President Joe Biden’s State of the Union speech is slated to offer new proposals on a range of issues, as he tries to make a mark on Wall Street, housing, healthcare and other sectors.
White House officials have released some details for the plans ahead of Biden’s address, which is due to start around 9 p.m. Eastern Tuesday.
Below are some key proposals. Many of the Democratic president’s ideas could be dead on arrival in the Republican-run House of Representatives.
Quadrupling the tax on stock buybacks: Biden plans to call for quadrupling the tax on corporate stock buybacks, after the Inflation Reduction Act last year imposed a 1% levy on repurchases. The Biden White House says it’s aiming to encourage companies to invest in their growth, while defenders of buybacks say they typically don’t cause investment cuts — and they’re a more flexible way to return money to investors
than dividend payouts.
- Billionaire minimum tax: The president is slated to urge Congress to pass a billionaire minimum tax, as his administration says billionaires pay an average tax rate of just 8%. The Biden White House says this proposal would ensure that the wealthiest Americans no longer pay a lower tax rate than teachers and firefighters.
- More housing aid for low-income veterans: The White House said Biden’s upcoming budget will “triple the number of extremely low-income veterans who can access the assistance they need to afford rent over the years ahead, paving the path to an entitlement for those who have served our country.”
- Expand $35 cap for insulin copays: Biden is expected to call on Congress to extend a monthly price cap of $35 for insulin copays to all Americans, after the Inflation Reduction Act last year introduced that cap for people on Medicare.
- Junk fees: Biden plans to reiterate his call for Congress to pass a “Junk Fees Prevention Act” that would target early termination fees from telecoms, resort fees and similar practices. The president criticized junk fees last week, highlighting airline charges aimed at parents who want to sit with their children and concert-ticket fees.
- Policing reform: The White House said Biden will again call for Congress to pass the George Floyd Justice in Policing Act, a bill that would make it easier to bring charges against law enforcement.