Groundwork’s Lindsay Owens Reacts to SOTU: “President Biden detailed a clear, decisive plan to take on corporate greed”

Groundwork’s Lindsay Owens Reacts to SOTU: “President Biden detailed a clear, decisive plan to take on corporate greed”

Following President Biden’s State of the Union address, Groundwork Collaborative’s Executive Director Lindsay Owens reacted to the speech with the following statement:

“Tonight, President Biden detailed a clear, decisive plan to take on corporate greed in order to reduce costs and to reestablish a progressive tax system where the wealthy and corporations pay their fair share.

“The president’s commitment to improving the lives of working people and families stands in sharp contrast to lawmakers looking to protect excessive corporate profits and deliver another tax break to the rich.”

Email press@groundworkcollaborative.org to speak with one of Groundwork’s experts about the state of the economy under President Biden and his economic agenda.

SOTU HIGHLIGHTS

• President Biden announced a bold new tax agenda ahead of the expiring Trump Tax Scam. The president’s proposal includes raising the corporate tax rate, quadrupling the tax on stock buybacks, eliminating tax breaks for rich CEOs, and a new 25% minimum tax on billionaires. The plan would also expand the Child Tax Credit, make lower health insurance premiums permanent, and cut taxes for 19 million working-class Americans. A fair tax code is needed to fully realize the Administration’s commitment to strong public investment.
• The president went after corporate greed, which has played an outsized role in rising prices. Groundwork recently found that corporate profits drove 53% of inflation in Q2 and Q3 of 2023 and shrinkflation is responsible for as much as 10% of inflation. Taking on corporate pricing strategies with the new White House “strike force” will protect families from the excessive profit-seeking that’s marred our economy in the last three years.