President Joe Biden laid out plans to further reshape the tax system and lower costs for Americans during his State of the Union address. This included raising corporate taxes to at least 21% and implementing a "billionaire tax" of 25% on households worth over $100 million. He promised to crack down on "price gouging" by corporations and end tax breaks for executives who pay over $1 million. Biden celebrated policies like Medicare negotiating drug prices lower and investments from the bipartisan infrastructure law and CHIPS Act to boost domestic manufacturing.
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00:00 It's Benzinga and here's what's on the block. President Joe Biden laid out plans to further
00:04 reshape the tax system and lower costs for Americans during his State of the Union address.
00:08 This included raising corporate taxes to at least 21 percent and implementing a billionaire tax of
00:13 25 percent on households worth over $100 million. He promised to crack down on price gouging by
00:18 corporations and end tax breaks for executives who pay over a million dollars. Biden celebrated
00:23 policies like Medicare, negotiating drug prices lower and investments from the bipartisan
00:27 infrastructure law and ships act to boost domestic manufacturing. Polls show that voters have not
00:32 given Biden much credit for the strong economic conditions and accomplishments. For all things
00:35 money visit Benzinga.com