Fact-Checking the President’s Remarks on Tax Policy

President Biden delivered his State of the Union address on March 1. Among the laundry list of new and ongoing spending programs that he touted, the president renewed his call for higher taxes on the rich:

I’m not looking to punish anybody, but let’s make corporations and wealthy Americans start paying their fair share. . . . And that’s why I’ve proposed closing loopholes for the very wealthy who don’t pay — who pay a lower tax rate than a teacher and a firefighter.

That’s just about exactly what President Obama said in...