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.
Supreme Court Justice Clarence Thomas has for more than two decades accepted luxury trips nearly every year from Republican megadonor Harlan Crow without reporting them on financial disclosure forms, ProPublica reports.
Democrat Robert F. Kennedy Jr., an anti-vaccine activist and scion of one of the country’s most famous political families, is running for president.
A Democratic state lawmaker in North Carolina announced Wednesday that she is jumping to the Republican Party, giving the GOP veto-proof majorities in both the state's legislative chambers that should make it easier to enact conservative policies over the opposition of Gov. Roy Cooper.
The Environmental Protection Agency is tightening rules that limit emissions of mercury and other harmful pollutants from coal-fired power plants.
King Charles III’s wife has been officially identified as Queen Camilla for the first time, with Buckingham Palace using the title on invitations for the monarch’s May 6 coronation.
Tax payers are getting less bang for their buck in 2023. The IRS said the government has so far issued $172 billion in refunds. That's down 9 percent from a year ago, and the average refund is down from roughly $3,2000 to $2,900. However, the overall number of people to get refunds is up 3 percent.
Doctors accused of not providing enough care to infants delivered alive during certain kinds of abortion procedures in Kansas could face lawsuits and criminal charges under a bill that won final approval Tuesday in the state's Republican-controlled Legislature.
Some 9.2 million lead pipes carry water into homes across the U.S., with more in Florida than any other state, according to a new Environmental Protection Agency survey that will dictate how billions of dollars to find and replace those pipes are spent.
Former President Donald Trump has been warned by the judge in his criminal case to avoid making comments that are inflammatory or could cause civil unrest.
The incoming majority is expected to rule on a challenge to the state's 1849 abortion ban. The current court, under a 4-3 conservative majority, came within one vote of overturning President Joe Biden’s win in the state in 2020.
