President Joe Biden is set to deliver his State of the Union address with a major focus on the economy. He is expected to renew calls for increased taxes on corporations and billionaires, as well as proposing the elimination of student debt.
Since taking office, President Biden has overseen an economic rebound that has resulted in the creation of nearly 15 million jobs. Wages are on the rise, the unemployment rate has been below 4% for the past two years, and inflation rates have been dropping.
The Biden administration has also been cracking down on what they call “junk fees” across various sectors, aiming to protect consumers from unnecessary charges.
One of the key aspects of President Biden’s economic plan is a change to the tax system. He is proposing raising the corporate minimum tax to 28% and introducing a 25% minimum tax for billionaires. This is in contrast to the GOP plan, which the administration argues would add $3 trillion to deficits over 10 years and provide tax cuts for wealthy individuals.
President Biden will make the case during his address that his economic policies are necessary to ensure a fair and prosperous future for all Americans. Stay tuned for more updates on this important issue in the coming days.
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