President Joe Biden declared the U.S. has turned the corner on a pandemic that's killed more than half a million Americans and crippled the economy, promising tax increases on the wealthy to pay for ambitious plans to spend trillions on infrastructure, education and other Democratic priorities. "America is on the move again," Biden said in his first address to a joint session of Congress on Wednesday. "Turning peril into possibility. Crisis into opportunity. Setback into strength." But he warned corporations and wealthy Americans that he expects them to carry more of the burden of financing the nation's advancements. "It's time for corporate America and the wealthiest 1% of Americans to pay their fair share," he said, promising to "reward work, not wealth" by raising taxes for the richest 1% and ordering an Internal Revenue Service "crackdown on millionaires and billionaires who cheat on their taxes." He would restore the top personal income tax rate to 39.6% for people earning more than $400,000 a year, tax capital gains at the same rate for people earning $1 million or more, and end a capital gains tax break on inheritances as well as the "carried interest" tax break utilized by fund managers.
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