President Joe Biden delivers the State of the Union address to a joint session of Congress at the U.S. Capitol, Tuesday, Feb. 7, 2023, in Washington. (AP Photo/Patrick Semansky)
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.
Some abortion clinics are fielding lots of calls from patients since a court ruling last Friday threatened the availability of a main drug used in medication abortion, mifepristone.
The Biden administration released an environmental analysis Tuesday that outlined two ways that seven Western states and tribes reliant on the over-tapped Colorado River could cut their use, but declined to publicly take a side on the best option.
Manhattan District Attorney Alvin Bragg filed a federal lawsuit against Rep. Jim Jordan on Tuesday, accusing the Republican of a “transparent campaign to intimidate and attack” him over his prosecution of former President Donald Trump.
Nashville’s governing council voted Monday to send Justin Jones straight back to the Legislature four days after he was expelled for his role in a protest on the state House floor.
The Justice Department is calling a Texas court ruling that would halt approval of the most commonly used method of abortion in the U.S. "extraordinary and unprecedented."
