President Joe Biden delivered his second State of the Union deal with to Congress on Tuesday evening, marking the midway level of his tenure. It was a chance for him to focus on his administration’s achievements so far, in addition to set the tone for a way he hopes the subsequent two, probably extra, years go.

Biden has been upbeat on his financial insurance policies after current studies confirmed close to file low unemployment and robust job progress, however his speech exhibited his broader ambitions to reshape the economic system into one which grows “from the underside up and the center out, not from the highest down.”

Right here is the financial information you missed:

Return of the billionaire tax?

Biden renewed his name for levying a tax on billionaires and company inventory buybacks to cut back the federal deficit.

“The tax system is just not honest; it is not honest,” Biden stated. “The concept that in 2020, 55 of the most important companies in America, of Fortune 500, made $40 billion in income and paid $0 in federal taxes? $0? Of us, it is merely not honest.”

The concept was popularized by progressives like Senators Elizabeth Warren and Bernie Sanders within the 2020 marketing campaign. Biden has vowed to not increase taxes on Individuals incomes beneath $400,000 yearly.

“Now due to the regulation I signed, billion greenback firms must pay a minimal of 15%, God love them,” Biden stated to jeers by Democrats. “15%! That is lower than a nurse pays!”

Biden beforehand proposed a 20% tax on billionaires in March of final 12 months as a part of his federal finances. In Tuesday’s State of the Union deal with, Biden known as on Congress to “end the job.” The proposal didn’t achieve a lot traction then and is unlikely to go anyplace within the Republican-controlled Home.

Warfare on ‘junk charges’

Biden continued his campaign in opposition to pointless “junk charges” from banks, airways, cable firms and different industries which add shock prices to shopper payments.

“Look, junk charges might not matter for the very rich however they matter to most folks in properties just like the one I grew up in,” Biden stated. “They add as much as a whole bunch of {dollars} a month. They make it more durable so that you can pay your payments.”

The Shopper Monetary Safety Bureau proposed a brand new rule to ban extreme bank card late charges final week. Congress banned extreme charges in 2009, however the Federal Reserve Board of Governors issued actions to avoid the regulation.

Biden in his speech known as on Congress to move the Junk Price Prevention Act which might impose additional restrictions on extreme charges tacked onto journey and occasion tickets.

“Airways cannot deal with your youngster like a chunk of bags. Individuals are uninterested in that. They’re uninterested in being performed for suckers.”

Antitrust takes heart stage

Along with junk charges, Biden’s administration has been dogged in addressing antitrust considerations, some extent the president careworn in his State of the Union deal with. Biden issued an government order in October permitting listening to aids to be offered over-the-counter, making them less expensive for the common shopper.

“Look, capitalism with out competitors is just not capitalism, it is extortion,” Biden stated Tuesday evening.

The White Home repeated the road in November when Ticketmaster’s father or mother firm Reside Nation botched the rollout of tickets for Taylor Swift’s Eras Tour, prompting an antitrust probe. The corporate was later grilled by members of the Senate Judiciary Committee for antitrust practices.

“Let’s end the job, move the bipartisan laws to strengthen antitrust enforcement to stop large on-line platforms from giving their very own merchandise an unfair benefit,” Biden stated.

Labor and wages

The president outlined a number of worker-first initiatives as a part of his broader effort to construct an “economic system [that] works for everybody, so we are able to all really feel pleasure in what we do.”

He berated firms that make staff signal noncompete agreements, referring to an government order signed final month that encourages the Federal Commerce Fee to ban or restrict noncompete agreements. Biden stated 30 million Individuals have needed to signal noncompete agreements from positions starting from executives to fast-food cashiers.

Additional, Biden known as on Congress to move the Defending the Proper to Manage Act restores staff’ rights to unionize with out retaliation.

“I am sure to get a response from my associates on my left, however the correct,” Biden stated referring to Republicans. “I am so sick and bored with firms breaking the regulation by stopping staff from organizing. Cross the PRO Act!”

Biden went on to name for staff to have entry to sick days, paid household go away and inexpensive childcare.

Increasing the insulin worth cap

Drug costs have been once more high of thoughts for Biden. The president known as for broadening the $35 worth cap on insulin handed within the Inflation Discount Act for Medicare to privately insured Individuals in want.

“One in ten Individuals had diabetes, many individuals on this chamber do, within the viewers,” Biden stated. “And daily tens of millions want insulin to regulate their diabetes to allow them to actually keep alive.”

Biden chided drug firms for mountain climbing the worth of insulin from roughly $10 a bottle to make, as much as a whole bunch of {dollars} a month, “making file income,” off of the drug. He cheered Congress’ measure to cap the price for Medicare recipients, however careworn it wanted to be expanded.

“There are tens of millions of different Individuals who should not on Medicare, together with 200,000 younger individuals with Kind 1 diabetes that want this insulin to remain alive,” Biden stated. “Let’s end the job this time. Let’s cap the price of insulin for everyone at $35.”

What does this imply?

Lots of the concepts proposed by Biden, just like the billionaire tax and PRO Act, are going to be powerful sells within the Republican-controlled Home and certain useless on arrival.

The White Home and Home Republicans are already at a stand-still on whether or not Congress will carry the debt ceiling, a routine measure performed for many years constantly with out situations. Home Republicans are threatening to permit the nation to default on its debt obligations if Biden doesn’t conform to spending cuts he believes must be dealt with individually. One month into the brand new Congress, the scenario is a peek into how different negotiations will play out.