president joe biden on tuesday touted the nations economic health in his state of the union address just days after a blockbuster jobs report showed a strong labor market has coincided with a monthslong easing of inflation we have more to do but here at home inflation is coming down the president said biden also proposed solutions for what he considers an ongoing economic ill income and wealth inequality the wealth of the top 1 increased by 65 trillion in 2021 according to a study the federal reserve released last year that wealthiest sliver of americans controls 32 of the countrys wealth the study found the biden administrations agenda includes two policy proposals a new tax on billionaires and the sharp increase of a current tax on corporate stock buybacks the idea is to have a commitment to reducing inequality reuven aviyonah a law professor at the university of michigan who focuses on corporate taxes told abc news theres no indication that the increase in inequality is stopping anytime soon and something should be done about it so the democrats say more why the job market is booming despite highprofile layoffs heres what to know about bidens tax proposals for wealthy individuals and corporations billionaires tax a key part of bidens new economic policy agenda is a billionaires tax which would set a minimum tax for the wealthiest americans the white house said the biden administration has offered scant details about the proposal but it appears to closely resemble a policy that biden put forward last march at that time he called for a tax rate of at least 20 on americans who bring in at least 100 million per year the tax rate would apply both to income and unrealized gains a measure of the value a persons unsold investments have accumulated more treasury secretary janet yellen rejects recession fears says economy is strong president biden is a capitalist and believes that anyone should be able to become a millionaire or a billionaire the white house said in a statement tuesday he also believes that it is wrong for america to have a tax code that results in americas wealthiest households paying a lower tax rate than working families between 2018 and 2020 the nations wealthiest 400 families paid an average tax rate of 8 the white houses council of economic advisers found president joe biden delivers the state of the union address to a joint session of congress at the us capitol feb 7 2023 in washington jacquelyn martinap the wealthiest 25 people saw their worth increase a combined 401 billion between 2014 and 2018 but they paid an average federal income tax of 34 on that wealth propublica found last year by contrast the median american making 70000 a year pays an average federal income tax of 14 the outlet said the proposal likely will face staunch republican opposition giving it a low probability of becoming law since republicans control the house of representatives aviyonah of the