Summary
Here’s a quick summary of what’s happened so far today.
House speaker Kevin McCarthy implied that George Santos is under a House ethics committee investigation, but then he backtracked to clarify that the committee has received complaints. A group of Santos’ constituents travelled to DC to call for his resignation, and though Santos has stepped down from his committee assignments, he has so far insisted that he will not step down.
Washington is prepping for tonight’s State of the Union address, a crucial speech for Joe Biden as the 2024 election starts to loom on the horizon. The White House released a guest list of attendees, who will likely get a shout out from Biden. Tyre Nichols’ family will be there, along with Ukraine’s ambassador to the US and Bono.
The Congressional Black Caucus is putting pressure on Biden to make police brutality one of the key issues of his address. A slate of Congress members have invited the families of victims of police brutality to the address, including the families of George Floyd, Eric Garner and Tamir Rice.
Republicans are already bracing for an attack on Biden and Democrats in response to the State of the Union address. Sarah Huckabee Sanders, once Trump’s press secretary and now governor of Arkansas, is set to deliver the Republican’s main rebuttal to the address. Her speech will preview what criticism Republicans will throw at Democrats in the 2024 election.
We will be closing this blog now but will be back tonight for live coverage of the State of the Union address, which starts at 9 pm ET. Thanks for reading.
Joe Biden is planning to propose a 3% tax on stock buybacks – when a company buys shares of its own stock on the open market – in his State of the Union address Tuesday nights, according to the Wall Street Journal.
Democrats have been doubling down on calls for new taxes that target wealthy individuals and corporations. Stock buybacks benefit shareholders of a company as it reduces the number of shares on the market and increases the price of shares. Democrats included a 1% tax on stock buybacks as part of the Inflation Reduction Act over the summer. Now, Biden will propose tripling the tax. Democrats estimate the current stock buyback tax will raise $74bn over the next decade. Now that Republicans control the House, it is unclear if such a proposal can be passed.
“Republicans in Congress aren’t serious about national debt. If they were, Speaker McCarthy would support making billionaires pay their fair share and increasing taxes on corporate stock buybacks,” Elizabeth Warren said in a tweet. “This plan would raise billions in much-needed revenue.”
