[ad_1]
President Joe Biden delivered his third State of the Union address on Thursday, touting his economic record and asserting his claim for a second term. Biden emphasized his “BiDenomics” policies in an hour-long speech and reminded Americans of the country’s path out of the pandemic.
“I inherited an economy that was on the brink. It’s now the envy of the world,” he said, citing historically low unemployment, a resilient labor market and slowing inflation. .
Biden announced a number of new economic measures, including major tax policies for his second term. He called for raising the corporate tax rate to 28%, increasing the corporate minimum tax from 15% to 21%, and capping executive compensation by cutting tax deductions for companies that pay employees more than $1 million. revealed plans to establish a
The president called it a matter of “fundamental fairness.”
“If you want to make a million dollars, that’s great! Pay your fair share of taxes,” Biden said. “A fair tax code is how we invest in what makes our country great.”
Biden also announced a new tax credit for first-time homebuyers to offset high mortgage rates: a $5,000 annual tax credit for two years. He promised additional steps to reduce costs, including capping insulin costs at $35 per month.
The speech has drawn wide attention as the latest polls show the president leading head-to-head with former President Donald Trump in key battleground states.
video transcript
[AUDIO LOGO]
Akiko Fujita: President Joe Biden delivered his third State of the Union address on Thursday, touting his economic record and asserting his claim for a second term. Biden said the country under his watch turned a setback into a recovery. And he declared that the U.S. economy’s landing is and will be gradual.
Joe Biden: The economy I inherited is on the brink. Our economy is now literally the envy of the world. 15 million new jobs in just three years. record. record.
[APPLAUSE]
The unemployment rate is the lowest in 50 years. A record 16 million Americans are starting small businesses. And each one of them is a small act of hope.
Akiko Fujita: The president has signaled a long list of economic policies under Biden’s second term. He called for raising the corporate tax rate to 28% and raising the corporate minimum tax from 15% to 21%. He also announced plans to cap executive pay by cutting tax deductions for companies that pay employees more than $1 million. The president said this is a fundamental fairness issue for all Americans.
Joe Biden: I’m a capitalist. If you want to make a million dollars or millions of dollars, and you can make it, that’s great. Just pay your fair share of taxes.
[APPLAUSE]
A fair tax code is how we invest to make this country great at things like the defense of health education.
Akiko Fujita: Biden also announced a new tax credit for first-time homebuyers to help offset high mortgage rates, giving buyers a $5,000 annual drug credit for two years. He promised additional steps to reduce costs, including capping the cost of insulin at $35 per month.
[AUDIO LOGO]
[ad_2]
Source link
