US President Joe Biden outlined plans to reform the tax system and reduce costs for Americans in his State of the Union address, aiming to address economic inequalities, CNBC reports.
He emphasized the need for big corporations and the wealthy to pay their fair share in taxes, proposing measures such as a billionaire tax on unrealized income, ending tax breaks for executive pay over $1 million, and raising the corporate minimum tax.
Biden also highlighted his administration’s achievements in progressive economic policies, including Medicare’s power to negotiate drug prices and efforts to crack down on corporate price gouging. He proposed a mortgage tax credit to assist homebuyers and reiterated his commitment to boosting domestic manufacturing and ensuring that projects funded by federal dollars employ American workers.
Despite these efforts, Biden faces low approval ratings on his handling of the economy, suggesting ongoing challenges in gaining public support for his economic agenda.
