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 on Tuesday formally announced that he is running for reelection in 2024, asking voters to give him more time to “finish this job” he began when he was sworn into office and to set aside their concerns about extending the run of America’s oldest president for another four years.
The sheriff's office in Carroll County, northeast of Louisville, has hired former Louisville police officer Myles Cosgrove, who fatally shot Taylor in a March 2020 drug raid that used a faulty warrant to break through her door.
The United States has begun facilitating the departure of private U.S. citizens who want to leave Sudan, according to White House national security adviser Jake Sullivan.
Fox News says it has agreed to part ways with Tucker Carlson, less than a week after settling a lawsuit over the network’s 2020 election reporting.
President Joe Biden said Monday that his top domestic policy adviser, Susan Rice, will leave her post next month.
Former President Donald Trump appears in court for his arraignment in a criminal case over fraudulent business records, April 4, 2023, in New York.
The Supreme Court is facing a self-imposed Friday night deadline to decide whether women’s access to a widely used abortion pill will stay unchanged until a legal challenge to its Food and Drug Administration approval is resolved.
President Joe Biden will formally announce his 2024 reelection campaign as soon as next week, three people briefed on the discussions said Thursday.
U.N. Secretary-General Antonio Guterres bluntly challenged the climate efforts of President Joe Biden and other world leaders Thursday in a message for a White House summit, charging that expanded oil and gas drilling and other policies of the richest countries amount to a “death sentence” for the planet.
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