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 U.S. Supreme Court has stripped federal agencies of authority over millions of acres of wetlands, weakening a bedrock environmental law enacted a half-century ago to cleanse the country’s badly polluted waters.
They are racing for an agreement this weekend.
New Census figures show about 1 in every 100 U.S. households is a same-sex couple.
Dr. Caitlin Bernard is facing disciplinary action after she spoke publicly about providing an abortion to a 10-year-old rape victim.
Oath Keepers extremist group founder Stewart Rhodes was sentenced on Thursday to 18 years in prison for orchestrating a weekslong plot that culminated in his followers attacking the U.S. Capitol in a bid to keep President Joe Biden out of the White House after winning the 2020 election.
Lawmakers in several states are embracing legislation to let children work in more hazardous occupations, longer hours on school nights and in expanded roles including serving alcohol in bars and restaurants as young as 14.
An Arkansas man who propped his feet on a desk in then-House Speaker Nancy Pelosi’s office in a widely circulated photo from the U.S. Capitol riot was sentenced Wednesday to more than four years in prison.
The rollout of his campaign Wednesday made clear that, at least for the time being, DeSantis intends to leave the dirty work of attacking Trump to his allies.
Texas Attorney General Ken Paxton has accused House Speaker Dade Phelan of being intoxicated during a legislative session and called for his resignation.
State attorneys general from around the country are teaming up to stop a company that's accused of making billions of robocalls.
