Promoting a fairer U.S. tax code was a theme in President Biden’s State of the Union address delivered before a joint session of Congress Thursday night. In addition to proposals to increase the corporate minimum tax rate for corporations, increase taxes on billionaires, and focus on Medicare and Social Security, Biden called for new tax credits to effectively lower mortgage rates and make home ownership more affordable.
“For many Americans, owning a home is the cornerstone of raising a family, building wealth, and joining the middle class. Too many working families feel locked out of homeownership and are unable to compete with investors for a limited supply of affordable for-sale homes,” the White House stated in a release.
