2023 State of the Union address: on Corporations

Joe Biden: Prevent "junk fees"; disclose all fees up front

Junk fees may not matter to the very wealthy, but they matter to most folks in homes like the one I grew up in. They add up to hundreds of dollars a month. They make it harder for you to pay the bills or afford that family trip. I know how unfair it feels when a company overcharges you and gets away with it.

Not anymore. We've written a bill to stop all that. It's called the Junk Fee Prevention Act. We'll ban surprise "resort fees" that hotels tack on to your bill. We'll make cable internet & cellphone companies stop charging you up to $200 or more when you decide to switch to another provider.

Joe Biden: Tax code just isn't fair; quadruple tax on stock buybacks

The idea that in 2020, 55 of the biggest companies in America made $40 billion in profits and paid zero in federal income taxes? That's simply not fair. But now, because of the law I signed, billion-dollar companies have to pay a minimum of 15%.

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. 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.

Corporations ought to do the right thing. That's why I propose that we quadruple the tax on corporate stock buybacks to encourage long term investments instead. They will still make a considerable profit.

Joe Biden: Capitalism without competition is exploitation of consumers