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.
President Joe Biden made his first public comments about his son Hunter Biden's plea deal with federal prosecutors on two misdemeanor tax charges. This follows several critical comments by Republicans, who blasted the agreement as a "sweetheart deal."
A federal judge struck down Arkansas' first-in-the-nation ban on gender-affirming care for children as unconstitutional Tuesday, the first ruling to overturn such a prohibition as a growing number of Republican-led states adopt similar restrictions.
Climate change is on trial in Montana. In a landmark case, 16 young people are suing the state over effects like smoke, heat, and drought. It's just the first in a series of cases intended to pressure lawmakers into taking action on the environment. Here with more is Cheddar News Senior Reporter Chloe Aiello.
President Joe Biden’s son Hunter will plead guilty to federal tax offenses and avoid prosecution on a separate gun charge in a deal with the Justice Department that likely spares him time behind bars.
A White House official said First lady Jill Biden is hosting a roundtable conversation on Tuesday that will bring together women who have been denied medical care since the overturning of Roe v. Wade last year.
Former president Donald Trump told Fox News' Bret Baier said on Monday that he did not show classified documents to anyone else after his term.
President Joe Biden will convene a group of technology leaders on Tuesday to debate artificial intelligence.
More than 1 million people have been dropped from Medicaid in the past couple of months as some states moved swiftly to halt healthcare coverage following the end of the coronavirus pandemic.
Thousands of Iraqis, many of whom risked their lives by working closely with Americans during the war and its aftermath, are trying to enter the U.S.
U.S. Secretary of State Antony Blinken met on Monday with Chinese President Xi Jinping and said they agreed to “stabilize” badly deteriorated U.S.-China ties, but America’s top diplomat left Beijing with his biggest ask rebuffed: better communications between their militaries.
