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March 8, 2024

Biden delivers State of the Union address

On March 7, President Biden delivered his State of the Union address. Highlights include discussions on tax, housing and healthcare proposals.

Attached with this Alert please find a PDF with the complete text of the president's prepared remarks.

Tax proposals

On tax, the President said:

  • "I want to provide an annual tax credit that will give Americans $400 a month for the next two years as mortgage rates come down to put toward their mortgage when they buy a first home or trade up for a little more space."
  • "Do you really think the wealthy and big corporations need another $2 trillion in tax breaks? I sure don't. I'm going to keep fighting like hell to make it fair! Under my plan nobody earning less than $400,000 will pay an additional penny in federal taxes … The way to make the tax code fair is to make big corporations and the very wealthy begin to pay their fair share."
  • "It's time to raise the corporate minimum tax to at least 21% so every big corporation finally begins to pay their fair share. I also want to end the tax breaks for Big Pharma, Big Oil, private jets, and massive executive pay!"
  • "I've proposed a minimum tax of 25% for billionaires. Just 25%. That would raise $500 Billion over the next 10 years."
  • "I will protect and strengthen Social Security and make the wealthy pay their fair share!"


President’s SOTU remarks

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Contact Information

For additional information concerning this Alert, please contact:

Washington Council Ernst & Young

  • Any member of the group, at (202) 293-7474.