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Bloomberg

Biden delivers Can-Do Unity vision with a ‘fair share’ of rich pay

(Bloomberg) – President Joe Biden has said the United States has turned the corner from a pandemic that has killed more than half a million Americans and crippled the economy, promising tax increases on wealthy to pay for ambitious plans to spend trillions of dollars on infrastructure, education and “America is on the move again,” Biden said in his first speech to a joint session of Congress on Wednesday. “Turning danger into possibility. Crisis in opportunity. Retreat in force. “But he warned businesses and wealthy Americans that he expects them to shoulder more of the burden of financing the nation’s progress.” It’s time for corporate America and the richest 1% of Americans to pay their fair share, ”he said, promising to“ reward work, not wealth ”by raising taxes for the top 1%. wealthier and ordering the Internal Revenue Service “to crack down on millionaires and billionaires who cheat their taxes.” It would reduce the top tax rate to 39.6% for people earning over 400,000 $ per year, tax capital gains at the same rate for people earning $ 1 million or more, and end capital gains tax relief on estates as well as the ” deferred interest “used by fund managers. I proposed is fair. It’s financially responsible,” he said, promising programs funded in part by tax increases “would create millions of jobs and would grow the economy. ”The 65-minute speech utes from American Families PlanBiden presented a broad vision for the country’s recovery from the pandemic, centered around a significantly expanded role for the federal government. His aides say he views the nation’s emergence after a year of lockdowns, deaths and economic collapse as a once-in-a-lifetime opportunity to persuade voters that the country is more united – and ready for massive taxpayer investments. Plan, a set of $ 1.8 trillion in tax credits and national priorities, including child care, paid family leave, and tuition-free community colleges, which would be funded in part by the most sharp tax increases on wealthy Americans for decades. infrastructure bill, presenting it as a job creator, especially for people without a college degree – Americans who largely supported his predecessor, former President Donald Trump. university degree, ”he said. “Seventy-five percent don’t need an associate’s degree.” The plan, he said, is “a blue collar plan to build America.” he said. “The middle class built the country. And the unions have built the middle class. Both proposals follow on from the American Rescue Plan, a $ 1.9 trillion stimulus package that Biden called “one of the biggest bailouts in American history.” Biden’s speech also celebrated the deployment of a coronavirus vaccine that delivered more than 315 million shots and a stimulus package that delivered more than 160 million checks to taxpayers. “Our progress over the past 100 days against one of the worst pandemics in history is one of the greatest achievements our country has ever seen,” he said. The Bloomberg Dollar Spot Index extended its post-Fed decline, down 0.1% at 10:10 p.m. in New York. On foreign policy, Biden has vowed to oppose Russia and China where he sees US interests at risk – such as in the South China Sea – but he also reiterated his willingness to work with his rival. “During my discussion with President Xi, I told him that we welcome the competition – and that we are not looking for conflict,” Biden said of Chinese leader Xi Jinping. “But I made it quite clear that I would defend American interests in all areas.” Biden has sought to present both his achievements and his aspirations as an implicit rebuttal of the disarray that has defined the federal government under the Trump administration, eroding confidence in the nation’s ability to meet great challenges. “We are vaccinating the nation,” he said. “We are creating hundreds of thousands of jobs. We are producing real results that people can see and feel in their own lives. He has sought popular support for police reform, gun control and the immigration proposals that languish on Capitol Hill. He told lawmakers to pass his immigration overhaul in response to a wave of migrants at the southern border that his critics have called a crisis. “If you really want to fix the problem – I sent you a bill, pass it now,” he said. And he described the revitalized American fight against climate change as a blueprint for jobs, saying dozens of Americans could get to work “building more efficient buildings and homes,” installing charging stations. for electric cars, planting cover crops in fields to absorb carbon dioxide and “There is no reason that the blades of wind turbines cannot be built in Pittsburgh instead of Beijing,” he said. -he declares. Senator Tim Scott, a Republican from South Carolina, delivered the GOP response to Biden’s speech. Scott credited Trump for the progress against the pandemic, saying, “This administration inherited a tide that had already turned.” He also slammed Biden for the slow reopening of American schools – a potential political vulnerability for Democrats, as teacher unions allied with their party have been blamed by many Republican parents and lawmakers for keeping children in the classroom. distance learning. “Locking vulnerable children out of the classroom prevents adults from stepping out of their future,” Scott said. “Our public schools should have reopened months ago.” Biden rose to the House rostrum after attending more joint-session speeches than any previous president: eight times as a vice president and dozens more as a senator. But Wednesday was unlike any other in the country’s past. Two women – Vice President Kamala Harris and Speaker of the House Nancy Pelosi – sat over his shoulder as he addressed the American people. Biden described the rally as a symbol of revival after the January 6 insurgency on the United States Capitol in which Trump supporters nearly violated the House chamber where he spoke. “The worst attack on our democracy since the civil war,” he said. The elements of the speech underscored how far the nation has yet to go in the fight against the coronavirus pandemic. Pelosi limited the number of attendees to the event to around 200 people on the advice of medical experts, less than a fifth of normal attendance. Members of Congress were not allowed to invite guests, and the The First Lady’s Lodge – where Presidents traditionally stand for a group of Americans who help illustrate the need for the policies outlined in the speech – was occupied only by Jill Biden and Harris’ husband Doug Emhoff. hosted a ‘virtual reception’ on Wednesday afternoon with a guest list that hinted at elements of the president’s speech: a migrant child turned nurse on the frontline of the pandemic, gun control activists and transgender rights, director of a daycare center for at-risk children and an information technology worker focused on broadband access to rural Native American communities.Chief Justice John Robe rts was the sole representative of the Supreme Court, while only two cabinet members – Secretary of State Antony Blinken and Defense Secretary Lloyd Austin – were in attendance. White House officials have attributed the timing to the pandemic. for Biden’s speech, which the president initially pledged to deliver during his first month in office. Instead, attendants on both sides of Pennsylvania Avenue struggled to sort through the logistics of the traditionally standing-only event as conditions rapidly changed with lawmakers receiving vaccines. In addition, Biden’s stimulus legislation took longer than expected to pass by both houses of Congress, which turned out to be fortuitous in some ways, allowing the president to highlight achievements that enjoy wide recognition. voter support. Almost two-thirds of Americans have approved Biden’s coronavirus relief program, 64% support his handling of the pandemic, and 58% support his plan to raise corporate tax rates to pay for infrastructure investments, according to an ABC News poll released Monday. the timing gives him the opportunity to take a victory lap not for victory, but to prove the concept that government can work well for the people, ”said Liz Allen, a former aide to Biden. his predecessors by delivering his message directly to voters, with trips to major swing states to amplify his proposals. President Harris, their spouses and cabinet members plan to visit a dozen states. This includes Biden’s trip to Atlanta on Thursday, where he is expected to host a car rally to celebrate his 100th day in office, and the next day he will travel to Philadelphia to celebrate Amtrak’s 50th anniversary – which is expected to receive a significant funding increase. under its infrastructure plan – at the city’s 30th Street Station. Georgia and Pennsylvania scored key electoral victories for Biden in November after voting for Trump in 2016.



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