In his second ever State of the Union address, US President Joe Biden made a special appeal to America's biggest corporations today, asking them to start paying their fair share in taxes.
"I am a capitalist. But just pay your fair share," Biden said, addressing a joint session of the United States Congress.
In 2020, 55 of the biggest companies in America made $40 billion in profits and paid nothing in federal income taxes, Biden said.
"That's simply not fair," he added.
ALSO READ | Joe Biden State of the Union address LIVE: A ban on non-compete worker agreements, a cap on flight baggage costs, and other highlights
He pointed at the example of Big Oil and how the world's largest oil and gas companies reported record profits while citizens and consumers across the world paid record-breaking gas prices. These companies made $200 billion last in the midst of a global energy crisis, Biden said.
He added, "It's outrageous. They invested too little of that profit to increase domestic production and keep gas prices down."
He accused the oil and gas companies of using those records profits instead to buy back their own stock and reward their CEOs and shareholders.
He urged corporations to "do the right thing" and Congress to quadruple the tax on corporate stock buybacks to encourage long-term investments.
The president has also long touted a tax hike on the wealthy as the top 10 percent of earners in the country, account for 68 percent of total wealth, as of Q3 2022.
Biden had previously proposed a wealth tax, calling for a 20 percent levy on households with a net worth of more than $100 million.
"No billionaire should pay a lower tax rate than a school teacher or a firefighter," Biden said in his address on Tuesday night in Capitol Hill.
Under his proposal, Biden said nobody earning less than $4,00,000 a year would have to pay an additional penny in taxes.
"Let's finish the job. Reward work, not just wealth. Pass my proposal for a billionaire minimum tax," Biden said, making an appeal to Congress.
Biden also made a note of exploitive practices in the workplace wherein employers take advantage of non-compete agreements and prevent workers from organising. He said his government was "beginning to restore the dignity of work."
"For example, 30 million workers had to sign non-compete agreements when they took a job. So a cashier at a burger place can't cross the street to take the same job at another burger place to make a couple bucks more," Biden said in his State of the Union address.
He also added that the government was banning those agreements so that companies have to compete for workers and pay them what they're worth.
"I'm so sick and tired of companies breaking the law by preventing workers from organising," Biden added.
He called for PRO act to be passed by the Congress, giving workers the right to form a union and guaranteeing them a liveable wage.
"I am a capitalist. But just pay your fair share," Biden said, addressing a joint session of the United States Congress.
In 2020, 55 of the biggest companies in America made $40 billion in profits and paid nothing in federal income taxes, Biden said.
"That's simply not fair," he added.
ALSO READ | Joe Biden State of the Union address LIVE: A ban on non-compete worker agreements, a cap on flight baggage costs, and other highlights
He pointed at the example of Big Oil and how the world's largest oil and gas companies reported record profits while citizens and consumers across the world paid record-breaking gas prices. These companies made $200 billion last in the midst of a global energy crisis, Biden said.
He added, "It's outrageous. They invested too little of that profit to increase domestic production and keep gas prices down."
He accused the oil and gas companies of using those records profits instead to buy back their own stock and reward their CEOs and shareholders.
He urged corporations to "do the right thing" and Congress to quadruple the tax on corporate stock buybacks to encourage long-term investments.
The president has also long touted a tax hike on the wealthy as the top 10 percent of earners in the country, account for 68 percent of total wealth, as of Q3 2022.
Biden had previously proposed a wealth tax, calling for a 20 percent levy on households with a net worth of more than $100 million.
"No billionaire should pay a lower tax rate than a school teacher or a firefighter," Biden said in his address on Tuesday night in Capitol Hill.
Under his proposal, Biden said nobody earning less than $4,00,000 a year would have to pay an additional penny in taxes.
"Let's finish the job. Reward work, not just wealth. Pass my proposal for a billionaire minimum tax," Biden said, making an appeal to Congress.
Biden also made a note of exploitive practices in the workplace wherein employers take advantage of non-compete agreements and prevent workers from organising. He said his government was "beginning to restore the dignity of work."
"For example, 30 million workers had to sign non-compete agreements when they took a job. So a cashier at a burger place can't cross the street to take the same job at another burger place to make a couple bucks more," Biden said in his State of the Union address.
He also added that the government was banning those agreements so that companies have to compete for workers and pay them what they're worth.
"I'm so sick and tired of companies breaking the law by preventing workers from organising," Biden added.
He called for PRO act to be passed by the Congress, giving workers the right to form a union and guaranteeing them a liveable wage.
First Published: Feb 8, 2023 10:04 AM IST
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