In his State of the Union address tonight, President Joe Biden will call for quadrupling the tax on corporate stock buybacks, according to the White House.
The Inflation Reduction Act, which Biden signed into law in August, imposed a 1% tax on buybacks.
Read: Inflation Reduction Act has been signed into law — what it means for your investments
Biden’s new proposal is all but certain to be dead on arrival in the House of Representatives, which Republicans control following November’s midterm elections.
The proposal comes as the Biden administration has been imploring oil companies to boost production and has singled out Chevron Corp. CVX,
Chevron Chief Executive Mike Wirth pushed back last week in an interview on CNBC, saying the company is doing “exactly what the White House is calling for” by investing in more oil production.
Biden is scheduled to deliver the State of the Union at 9 p.m. Eastern time on Tuesday.
The Margin: What time the State of the Union address starts — and why you should tune in