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US President Joe Biden will take aim at Wall Street and corporate America in his annual State of the Union address on Tuesday, reviving his plan for a tax on billionaires and calling on Congress to quadruple the levy on share buybacks.

Previewing the economic portions of Biden’s speech, the White House said the president would tout the strength of recovery in the labour market and his efforts to reduce inflation, while calling for deficit reduction “through additional reforms to ensure the wealthy and largest corporations pay their fair share”.

Biden’s call for higher taxes on high-income households and big business has had only limited success over the past two years, when Democrats controlled both chambers of Congress, and will face even more resistance with a Republican-controlled House of Representatives.