In his first address to Congress, Biden spoke about how taxing the rich will help fund his ambitious plans to support low- and middle-income families.
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President Joe Biden announced Wednesday a $ 1.8 trillion plan to help low and middle income families. In his first address to Congress, Biden talked about his American family plan, which is funded by taxing the richest Americans.
Biden believes his plan is necessary "to invest in our families and children once in a generation". Here are the four takeaways from his joint congressional speech, said Gerald Seib, executive editor of the Wall Street Journal in Washington.
Big plans ahead. Total federal spending will reach $ 6 trillion in the coming years with Biden's American Families Plan, the American Rescue Package, and plans to improve the country's infrastructure. The $ 1.8 trillion plan for American families includes federal funding for low and middle income families, student aid, and tax cuts.
Biden used the word "jobs" more than 40 times in his address to Congress. The President stressed that greater emphasis on jobs will help bring his federal funding initiatives to fruition. He added that jobs are essential for "modernizing our roads, bridges, highways and airports, and building transit lines".
"Biden sees himself as an advocate of the working man and the working woman," said Seib.
Biden couldn't avoid talking about taxes. While no politician likes to talk about taxes, according to Seib, Biden talked about how federal funding for his plans will result from taxing the county's richest companies and individuals.
"It's time for Corporate America and the richest 1% started paying their fair share," said Biden. “I don't want to punish anyone, but I'm not going to tax the middle class in this country. You already pay enough. "
The coronavirus pandemic prepared Biden's first successes as president. According to Seib, the downturn in the US economy caused by the pandemic “laid the foundation for the aid programs announced by Biden”.
The president usually speaks with caution when addressing concerns about Covid-19, but in his address to Congress, that caution came with a little optimism, Seib said.
"Because of you, the American people, our progress over the past 100 days against one of the worst pandemics in history is one of the greatest logistical advances our country has ever seen," Biden said in his speech.
So far, 42% of people in the US (141.7 million) have received their first two-dose vaccine, while 96.7 million are fully vaccinated, according to the latest CDC data.
Related topics: Will Biden's proposed tax hikes prevent companies from hiring new employees?