Biden to big corporations and the ultra-wealthy: ‘Pay your fair share’
Yahoo Finance’s Jessica Smith reports on key takeaways from Biden’s remarks on his plan to raise taxes and the U.S. economic outlook.
Video Transcript
ALEXIS CHRISTOFOROUS: We've got Jessica Smith, our Washington correspondent here now who was listening to that. And just what are some of the big takeaways? Because he went through a lot there in that speech, including his vaccine mandate and the hurricanes but we know that the message was really about the economy.
JESSICA SMITH: Yeah, he did cover a lot of ground in that speech talking about his economic agenda, just trying to build support for both the bipartisan infrastructure plan and that $3.5 trillion reconciliation package that Democrats are still arguing over what it should actually look like. So, I think, in that speech he was trying to build support among Americans but also urging lawmakers to get this done. We heard him say that the US is at an inflection point that could change the trajectory of the nation for years to come. He said there is a fundamental choice whether the US will continue with an economy that he says benefits mostly the corporations and the wealthy or will the US set on a new path that benefits everyone.
Most of that speech or a good chunk of that speech as you mentioned, was focused on raising taxes on the wealthy and on big corporations. You heard him contrast his plan with the 2017 tax cuts that Republicans put in place. President Biden saying that his plan is paid for, that his plan will benefit the middle class, and that he's trying to get the richest in America to pay their fair share.
As you mentioned, he did talk about the vaccine mandate as well, addressing some of that criticism that we've heard from Republicans that say vaccine and testing mandates should not be in place. And again, he argued that that is the best way to save lives, get people back to work, and get businesses open again.
The House is set to come back and start putting together this reconciliation package into one big piece of legislation next week. And there are a lot of divides between progressives and moderates. The president did say in that speech that he's confident they'll get both the infrastructure and reconciliation bill on his desk. So we'll see if President Biden is able to accomplish that in the weeks ahead, Alexis.
ALEXIS CHRISTOFOROUS: All right, Jess Smith, thanks so much.
