.S. President Joe Biden delivers remarks before a meeting of his Competition Council, in the State Dining Room at the White House in Washington, U.S., March 5, 2024.
Evelyn Hockstein/Reuters
The president is also expected to highlight his administration’s efforts to crackdown on “junk fees” across a number of sectors — from air travel, to concerts, banks, credit cards and health care and call out companies for “shrinkflation.”
Biden will also push his plans to change the tax system by repeating his call to raise the corporate minimum tax to 28% and propose a 25% minimum tax for billionaires. He will argue that the GOP plan would add more than $3 trillion to deficits over 10 years if they make the Trump tax cuts permanent, while providing tax cuts for those making over $4.5 million.
ABC News’ Justin Gomez contributed to this report.
In his upcoming State of the Union address, President Joe Biden is expected to outline his administration’s plans for economic recovery and propose new tax policies aimed at corporations. With the ongoing challenges posed by the COVID-19 pandemic and the need to rebuild the economy, Biden’s speech is anticipated to address key issues related to job creation, infrastructure investment, and tax reform.
One of the central themes of Biden’s address will likely be his administration’s efforts to stimulate economic growth and create new opportunities for American workers. The president has already proposed a $1.9 trillion economic relief package, which includes measures such as direct payments to individuals, expanded unemployment benefits, and funding for vaccine distribution. In his speech, Biden is expected to emphasize the importance of these initiatives in helping to jumpstart the economy and provide much-needed support to struggling families and businesses.
In addition to discussing economic recovery efforts, Biden is also expected to unveil new tax proposals aimed at corporations. The president has previously expressed his intention to raise taxes on large corporations in order to fund his ambitious infrastructure and climate change initiatives. Biden’s tax plan includes increasing the corporate tax rate from 21% to 28% and imposing a minimum tax on multinational corporations to prevent them from shifting profits overseas.
These tax proposals have sparked debate among lawmakers and business leaders, with some arguing that higher taxes on corporations could stifle economic growth and discourage investment. However, supporters of Biden’s plan argue that it is necessary to ensure that corporations pay their fair share and contribute to the country’s recovery efforts.
Overall, Biden’s State of the Union address is likely to focus on his administration’s commitment to rebuilding the economy, creating jobs, and implementing policies that benefit working families. By outlining his economic recovery agenda and tax proposals for corporations, the president will set the stage for a new chapter in America’s economic future.
