“America is ready for a takeoff.”
The President pitched his economic plan while also criticising Wall Street and called the Capitol riots on January 6 an “insurrection”.
He said there were “good guys and women on Wall Street – but Wall Street didn’t build this country. The middle class built the country. And unions built the middle class.”
Pitching his agenda to the 200 lawmakers in attendance, Mr Biden said: “Look, I’m not out to punish anyone.
“But I will not add to the tax burden of the middle class of this country.”
The President explained that 650 billionaires in America saw their net worth increase by a collective $1 trillion during the coronavirus pandemic.
He said: “My fellow Americans, trickle-down economics has never worked. It’s time to grow the economy from the bottom up and middle-out.”
Mr Biden’s plan is to raise the top income tax bracket to 36.6 percent for those who make more than $400,000 a year.
The President pledged to “get rid of the loopholes that allow Americans who make more than $1 million a year pay a lower rate on their capital gains than working Americans pay on their work”.
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