Biden Will Call for Billionaire Tax, Bigger Levy on Stock Buybacks in State of the Union ~ February 6, 2023

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PHILADELPHIA, PENNSYLVANIA – FEBRUARY 03: U.S. President Joe Biden speaks during the Democratic National Committee winter meeting on February 03, 2023 in Philadelphia, Pennsylvania. Earlier in the day President Biden and U.S. Vice President Kamala Harris visited a water treatment plant in the city where they announced $160 million to upgrade Philadelphia water facilities and replace 20 miles of lead service lines. (Photo by Anna Moneymaker/Getty Images)

(Bloomberg) — President Joe Biden will call for quadrupling the levy on corporate stock buybacks and renew his calls for a minimum tax on billionaires during his State of the Union address Tuesday.

“This minimum tax would make sure that the wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” the White House said in a preview Monday of the economic aspects of Biden’s speech.

Neither of the tax proposals is likely to gain much support in Congress, where Republicans now control the US House.