Biden to Call for Billionaire Tax, Bigger Levy on Stock Buybacks

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.

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