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.
The government can keep enforcing “Obamacare” requirements that health insurance plans cover preventative care — such as HIV prevention, some types of cancer screenings and other illnesses — while a legal battle over the mandates plays out, under a court agreement approved Tuesday.
Two men who were active-duty members of the Marines Corps when they stormed the U.S. Capitol pleaded guilty on Monday to riot-related criminal charges.
The Human Rights Campaign, for the first time in its 40-year history, declared a state of emergency for the LGBTQ+ community as anti-LTBTQ+ sentiment is on the rise. Cheddar News explains.
The Biden administration has stopped taking mobile app appointments to admit asylum-seekers at a Texas border crossing that connects to a notoriously dangerous Mexican city after advocates warned U.S. authorities that migrants were being targeted there for extortion.
Donald Trump arrived in Florida on Monday ahead of a history-making federal court appearance on dozens of felony charges accusing him of illegally hoarding classified documents and thwarting the Justice Department's efforts to get them back.
The Supreme Court said Monday it won't review North Carolina's decision to stop issuing specialty license plates with the Confederate flag.
The Human Rights Campaign has declared a state of emergency for the lgbtq+ community. The unprecedented move comes after the passage of more than 75 anti-gay bills this year alone. Here with more is Cheddar News senior reporter Chloe Aiello.
President Joe Biden welcomed hundreds to the White House on Saturday for a delayed Pride Month celebration aimed at showing LGBTQ+ people that his administration has their back at a time when advocates are warning of a spike in discriminatory legislation, particularly aimed at the transgender community, sweeping through statehouses.
Silvio Berlusconi, the boastful billionaire media mogul who was Italy’s longest-serving premier despite scandals over his sex-fueled parties and allegations of corruption, died Monday. He was 86.
“Any consumer can tell you that online airline bookings are confusing enough," said William McGee, an aviation expert at the American Economic Liberties Project. "The last thing we need is to roll back an existing protection that provides effective transparency.”
