Joe Biden declared that America was “ready for take-off” yesterday night in his first speech to a joint session of Congress as he pointed to a nascent revival under way in the US following a devastating pandemic and economic crisis.

Flanked by Kamala Harris, vice-president, and Nancy Pelosi, House speaker, Biden declared: “We are working again. Dreaming again. Discovering again. Leading the world again.”

Biden’s speech came on the eve of his 100th day in office and more than a year after the spread of the novel coronavirus locked the country down and sent the economy in a tailspin.

He used the speech to deliver a sense of optimism and to promote his ambitious reform agenda. But he also made clear who was going to pay for the legislative programme.

“It’s time for corporate America and the wealthiest 1 per cent of Americans to pay their fair share. Just pay their fair share,” he said as he outlined a new economic orthodoxy.

“My fellow Americans, trickle-down economics has never worked. It’s time to grow the economy from the bottom up and middle out.” Here are the five key takeaways.

Line chart showing the top tax rate since 1945, with presidential administrations labeled. Biden has proposed the biggest corporate tax rise since Truman, though the rate is lower than recent decades

Further reading

Just how radical is Joe Biden? The latest part of our series on Biden’s first 100 days

Joe Biden’s first 100 days: by the numbers

US president’s speech focused relentlessly on middle-class concerns — Edward Luce

Joe Biden’s quest to fund a growing state —- FT editorial board

Thanks to those who took our poll yesterday. A total of 47 per cent of FirstFT respondents said they were not ready to return to the office — and 46 per cent were.

We must stop Covid-19 from shutting girls out of school forever, writes Malala Yousafzai. G7 leaders have to act — or students in low-income countries may never regain lost ground. Follow the latest on our live blog and sign up for our Coronavirus Business Update newsletter.

Newly appointed SEC enforcement chief resigns Alex Oh announced yesterday that she would resign as enforcement director of the Securities and Exchange Commission only six days after being appointed, citing “personal reasons”. The resignation comes two days after a District of Columbia judge raised the possibility of punishing Oh for her conduct during an ExxonMobil case.

Facebook and Apple results The social media group Facebook said prices for digital advertisements rocketed amid a boom in demand; first-quarter revenues increased 48 per cent to $26.1bn, beating expectations. Apple, meanwhile, posted double-digit growth in all its businesses, led by iPhone sales, which rose 66 per cent and accounted for 54 per cent of all revenues. For the latest tech industry news, sign up to our #techFT newsletter.

Ari Emanuel’s Endeavor valued at $10bn Hollywood talent agency-owner Endeavor raised $1.9bn through its public listing and a simultaneous private placement of its shares yesterday, valuing the company at just over $10bn and cementing the wealth of its founder Ari Emanuel.

US Senate votes to restore methane rules for oil and gas sector The resolution would reinstate the Environmental Protection Agency’s authority over emissions of the potent greenhouse gas throughout the oil and gas supply system, providing an important boost to Joe Biden’s crackdown on emissions. For more news on the oil and gas industry sign up for Energy Source, our twice weekly newsletter.

Giuliani’s home and office searched Federal agents have searched the home and office of Rudy Giuliani, Donald Trump’s former personal lawyer, who has been under investigation by New York prosecutors for business dealings in Ukraine. Giuliani has denied any allegations of improper lobbying.

Big Four auditors squeezed between US and China A fight over access to the accounts of Chinese companies is creating problems for PwC, Deloitte, EY and KPMG and risks antagonising Beijing or incurring penalties elsewhere.

Brussels vows tough rules on recovery spending The bloc insisted it was putting in place stringent processes to ensure its unprecedented €750bn recovery fund is not frittered away, amid mounting concerns about the potential for fraud and waste. Sign up here to receive the Europe Express newsletter, our essential guide to what happens in Europe.

Economic data First-quarter US gross domestic product data is released today, as is consumer spending for the first three months of the year. Initial jobless claims figures for the week ending April 23 are also released.

Earnings It’s another bumper day for earnings, with Big Tech’s Amazon and Twitter reporting after the market closes, while Comcast, McDonald’s, Caterpillar, Kraft Heinz, Mastercard, Royal Caribbean, Hershey, Molson Coors, Altria and Domino’s Pizza all report before the bell. Here’s the full list.

Austin’s vitality draws tech crowd from coast America’s high-growth companies tend to cluster around the big economic centres on the coast — in places such as San Francisco, New York and Boston. But in the FT’s 2021 list of the fastest growing companies in the Americas, Austin, Texas, is punching above its weight. The city of 1m has five businesses on the list, putting it in the top 10 cities by number of companies for the first time. Go to the full report here.

LatAm must ‘build back better’ For decades, Latin America has been riven by bitter and often destructive disagreements over economic policy. But as the region emerges from the Covid-19 wreckage, these political tugs-of-war must give way to consensus, writes our Latin America editor Michael Stott.

How do we fix post-pandemic fallout for women and minorities? The post-pandemic workplace is going to be different, and managers will have to navigate new and difficult situations. In the third instalment of Leaders’ Lessons, we asked: how do we fix the fallout for women and minorities after the pandemic? Share your reflections with other readers in the comments section of the article.

Post-Covid style: comfort in, status anxiety out After a year of wearing sneakers, jeans and shirts, all Gillian Tett can imagine buying are floppy, flowing clothes that are flexible and practical. Some designers think the feeling will spark a permanent move towards more comfortable styles.

India’s wake-up call to the world Gideon Rachman talks to Abraar Karan, a physician at Harvard Medical School and a specialist in global health, about the current surge in coronavirus cases in India and hears why nationalistic approaches to curbing the pandemic will not help solve a worldwide health crisis.