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.
US Secretary of State Antony Blinken said that the brief insurrection in Russia showed cracks in Vladimir Putin's rule.
To many observers, the efforts to roll back two policies that disproportionately help Black students and other students of color reflect a backlash to racial progress in higher education.
Most GOP-controlled states have already imposed bans, including 14 at every stage of pregnancy.
Former Texas Republican Congressman Will Hurd announced he is running for president.
The Supreme Court ruled that a man convicted to 27 years in prison on gun charges won't be able to challenge his conviction.
A Florida judge has struck down a ruling that banned Medicaid payments for transgender healthcare in the state.
A Moscow court on Thursday ruled that Wall Street Journal reporter Evan Gershkovich must remain in jail on espionage charges until at least late August, rejecting the American journalist’s appeal to be released.
The Supreme Court ruled against the Navajo Nation on Thursday in a dispute involving water from the drought-stricken Colorado River.
A resolution to impeach President Joe Biden is likely to face a House vote this week as House Speaker Kevin McCarthy remains opposed to it right now.
Supreme Court Justice Samuel Alito accepted a 2008 trip to a luxury fishing lodge in Alaska from two wealthy Republican donors, one of whom repeatedly had interests before the court, and he did not disclose the trips on his financial disclosure for that year, ProPublica reports.
