Biden: "Will Reduce $3 Trillion Fiscal Deficit Through 'Wealth Tax'"

U.S. President Joe Biden announced on the 7th (local time) that he would reduce the federal budget deficit by $3 trillion (approximately 397.4 billion KRW) through a 'wealth tax increase.'

In his annual State of the Union address to the joint session of Congress, President Biden said, "My goal is to have large corporations and the very wealthy ultimately pay their fair share, reducing the federal deficit by $3 trillion." He also pledged, "I will raise the corporate minimum tax rate from the current 15% to 21%."

President Joe Biden of the United States

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Regarding the war in Ukraine, he stated, "The United States will not run away from Ukraine," expressing his intention to continue support.

Recently, former President Donald Trump said that if NATO allies do not bear defense costs, the U.S. would not protect them even if Russia attacks, effectively telling Russia to do as it wishes. Targeting such remarks, President Biden said, "My predecessor (former President Trump) told Russian President Vladimir Putin to do whatever he wanted. He bowed down to the Russian leader," adding, "I will not bow down to President Putin."

He also urged Congress to pass the Ukraine aid budget, saying, "If you think President Putin will stop in Ukraine, I am confident he will not."

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