Posted 3/8/2024, 5:01:00 AM
Biden Touts Economic Gains, New Relief Measures in State of the Union Address
- Biden touted strong economic policies in third State of the Union, saying US economy is "envy of the world"
- Highlighted low unemployment rate, resilient labor market, cooling inflation as successes
- Unveiled new economic measures including raising corporate tax rate to 28% and minimum tax to 21%
- Proposed capping executive compensation by reducing deductions for firms paying over $1M
- Unveiled new $5k annual tax credits for first time homebuyers and cap on insulin costs