During Tuesday’s State of the Union address, President Joe Biden will demand that the levy on corporate stock purchasebacks be quadrupled and that a minimum tax of billionaires be imposed.

The White House announced Monday that “this minimum tax would ensure that the wealthiest Americans don’t pay a lower tax rate than teachers or firefighters”, in previewing Biden’s economic speech.

The Republican-controlled US House is now in favor of neither tax proposal.

Biden’s Inflation Reduction Act included a 1% stock buyback tax. However, it was not expected to stop corporations from repurchasing their shares. The 1% rate is too low for this to be a deterrent.

Democrats hoped that raising the cost of stock purchasebacks would encourage companies to use the cash they have to increase workers’ wages and invest in new ventures, which would boost the economy.

Biden will also make public efforts to ensure that materials used in construction projects funded by his infrastructure investment bill are made in America. According to a White House factsheet, the administration proposes guidance to ensure that construction materials, including copper, aluminum, fiber optic, cable and lumber, are made in America.

The president will review his efforts during his first two years of office to recover the US economy from the pandemic, reduce federal deficit and lower inflation which last year reached a record four-decade high.

Biden will also call for the expansion of the $35-per-month price limit on insulin, which he advocated to all Americans and not just Medicare beneficiaries.