President Joe Biden is proposing a plan to raise the Medicare tax on high-income Americans and push for additional drug price negotiations to fund the program through 2050.
The plan would raise the tax from 3.8 percent to 5 for those earning above $400,000 per year. The proposal is a bid to get Republicans on board with a 2024 budget bill.
"Millions of Americans have been working their whole lives, paying into Medicare with every working day, and want to know that they can count on Medicare to be there for them when they turn 65," the White House said in a statement. "The President’s Budget extends the life of the Medicare Trust Fund by at least 25 years. It achieves these gains with no benefit cuts—indeed, while lowering costs for Medicare beneficiaries.
The proposal also calls for closing loopholes in existing Medicare taxes and leveraging the Inflation Reduction Act (IRA) authority to negotiate prices for high-cost drugs.
The president is set to release his full budget plan on Thursday. Medicare and Social Security account one-third of federal spending, according to the Congressional Budget Office. Concerns about their future solvency are a perennial concern in Congress.
Newsom said Sunday he supports increased access to condoms for teens, but vetoed the bill because it would have cost too much.
Israel’s military ordered a complete siege on the Gaza Strip on Monday, halting entry of food, fuel and supplies to its 2.3 million people as it pounded the Hamas-ruled territory with waves of airstrikes in retaliation for the militants’ bloody weekend incursion.
Donald Trump’s lawyers asked a New York appeals court Friday to halt his Manhattan civil fraud trial while they fight a court ruling that calls for dissolving companies that control some of the former president’s most prized assets, including Trump Tower.
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The Securities and Exchange Commission is suing Elon Musk to compel testimony about his purchase of Twitter.
A private memorial service for Sen. Dianne Feinstein drew crowds outside of San Francisco's City Hall.
A Wisconsin man was arrested for illegally bringing a loaded gun to the Wisconsin capitol and hours later bringing an assault rifle.
A witness claimed that former president Donald Trump revealed potentially sensitive information about U.S. military capabilities to a former businessman.
The Biden administration is going to resume deporting migrants to Venezuela.
Former President Donald Trump is officially backing Rep. Jim Jordan of Ohio, the pugnacious House Judiciary Committee chairman and longtime Trump defender, to succeed Kevin McCarthy as House speaker.
