President Joe Biden welcomed the recovery shown by the United States economy in his State of the Union address before Congress on Tuesday.
He also expressed confidence in his economic policies following recent reports showing low unemployment and strong job growth.
Here are some details from Biden's statement in his latest speech:
The United States economy
After two years of economic turmoil, the US has now managed to create a record 12 million new jobs. This is more than any president has accomplished in four years.
Bring back the millionaire tax
Biden reiterated his call for taxing billionaires and corporate stock buybacks to reduce the federal deficit.
Previously in March 2022, he proposed a 20% tax on millionaires to cover his federal budget.
Eliminate 'garbage fees'
Biden voiced his opposition to unnecessary 'junk fees' from banks, airlines and other industries that add hidden costs to consumer bills.
He called on Congress to pass the Junk Fee Prevention Act which would impose further restrictions on excessive fees charged on travel and event tickets.
Antitrust against Big Tech
Biden called for legislation to strengthen antitrust enforcement to prevent large online platforms from gaining an unfair advantage.
What is the meaning behind Biden's speech?
Many of the ideas proposed by Biden such as the millionaires' tax will be difficult to pass in the Republican-controlled House of Representatives and are likely to be forgotten.
Overall, the market did not react to the speech, which was seen as an opportunity for Biden to praise his administration in developing the US economy and fighting Covid-19.
