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Biden says US at 'inflection point' in economy

08:43 17 September 2021 Author :  

US President Joe Biden said Thursday his country is at an "inflection point" regarding the economy, during an event at the White House.

Biden said the US should choose a path that would invest in creating sustained economic growth that would benefit working- and middle-class.

"Over the past 40 years, the wealthy has gotten wealthier and too many corporations have lost their sense of responsibility to their workers, communities and the country," he said.

The president noted that CEOs of companies used to make around 20 times the average worker, but today they make around 350 times.

"Since the pandemic began, billionaires have seen their wealth go up by $1.8 trillion ... simply not fair," he said, noting largest corporations in the US paid no federal income tax and made over $40 billion in 2020.

"The people who built this country have been basically cut out of the deal," he said, noting that when he took the office the US has been pulling out of the worst economic crisis since the Great Depression in 1929.

Biden emphasized on the importance of getting vaccinated against the coronavirus pandemic, and defended his requirement for getting shots.

"We have to build back better than before ... big corporations and the super wealthy have to start paying their fair share of taxes. It's long overdue. I'm not going to punish anyone, I'm a capitalist," he said.

The president said the top 1% has evaded an estimated $160 billion in taxes "they owe each year," adding "55 of most profitable corporations in America paid zero in federal income taxes."

Biden argued that his plan would solve such issues, which he would give the IRS the resources it needs to keep up with the lawyers and accountants of the super-wealthy.

Arguing that his predecessor Donald Trump's $2 trillion of tax cuts four years ago was "a giant giveaway to largest corporations at the top 1%", Biden said that tax cut ballooned the federal deficit.

He said his tax cuts, instead, would give a break to working families. "It's about time working people got their tax breaks in this country."

Biden said his bipartisan plan also includes investments in roads, bridges, highways, clean water, universal broadband, quality and affordable places for families to live, education in preschools and community colleges./aa

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