No billionaire should pay less tax than a school teacher or a firefighter, said US President Joe Biden while delivering his second State of the Union address on February 7.
President Biden spoke to a joint session of Congress and warned big American companies to start paying their 'fair share' of taxes. "I am a capitalist. But just pay your fair share," he told America's biggest corporations.
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Calling the record profits made by Big Oil in 2022 'outrageous', Biden accused big oil companies of profiteering during the recent global energy crisis and urged a huge tax hike on corporate stock buybacks.
"You may have noticed that Big Oil just reported record profits. Last year, they made $200 billion in the midst of a global energy crisis. It’s outrageous," he said.
"They invested too little of that profit to increase domestic production and keep gas prices down. Instead, they used those record profits to buy back their own stock, rewarding their CEOs and shareholders."
Biden also spoke about inflation, Putin's invasion of Ukraine, climate crisis, healthcare concerns among Americans during his address.