President Joe Biden laid out plans to further reshape the tax system and lower costs for Americans during his State of the Union address. This included raising corporate taxes to at least 21% and implementing a "billionaire tax" of 25% on households worth over $100 million. He promised to crack down on "price gouging" by corporations and end tax breaks for executives who pay over $1 million. Biden celebrated policies like Medicare negotiating drug prices lower and investments from the bipartisan infrastructure law and CHIPS Act to boost domestic manufacturing.