As Democrats work on hammering out a major infrastructure package and supplementary spending bills, President Biden on Thursday said tax hikes on corporations and the ultra rich were both necessary and overdue.

President Joe Biden: “Big corporations and the super wealthy have to start paying their fair share of taxes. It’s long overdue. I’m not out to punish anyone. I’m a capitalist. If you can make a million or a billion dollars, that’s great. God bless you. All I’m asking is you pay your fair share.”

Earlier this week, House lawmakers advanced a tax plan that would help fund the expansion of the social safety net. The measure would increase the corporate tax rate to 26.5%, and the top individual income tax bracket would see a small rise, to nearly 40%. The plan would also raise the capital gains tax rate to 25%, up from the current 20%.