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President Joe Biden is set to deliver his State of the Union on Tuesday at 9 p.m. EST. A preview of the address released by the White House showed that Biden is likely to clamor for measures that may not go down well with corporations and their shareholders as well the wealthiest individuals.
What Happened: Stock buybacks are allowing corporations to funnel tax-advantaged payouts to wealthy and foreign investors instead of paying dividends that shareholders are required to pay taxes on, the White House said in the preview.
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Biden will call for quadrupling the tax on corporate stock buybacks, which is currently at 1%. That said, the chances of the proposal going through a divided Congress are bleak. When the Biden administration created the 1% tax as part of the Inflation Reduction Act of 2022, none of the Republicans voted for the proposal.
The Biden administration's rationale may have been that making buybacks costlier will likely motivate companies to use their cash to raise wages or invest in growth projects, which, in turn, will stimulate economic growth.
Biden will also call on Congress to pass his billionaire minimum tax that would ensure that the “wealthiest Americans no longer pay a tax rate lower than teachers and firefighters,” the White House said.
Incidentally, when this proposal was initially mooted as part of the Biden administration's "Build Back Better" infrastructure plan in 2021, many including Tesla CEO Elon Musk voiced their opposition.
Biden is also expected to flaunt his achievements in two years in office. “President Biden’s economic strategy led to a historic recovery with tangible benefits for workers and families,” the preview said.
Read Next: Elon Musk And Biden Agree On Something After All: Apple, Google's Tax On Apps Are No-Go
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.