United States President Joe Biden called on Congress to pass the “billionaire minimum tax” during his State of the Union speech. “No billionaire should be paying a lower tax rate than a schoolteacher or firefighter,” he said. Biden also proposed quadrupling the tax on corporate stock buybacks.
Biden also called on lawmakers to commit to raising the debt ceiling, stating that his administration decreased the federal debt, while the Trump administration accumulated more debt in each of its four years. He also promised not to cut social security and Medicare in order to lower spending, promising to veto any bills attempting to do so.
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