President Biden spoke about his plan to close tax loopholes on major corporations and the wealthy during a speech Friday on this month's job numbers
PRESIDENT JOE BIDEN: The fact of the matter is though, that it is about time they begin to pay their fair share. For example, you heard me say it before and I will say it again, it's the best example of what to say to people. 55 of the largest corporations in America last year paid zero, zero, in federal taxes. I don't care what your position is. It's just time to pay their fair share. Just pay a little bit here and it comes out to billions of dollars, if they pay.
The irony of ironies is during the recession and the pandemic, you heard me say this before, when the vast majority of Americans are struggling to just hang out, the number of billionaires actually grew.
Ha! I want to hold here for just a second. If, you know, there have been so many records the stock market has hit under my presidency, just imagine if the other guy was here. "We're doing great. It's wonderful, the stock market is surging. Gone up higher for me than anyone."
But that doesn't mean that it is best for the economy. The stock market set 40 record highs just this year. They can afford to pay just a little bit more.
Right now, the House and the Senate are working on my plan to generate a fair tax system and close big loopholes big corporations and the superwealthy use to pay less.
There is a group of experts left, right, and center who estimate that we lose more than $100 billion a year in tax revenue owed from the top 1% of taxpayers alone. Not because of low tax rates, but because the wealthy people are not paying the taxes they owe. We're going to change that, so they pay taxes just like typical hard-working Americans right now.
We will use the money we collect to give tax cuts for to give tax cuts to middle-class families. To make it easier to raise kids and take care of your aging parents. And so much more.
What is going on in Congress? Not a single Republican supports this plan. They support the bipartisan plan, but not this plan. Not one. And some big corporations are spending billions, legitimately, they're lobbying, to try to escape their obligation to pay the taxes they owe, leading working families to pay a larger share of the burden. Somebody has to pay. And when those who can afford to pay aren't paying near their fair share, it means you all pay more.