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President Biden during Thursday night's State of the Union address will lay out a distinctly populist vision for what economic policy in his second term would look like.
Why it matters: Next year is set to be a seismic year for U.S. fiscal policy, even if the topic doesn't get covered much, given the stakes of the 2024 election for such attention-grabbing topics as abortion and the future of democracy.
In Thursday night's speech and in a budget proposal due out next week, the Biden administration will outline a vision for raising taxes on the very wealthy and large corporations and using the funds to support working-class families and reduce the deficit. (A White House fact sheet is here.)
Many provisions of the 2017 Tax Cuts and Jobs Act, former President Trump's signature tax reform law, expire at the end of next year, creating a hard deadline for Congress and the president to agree on which to extend, which to allow to expire and any new changes.