Biden says he will save $3TRILLION with a war on the mega rich with a 25% tax on billionaires and announces plan to give all Americans $400 a year to go towards their first home

President Joe Biden sparred with Republicans Thursday night over taxes for the wealthy as he touted new proposals to hike corporate tax rates and other plans he said would slash $3 trillion from the nation's balance sheet. 

They were some of the most sweeping policies of is State of the Union speech, although they have almost no chance of enactment while Republicans control the House. They would even face headwinds in the Democratic Senate, where his party is fighting to cling to control in 2024.

'You know there are 1,000 billionaires in America. You know what the average federal taxes for those billionaires now are making great sacrifices – 8.2 per cent,' he said.

'That's far less than the vast majority of Americans pay. No billionaire should pay a lower federal tax. rate than a teacher a sanitation worker or nurse, he intoned, earning applause.

He called for a minimum tax on billionaires of 25 percent.  

President Joe Biden called for a minimum tax on billionaires, raising corporate taxes, and limiting deductions for corporate jet use

'Just 25 per cent,' he said. You know what that would raise? That would raise $500 billion over the next 10 years.  Imagine what that could do for America,' he said, mentioning affordable child care and paid leave.

Biden also wants to raise the corporate minimum tax, and slashing deductions for corporate jets.

'It's my goal to cut the federal deficit another 3 trillion by making big corporations very wealthy finally beginning to pay their fair share,' in an apparent reference to the accumulated debt.

The White House plans to spell out details on plans to shave $3 trillion from deficits over a decade in the forthcoming budget. 

It was over tax and spending policy that he had one of his many fiery exchanges with Republicans inside the chamber. 

'We have two ways to go. Republicans can cut Social Security and get more tax breaks to the wealthy,' Biden said, pointing to efforts to extend the Trump tax cuts. 

The remark drew groans from Republicans who were listning to him. 

'Well, that's the proposal,' he shot back. 'Oh no? You guys don't want another $2 trillion tax cut. I kind of thought that's what your plan was.'

Biden's proposed tax hikes aren't likely to go anywhere in the Republican House. The White House says his tax hikes on the wealthy would reduce deficits $3 trillion over a decade

It was just the latest populist proposal from Biden, who won the Democratic nomination in 2020 after beating back left wing Sens. Bernie Sanders and Elizabeth Warren. 

In another, he said he wanted to provide an annual tax credit 'that will give Americans $400 a month for the next two years as mortgage rates come down to put toward their mortgages when they buy their first home. Or trade up for a little more space.'

The proposals come in a campaign where he is set to battle rival Donald Trump, where tax plans will be a fierce point of contention and each candidate will try to brandish working class appeal.

Biden wants to hike the corporate income tax rate to 28 per cent, and wants to elevate a 15 per cent minimum corporate minimum tax he helped push through when he had a Democratic House. Biden proposes raising it to 'at least 21 per cent' for highly profitable firms. 

Even if his economic plans won't go far in the current divided Congress, Biden laid down a marker for the campaign.

'I'm a capitalist. You want to make a million, or millions of bucks? That's great. Just pay your fair share in taxes,' he said.