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Text of Biden s first address to joint session of Congress
The Associated Press
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President Joe Biden addresses a joint session of Congress, Wednesday, April 28, 2021, in the House Chamber at the U.S. Capitol in Washington. (Caroline Brehman/Pool via AP)Caroline Brehman/AP
Text of President Joe Biden s first address to a join session of Congress, as provided by the White House:
Madame Speaker. Madame Vice President. No president has ever said those words from this podium, and it’s about time.
The First Lady. The Second Gentleman. Mr. Chief Justice. Members of the United States Congress and the Cabinet – and distinguished guests.
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Higher corporate income taxes in Biden’s tax plan have an intrinsic inefficiency unlike taxes on goods and services, they discourage not only consumption but also investment in plant and equipment and research and development. Austan Goolsbee, a senior adviser to former President Obama, once estimated the deadweight loss from corporate income taxes to be 10 percent of the tax revenue. Greg Mankiw, a senior adviser to former President George W. Bush, has noted that deadweight loss rises with the square of the tax rate, so that doubling the tax rate increases the deadweight loss fourfold.
Taxes on goods with negative consequences instead offer an opportunity for efficiency gains because they reduce use of those goods and the negative consequences. These potential gains underlie the worldwide popularity of taxes on tobacco, alcohol and fossil fuels. Mankiw, along with other prominent Republican economists, have advocated for revenue-neutral carbon taxes to address global warming. T
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