WATCH: Biden says corporations must ‘pay their fair share’ in taxes | 2024 State of the Union

President Joe Biden called on corporations to “pay their fare share’ in taxes to cut the budget deficit and fund public spending in the United States.

“Just pay your fair share in taxes. A fair tax code. That's how we invest things to make this country, great health care, education, defense and so much more,” the president said in his address to Congress.

Biden said that corporations only pay an average of 8.2 percent of their income in taxes.

“That's far less than the vast majority of Americans pay. No billionaires should pay a lower federal tax rate than a teacher or sanitation worker or a nurse,” Biden said.

Biden said he would propose a minimum income tax of 25 percent on billionaires to raise $500 billion over the next 10 years.

Biden’s March 7 address comes as he seeks reelection against likely Republican nominee former President Donald Trump. It also comes five months into a deadly war on Gaza and just more than two years after Russia invaded Ukraine – both foreign wars that have tested his relationship with allies and Congress. This is Biden’s third State of the Union address and the last of this term.

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