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!"