Biden asks big corporations to pay their 'fair share' in taxes

Sept. 16 (UPI) -- President Joe Biden on Thursday called on major corporations to pay their "fair share" in taxes to help pay for his administration's economic policies, including expanding Medicare and affordable childcare.

He made the comments as part of an economic speech at the White House seeking to level the playing field for all Americans. He proposes raising taxes on the rich.

Biden's been touting not only the bipartisan infrastructure bill passed last month by the Senate, but the current $3.5 trillion budget reconciliation bill being considered in the House.

"I'm not out to punish anyone. I'm a capitalist," he said. "All I'm asking is you to pay your fair share."

Biden said large companies that pay little to no taxes have "lost their sense of responsibility."

"I believe we're at an inflection point in this country -- one of those moments where the decisions we're about to make can change, literally change the trajectory of our nation for years and possibly decades to come.

"The choice is this: Are we going to continue with an economy where the overwhelming share of the benefits go to big corporations and the very wealthy? Or are we going to take this moment right now and set this country on a new path, one that invests in this nation, creates real sustained economic growth and that benefits everyone, including working people and middle class folks?" Biden said.

He said if his infrastructure plan passes in Congress, it will help the country address "the crisis of extreme weather events," citing recent disasters such as Hurricane Ida and wildfires in the West.

"I hope we're past debating climate change in this country," Biden said. "Now we have to act, and we have to act fast."