Biden Pushes Billionaire Tax, Quadrupling Stock Buyback Levy in State of the Union Address

President Joe Biden delivers his State of the Union address before a joint session of Congress in the House Chamber at the U.S. Capitol in Washington, U.S., Feb. 7, 2023. Reuters/Kevin Lamarque

In his second State of the Union address on Feb. 7, President Joe Biden urged billionaires and corporations to “pay their fair share,” repeating the administration’s concept of “reward work, not just wealth.”  

The president proposed instituting a minimum tax on billionaires and quadrupling the stock buyback tax.