President Joe Biden pledged not to impose a tax hike on Americans making less than $400,000 a year to pay for his proposed $4 trillion economic plan focused on jobs, infrastructure and families, saying, “It’s time for corporate America and the wealthiest 1 percent of Americans to just begin to pay their fair share.” He cited a number of statistics to illustrate the growing wealth gap in the U.S., including a 2020 study from the left-leaning Economic Policy Institute that estimated CEOs earn 320 times as much as a typical worker. Biden said this gap only worsened during the coronavirus pandemic, when U.S. billionaires saw their net worth increase by more than $1 trillion. “My fellow Americans, trickle-down economics has never worked,” Biden said. “It’s time to grow the economy from the bottom and the middle out.” For the first time since taking office, Biden delivered remarks to a joint session of Congress on Wednesday, April 28, 2021. Normally the full House and Senate and most of the president’s Cabinet would be in attendance, but because of COVID-19 restrictions, attendance was limited to roughly 200 people.
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