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.
What Montana's TikTok Ban Means For the Platform Across U.S.
The Supreme Court has sidestepped a case against Google that might have allowed more lawsuits against social media companies.
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Montana has become the first state to enact a complete ban on TikTok. Republican Gov. Greg Gianforte signed the legislation Wednesday and it is scheduled to take effect next January.
The Supreme Court says that Illinois can, for now, keep in place a new law that bars the sale of certain semiautomatic guns and large-capacity magazines.
North Carolina's Republican-led House passed a 12-week abortion law, overriding Gov. Roy Cooper's veto.
Black people are disproportionately denied aid from state programs that reimburse victims of violent crime.
President Joe Biden is declaring he's confident the U.S. will avoid an unprecedented and potentially catastrophic debt default, saying talks with congressional Republicans have been productive.
Florida is banning gender affirming care for minors among a series of anti-LGBTQ+ bills signed by Republican Gov. Ron DeSantis. DeSantis chose a Christian school Wednesday to sign the bills.
An unknown man managed to slip undetected inside the home of White House national security adviser Jake Sullivan, according to two people familiar with the incident. The U.S. Secret Service is investigating.
