Billionaire, Corporate Tax Hikes Will Be Focus of Biden Speech

President Joe Biden will propose increasing the minimum tax rates paid by major US and multinational corporations to 21% and eliminating breaks for companies with high-paid executives in his election-year State of the Union address on Thursday night.

The proposal, outlined by White House officials on condition of anonymity, would affect corporations valued at $1 billion or more, raising their minimum tax rate from the 15% level implemented earlier in his term.

Biden will also ask lawmakers — as he did in last year’s budget request — to impose the 21% minimum on multinational corporations, which the White House says ...